Does there exist any other graded derivation on $\Omega(M)$ other than the one of degree one which is the exterior derivative (i.e. maps such as $d: \Omega^p(M) \rightarrow \Omega^{(p+r)}(M) $, where $ r = 3,4,5...$).
I've been reading a bit about graded derivations on graded algebras. However, I've not been able to find an answer for specifically for the algebra of differential forms on a smooth manifold. Any help would be appreciated. Thanks.
Yes, there are higher degree derivations and they can be nicely described in terms of vector valued differential forms (i.e.~sections of the vector bundle $\bigwedge^*T^*M\otimes TM$). In fact you can generalize both the insertion operator and the Lie derivative from vector fields (which are just vector valued forms of degree zero) to general vector valued differential forms. This can be used to define natural bilinear operations on the space of vector valued differential forms, in particular, the Froelicher-Nijenhuis bracket.
A complete description of graded derivations of the algebra of differential forms in these terms can be found in the book by Kolar, Michor and Slovak which is available here.