Would wager that Derive has some of the highest organic perps fees (green) in the industry. Derive's perps complement options, and are used by market makers to hedge deltas/gamma from their options positions. For this reason, the perps flow on Derive is differentiated and organic. Since many aren't aware: Derive has industry-leading portfolio margin for options/perps that comes out of the box, available to all traders. Options fee growth since November has been matched by perps, exactly as you’d expect when the flywheel is kicking in: liquidity begets liquidity.