Options Dominate Crypto Derivatives Market as Bybit Captures 28% of Tracked Volume

The crypto derivatives market is undergoing significant changes, according to a recent report from Glassnode and Bybit. Options have gained a larger share of notional open interest in Bitcoin derivatives, increasing from around 25% to nearly 50%. This shift is attributed to the growing use of options for risk management and expressing views on volatility.

The report highlights that dated futures have largely given way to perpetual contracts, with trading volumes now sitting at about 97% below their 2021 levels. By contrast, options volumes have surged, reaching more than three times their 2021 levels.

Bybit has emerged as a leading player in the crypto derivatives market, capturing nearly 28% of tracked Bitcoin options volume and holding the largest tokenized-gold perpetual book for 476 consecutive days. The platform's own options market has grown substantially, reaching $2.33 billion in August 2026.