Bitcoin Derivatives Market Shifts Away From Dated Futures

The Bitcoin derivatives market is undergoing a significant shift away from traditional dated futures. According to Glassnode, dated Bitcoin futures activity across offshore crypto-native venues has fallen about 97% from its 2021 level.

This decline is being driven by the rise of perpetual contracts and options. Perpetual contracts have become the dominant instrument for traders seeking straightforward leveraged exposure to Bitcoin, as they allow traders to maintain positions without an expiry date.

Options have also gained market share in hedging and volatility strategies, becoming increasingly important for portfolio risk management. In January 2026, Bitcoin options open interest surpassed futures open interest for the first time, reaching about $74.1 billion compared with roughly $65.22 billion in futures.