Bybit Emerges as Major Player in Ethereum Options Market

Deribit remains the leading exchange for crypto options, commanding 49.3% of the total market and an even stronger 55.3% share of Bitcoin options trading. However, Bybit has made a significant move in Ethereum options volume, seizing 38% of it and establishing itself as a major player in this rapidly growing derivatives segment.

Deribit's dominance is evident in its history: since launching in 2016, the platform has been the default venue for crypto options. Its numbers are impressive: in 2025, total traded volume on Deribit reached $1,875 billion. The exchange also holds a firm grip on Bitcoin options, with a 55.3% market share.

The June 2026 quarterly settlement alone exceeded $10 billion in notional value, split between approximately $9.06 billion in BTC options and $1.57 billion in ETH options. Bybit's emergence as a major player in Ethereum options volume is more significant, representing meaningful competition to Deribit.

Bybit's 38% share of ETH options volume suggests that liquidity is already split among platforms, and traders should compare execution quality across exchanges rather than defaulting to one venue. Bybit's USDT-settled contracts could be a deciding factor for traders who prefer stablecoin-denominated P&L.