On-chain options might become one of the main themes of the next bull market. Lighter and Hype, the two largest PerpDEX platforms, are both diving into options. Perpetuals are leverage. Options are timeframes. High leverage: if you pick the right direction, but can't handle the pullback. Options: pay a premium, and your maximum loss is capped. Spot holders who want to protect profits but don't want to sell their coins, Options: buy puts or sell calls. Two types of demand meet in the options market.