Bybit Erodes Deribit's Dominance in Ethereum Options Market

Deribit has maintained its dominance in the crypto options market, holding a commanding 49.3% share of total trading volume and an even more impressive 55.3% of Bitcoin options trading.

The platform's grip on Ethereum options is slightly looser, with a 38.4% share, but Bybit has been quietly making gains in this segment, reaching a 38% share of Ethereum options volume.

Deribit's market dominance is underscored by its massive settlement volumes, with the June 2026 quarterly settlement exceeding $10 billion in notional value, split between approximately $9.06 billion in BTC options and $1.57 billion in ETH options.

The exchange's USDT-settled contracts may be a key factor in Bybit's success in the Ethereum options market, as traders who prefer stablecoin-denominated P&L have found a compelling alternative to Deribit's underlying asset-settled contracts.