Aevo Stats: Volume, Fees & OI Data
Rating
Trading Info
Fee Comparison
Advantages
- Combined perps and options on one platform with unified margin
- Custom OP Stack rollup inherits Ethereum security while providing low latency
- Pre-launch token futures let traders get early exposure to upcoming tokens
- Off-chain matching delivers CEX-like execution speed
- Structured strategy products for more advanced yield plays
Considerations
- Maximum leverage capped at 20x, lower than many competitors offering 50-100x
- Taker fees at 8 bps are on the higher side compared to top perp DEXes
- Liquidity depth lags behind Hyperliquid and dYdX on major pairs
- Single-chain rollup means no native multi-chain support
- Legacy Ribbon DOV vaults suffered a $2.7M exploit in 2025 after an oracle upgrade
Aevo Review 2026
Aevo grew out of Ribbon Finance, which originally made its name with DeFi options vaults (DOVs). In mid-2023, after a governance vote merged Ribbon into Aevo, the platform relaunched as a full derivatives exchange running on its own Ethereum L2. The rollup is built on the OP Stack (same codebase as Optimism Bedrock) and uses Conduit as its infrastructure provider. Orders are matched off-chain for speed, then settled on-chain for transparency. This setup gives Aevo latency numbers closer to a centralized exchange while still publishing settlement data to Ethereum.
The main draw is the unified margin account. Traders can hold perps, options, and structured strategy positions under a single collateral pool, which is genuinely useful if you want to run hedged or multi-leg strategies without splitting funds across protocols. Aevo lists around 150 perpetual markets alongside options with customizable strikes and expiries. It also pioneered pre-launch token futures, letting users speculate on tokens before they hit the open market. That feature brought a lot of attention and volume during several high-profile token launches in 2024.
Fee-wise, Aevo charges 5 bps for makers and 8 bps for takers on perpetuals. That puts it in the middle of the pack: cheaper than some smaller DEXes, but noticeably more expensive than Hyperliquid or dYdX at the base tier. The 20x maximum leverage is conservative by current standards. Most serious competitors offer 50x or higher, so traders looking for heavy leverage will find Aevo limiting. On the security front, the smart contracts were audited by OpenZeppelin and ChainSafe, and the platform runs an ImmuneFi bug bounty program. However, the legacy Ribbon vault contracts were exploited for $2.7 million in 2025 following an oracle upgrade, which is worth keeping in mind even though the core exchange was not directly affected.
Overall, Aevo fills a real niche as the go-to on-chain venue for traders who want both perps and options in one place. The unified margin model, pre-launch futures, and Ethereum-secured rollup are strong selling points. Where it falls short is on fees and leverage limits relative to the leading perp-only DEXes, and liquidity on tail-end pairs can be thin. If your primary use case is straightforward perps trading, there are cheaper and deeper venues. But if you want derivatives flexibility under one roof, Aevo is one of the few protocols that actually delivers on that.
Related Resources
Frederick Cormack
VC & Crypto Derivatives AnalystDerivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.
Key Features
Audits
Frequently Asked Questions
What is the maximum leverage on Aevo?▾
Aevo supports up to 20x leverage on perpetual futures. This is lower than many competitors that offer 50x or 100x, but the conservative cap reduces the risk of liquidation cascades during volatile markets.
What are Aevo's perpetual futures fees?▾
Aevo charges a maker fee of 5 basis points (0.05%) and a taker fee of 8 basis points (0.08%) on perpetual futures. Options fees are lower at 3 bps maker and 5 bps taker.
What chain does Aevo run on?▾
Aevo runs on its own custom Layer 2 chain built on the OP Stack (the same codebase as Optimism Bedrock). It uses Conduit as its rollup infrastructure provider and settles to Ethereum mainnet for security.
Has Aevo been audited?▾
Yes. Aevo's smart contracts have been audited by OpenZeppelin and ChainSafe. The platform also runs a bug bounty program through ImmuneFi to incentivize ongoing security research.
What are pre-launch token futures on Aevo?▾
Pre-launch token futures let traders speculate on the price of tokens before they officially launch or list on exchanges. Aevo pioneered this feature and it became popular during several major token launches in 2024.
How does Aevo's referral program work?▾
Aevo's referral program gives referrers 10% of the trading fees generated by referred users. Referred users also receive a 10% discount on their trading fees for 6 months, plus a $25 trading credit after depositing at least $100.
How many markets does Aevo support?▾
Aevo lists around 150 perpetual futures markets alongside options with customizable strike prices and expiries. The platform also offers structured strategy products and pre-launch token futures.
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Visit Aevo — 10% of feesTrading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.