Crypto Options Surge: Bybit Dominates Tracked Volume, Glassnode Report Finds
The crypto derivatives market is undergoing a significant shift as options become a larger part of how traders manage and price risk. According to a new report from Glassnode, produced in partnership with Bybit, the share of notional open interest in options has increased from around 25% to nearly 50% over the period studied.
Bybit is leading this trend, capturing 28% of the tracked volume of Bitcoin options. This growth is driven by active turnover rather than simply the accumulation of open positions, with Bybit's options book turning over in days compared to weeks for the largest book in the tracked panel.
The report also highlights a significant increase in the use of perpetual contracts, which offer more flexible and continuous exposure compared to dated futures. Perpetuals now account for nearly all of the crypto-native market volume, with dated futures' volume sitting at around 3% of its peak in 2021.