Onchain options are missing in the actual market.
Most institutional options flow runs through OTC desks. Private, bilateral, and deliberately off-exchange.In crypto, Paradigm alone routes over $800M in daily OTC volume, contributing roughly a third of Deribit's flow.Onchain options have never touched this market.
- At the top,pricing is opaque and dealer-set.
Whales route 8-figure options off-venue because listed venues can't size them.The cost: monopolistic quotes and no way to verify the best price.
- At the tail,dealers won't quote at all.
A $10M put earns a desk $20k at 20bps. A $100k put earns $200.Below $1M, dealers won't quote, and the long tail doesn't exist.
- Pool models tried.The architecture was wrong.
DOVs peaked above $280M last cycle. All DeFi options vaults now hold under $12M combined.Vaults sell formula-priced inventory. They can't price your exact terms, and they can't offer privacy.
Bespoke options need a venue built around competition, not pools.TradFi's answer was the dealer. Anneal's is an auction — sealed quotes, best price wins, built to settle onchain.