Deribit maintained crypto options market leadership with 49.3% share in H1 2026, though Bybit surpassed it in ETH options volume.
DeFi & Yields ·
In the first half of 2026, five major crypto platforms handled roughly $864.6 billion in combined Bitcoin and Ethereum options volume, according to CoinGlass. Deribit secured the largest share at 49.3%, representing $425.9 billion in volume, while Bybit followed with 22.3%, Binance with 13.4%, and OKX with 13.3%. Together these four platforms accounted for more than 98% of trading activity.
Market concentration shifted materially over the period. Deribit's monthly dominance contracted from 56.3% in January to 41.8% by June, signaling erosion in its lead. In Ethereum options specifically, the picture inverted: Bybit commanded approximately 38% of volume compared to Deribit's 29%, placing the former ahead in that derivatives segment.
The data illustrates two concurrent trends—sustained overall leadership by one player alongside growing segmentation by asset and platform. Whether Bybit's strength in Ethereum options represents a durable shift or temporary advantage, and whether Deribit's declining monthly share will stabilize, remain unresolved.