Derive, the self-custodial onchain derivatives platform formerly known as Lyra Finance, has listed perpetual futures for its native governance token, DRV, and $F, with leverage capped at 5x for both contracts. The rollout follows Derive’s September 14 announcement of a V3 migration intended to improve functionality and throughput. Derive launched as Lyra Finance in 2021, restructured and rebranded, and introduced the DRV token in January 2025. The platform offers options, perpetual contracts and spot trading, has processed billions in cumulative notional volume, and commands the majority of onchain options market share. Its existing perpetuals support leverage of up to 15x across multiple assets. The $DRV token has a maximum supply of 1.5 billion, while 35% of protocol fees is allocated to weekly DRV buybacks. The $F listing appears to track Ford Motor Company’s stock price, extending Derive’s offering beyond crypto-native assets. Derive is also adding collateral types, including FXRP, exploring broader institutional access and allowing DRV holders to stake their tokens for rewards and trading-fee discounts.