Deribit Dominance Challenged as Bybit Gains Ground in Ethereum Options
Deribit remains the dominant force in the crypto options market, controlling nearly half of all trading activity and holding a 55.3% share of Bitcoin options trading specifically.
The exchange's grip on the market is substantial, with a total traded volume of $1,875 billion in 2025 and notional settlement values exceeding $10 billion in quarterly expiries.
However, Bybit has carved out a significant foothold in Ethereum options, capturing 38% of that segment's trading volume and establishing itself as a genuine competitor in the space.
The exchange's USDT-settled contracts and wider window of contract durations have proven attractive to traders, who can now choose between Deribit's native-asset settlement model and Bybit's stablecoin-denominated outcomes.