Bybit Closes Options Data Gap with Institutional-Grade Analytics Upgrade

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has upgraded its Options Data section to provide traders with institutional-grade analytics. The upgrade aims to bridge the gap between retail and institutional traders in the options market.

The new features include the Bybit Volatility Index (BVOL), which tracks live against 30-day realized volatility (RV30) and provides IV Smile, Term Structure, and 25 Delta Skew data across all expiries. Max Pain is also visually plotted against the live Index Price, showing where open interest is concentrated and flagging pin risk as expiry nears.

Position Structure offers a breakdown of open interest and volume by notional value or contract count, while Market Activity tracks Gamma Exposure (GEX), flip point levels, and large or mega order flow. These tools are designed to help traders navigate the complex options market, which has traditionally been dominated by institutional trading desks.

The upgrade follows Bybit's strong performance in the first half of 2026, during which it commanded a 22.4% market share in crypto options trading for retail users and held a 38% market share in ETH options by trading volume.