Scrabble Dictionary

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Yes, derive is playable

...and is worth 11 points.

Found in the following dictionaries

Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)

"Derive" Definition

verb-transitive

Chemistry To produce or obtain (a compound) from another substance by chemical reaction.
Linguistics To generate (one structure) from another or from a set of others.
To arrive at by reasoning; deduce or infer: derive a conclusion from facts.
To obtain or receive from a source.
To trace the origin or development of (a word).

verb-intransitive

To issue from a source; originate. See Synonyms at stem1.

verb

To take, receive, or obtain especially from a specified source.
To obtain (a chemical substance) actually or theoretically from a parent substance.
To trace the of.
To have or take origin come as a .