IBIT Options Dominate Bitcoin Derivatives Trading

IBIT options have taken over Bitcoin derivatives trading, capturing 75% to 80% of total Bitcoin spot ETF options trading volume by May 15, 2026. This translates to an average daily volume of 600,000 to 650,000 contracts and a notional value of $2.7 billion to $3.0 billion.

IBIT's dominance extends beyond traditional assets, with its open interest hitting $27.6 billion in early 2026, surpassing Deribit's $26.9 billion. The regulated US ETF has also surpassed the largest native Bitcoin derivative exchange in terms of raw contract count, with over 7 million contracts.

The scale of IBIT's trading activity is significant, and regulators are taking note. BOX Exchange filed a proposal to increase IBIT position and exercise limits to 1,000,000 contracts on May 8, 2026, in response to an ongoing increase in demand throughout 2025.