Kyan: First Look | Platform Overview

We’re excited to finally share a complete first look at Kyan’s MVP feature set. Check it out in video form here.

Kyan is our next-generation onchain exchange for options and perpetual futures. It is built to bring professional-grade trading tools into DeFi, combining portfolio margin, advanced order types, and a strategy builder that unlocks the full potential of derivatives trading.

This has been a long time in the making, and our team has been hard at work polishing the platform so that traders get the best features and smoothest experience possible from day one.

Sign up on kyan.blue for updates on Kyan’s development! The public beta is launch in early October.

Connecting & Deposit Flow

When you’re ready to start trading on Kyan, the first step is to make a deposit. After connecting your wallet, you’ll be prompted to transfer USDC into your portfolio, which serves as the margin collateral for your trades.

Kyan enables one-click trading on day one, meaning the deposit process is the only approval needed to begin trading.

Deposits are instant and non-custodial: funds move directly into the smart contract without an intermediary, ensuring full transparency and security.

Once deposited, your balance is immediately reflected in your portfolio, where it becomes available as equity to support your margin requirements across options, perps, and combo strategies. This streamlined flow keeps the process simple while giving you full control over your capital.

Portfolio: Your Command Center

The “Portfolio” tab is where everything comes together. It gives you the big picture: your open positions, realized and unrealized PnL, transaction history, and the health of your margin. From here you can manage your positions, tweak settings, and keep your trading environment organized. Think of it as the cockpit from which you steer your entire trading strategy.

Smarter Margin With IMr and MMr

One of the defining features of Kyan is its use of portfolio margin, a system that calculates your Initial Margin Ratio (IMr) and Maintenance Margin Ratio (MMr) based on the net risk of your entire portfolio, not just individual positions. This means that if you hold positions that offset each other, such as a long call and a short call at different strikes, the risk engine recognizes the reduced directional exposure and lowers the margin required.

IMr shows how close you are to the maximum risk your equity can support, while MMr measures how close you are to liquidation. As your portfolio changes, these ratios adjust in real time, giving you immediate feedback on how each trade impacts your available margin and overall risk level.

Learn more about portfolio margin in this article.

Options: Trading at Full Depth

The “Options” tab is the gateway into Kyan’s options chain. This is where you browse live bids and asks, place orders, and manage exposure across calls and puts.

The interface works like a shopping cart: add a trade to the side panel, review the details, and then commit them onchain when ready. Before hitting the button, you can also review portfolio impact (margin usage, Greeks, and overall exposure) to understand how each order fits into your bigger picture.

With a click of a button, you can hedge your option with a perp and execute both trades together.

Read about the importance of onchain options and how Kyan introduces them in this article.

Perps: Kyan’s Delta One Product

If you prefer directional bets without expiries, the “Perps” tab gives you exactly that. Perpetual futures on Kyan are traded through the same style of orderbook as options, with support for market orders, limit orders, and RFQs.

Because everything settles in USDC, you don’t need to manage multiple collateral types. And since perps share the same margin system as your options, you can hedge or enhance exposure without splitting your capital. It’s a seamless extension of your portfolio, letting you combine different instruments under one roof.

More about perps on Kyan in this article.

Combo: Strategy Builder Without Limits

Another feature where Kyan really stands out is the “Combo” tab. Instead of piecing trades together one by one, you can design an entire strategy and execute it in a single transaction.

The platform offers eleven pre-built strategies (like iron condors, straddles, and spreads) for those who prefer tried-and-tested approaches. But it also includes a Custom mode, where you can combine up to six options and one perp into a single order. That means you can create tailored structures that match your exact market view, while minimizing execution risk and reducing gas costs. For larger block-style orders, you can even submit an RFQ, though these apply only to option combos.

If you don’t want to create a strategy from scratch, you can build it simply by selecting instruments straight from the orderbook.

A New Trading Experience

Trading on Kyan feels very different from traditional isolated margin perps platforms and older Premia protocols. Isolated margin systems require full margin for each position separately, so even offsetting trades locked up capital inefficiently, and managing multiple strategies often meant juggling multiple accounts.

Kyan changes this with its portfolio margin system, ensuring risks are separated by asset but still optimized within each portfolio. The result is a trading experience that feels closer to a centralized exchange in terms of flexibility and efficiency, but fully onchain and self-custodial.

Read this article to learn more about what Kyan represents and why we decided to take this direction.

A Glimpse of What’s Ahead

Kyan is a professional-grade, self-custodial trading platform that doesn’t force you to compromise. Whether you’re building multi-leg spreads, running directional trades, or managing risk across multiple assets, Kyan gives you the tools in a way that feels fluid and intuitive. It’s an exchange built for the future: onchain, transparent, and designed around the trader’s workflow.

This is just a first look. As Kyan moves closer to launch, expect greater efficiency, a more intuitive trading experience, and refinements that make advanced strategies easier to execute. But even now, it’s clear: Kyan is setting the standard for what onchain derivatives trading can be.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by signing up here.

​Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

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