Aevo review

One account, two instruments

Options and perpetuals share a single portfolio-margin engine, which means a hedge actually reduces your margin requirement instead of tying up collateral twice. Very few venues in crypto do this at all, and fewer do it on-chain. Liquidation parameters are published, an insurance fund backs the engine, and no loss-of-margin event appears on the record since the 2023 launch.

The limit is liquidity, not design

Options depth concentrates in near-dated strikes and thins quickly beyond them, so the strategies the margin engine makes possible are often not fillable at size. Perpetual depth is mid-table. The architecture promises more than the order flow currently delivers.

Who runs the rails

A dedicated rollup gives predictable fees and fast matching; the sequencer is operated by the team. Settlement is on-chain and margin is non-custodial, so the failure mode is downtime and censorship rather than loss of funds.

Practical notes

Fees and funding are published per market, and the cross-margin engine is the reason to be here rather than the option book alone. For anyone running a delta-hedged position, having both legs share margin on one venue removes the collateral drag that makes the same trade uneconomic when split across two.

Who it suits

Traders who genuinely use options rather than talking about them, at sizes the near-dated strikes can absorb. Everyone else is better served by a deeper perpetual venue.