Options have nearly doubled their share of Bitcoin notional open interest, rising from about 25% to nearly 50%, according to a Glassnode study produced with Bybit. Dated futures volume has fallen roughly 97% below its 2021 level, while Bybit's share of options volume across major venues jumped from under 10% to 28%.
Options gain ground as futures fade
Crypto derivatives are consolidating around two products: perpetual futures and options. Perpetuals still provide continuous leverage, but options have taken on a larger role in pricing risk and hedging.
A Glassnode study produced with Bybit found that options increased their share of Bitcoin notional open interest from about 25% to nearly 50%. Dated futures, meanwhile, have lost ground across the market. The study puts dated futures volume roughly 97% below its 2021 level.
The shift has not been confined to bullish periods. Glassnode found that options gained market share in four of the five market regimes it examined since 2019, with the largest increase coming during a prolonged bear market, when hedging demand can become more important. That pattern suggests traders are using options for risk management as well as directional bets.
Bybit's share of options trading rises
The shift is also changing where Bitcoin options trading takes place. Data through the settled close of August 23, 2026 showed Bybit's share of options volume across four crypto-native venues rising from below 10% to 28%.
Ether has become a significant part of that growth. It accounted for 32% of Bybit's options volume over the previous 90 days, the highest share among the four venues, ahead of OKX at 26%, Binance at 24% and Deribit at 12%. Bybit also recorded the highest Ether options volume among the four venues for 143 consecutive days, a lead Glassnode measured using both coin and dollar volumes to reduce the effect of changing prices.
Source: Glassnode
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