Deribit listed TRX options in January 2026, linear and USDC-settled, with each contract covering 10,000 TRX. That is the largest multiplier of any coin discussed here, and applying a one-coin assumption to it is wrong by four orders of magnitude — check the contract multiplier.
Why it is a structurally interesting case
Many crypto tools define their universe by what a particular broker lists. TRX is not on every such list, and it has a real options book with real open interest and real dealer hedging regardless.
Which exposes the flaw in that definition: a broker list is a product decision, not a description of the market. Scoping a dealer map to one broker’s tradable set omits books that exist and includes coins with no structure at all. The NoVo Crypto Market Map maps any coin carrying a real book, whether or not a given broker lists it — which is why its coin count and its tradable count are two different numbers.
Where a broker list IS the right scope
Cost to trade. What a round trip costs at retail is read from a specific broker’s disclosed markup, so that figure is correctly scoped to what that broker actually lists. A coin nobody can trade there has no retail cost to quote.
So the same product legitimately uses two different universes for two different questions, and stating which one a figure belongs to is the whole discipline — the same rule as naming the book a level came from.
Reading the book itself
Young and thin, so the cautions in reading a thin options book apply in full: no meaningful distribution to rank against yet, walls that a single block trade can create, and a flip that moves sharply on modest changes.
The general lesson
Ask what defines any crypto tool’s universe. If the answer is one broker’s list, the coverage claim is about that broker rather than about the market — and the gap between those two is exactly where TRX sits.