Deribit's Options Market Share Erodes as Bybit Gains Ground

Deribit's dominance in the crypto options market is slipping, according to data from CoinGlass. The exchange saw its share of the combined BTC and ETH options market decline from 56.3% in January to 41.8% in June.

This represents a loss of 14.2 percentage points over six months, despite Deribit retaining its overall lead with a 49.3% half-year share. The five largest platforms recorded $864.6 billion in total options volume in the first six months of 2026, with Deribit handling $425.9 billion.

However, Bybit has emerged as a strong challenger, capturing 22.3% of the BTC and ETH options market share and an impressive 38% of Ethereum options volume, surpassing Deribit's 29%. This shift in leadership signals that trader loyalty is not anchored to a single venue.