Options Surge Past Half of Crypto Derivatives Market as Bybit Dominates Options Trading
Crypto derivatives markets are undergoing a significant shift as options become a more prominent tool for traders to manage risk and express market views. According to a report by Glassnode, in partnership with Bybit, options have increased their share of notional open interest from roughly 25% to nearly 50% over the period studied.
The growth of options has been driven by active turnover rather than simply the accumulation of open positions. Bybit's options book turns over in days, compared to weeks for the largest book in the tracked panel.
Glassnode's data shows that Bybit's share of the four-venue Bitcoin options volume pool rose from less than 10% to 28%, nearly tripling over the reporting period. This growth has been led by Bybit's Ether options market, which recorded the highest trading volume among the four tracked venues for 143 consecutive days.
The report highlights a broader evolution in crypto trading, with competitive differentiation increasingly depending on liquidity, breadth of instruments, and infrastructure required to serve both professional and individual traders. Bybit's growing options market reflects this convergence, with expanding activity across Bitcoin and Ether and established depth in tokenized-gold derivatives.