Options trading is surging in crypto derivatives markets, with Bitcoin options open interest rising to nearly 50% while dated futures volume collapses.
DeFi & Yields ·
Bitcoin options have doubled their share of notional open interest in crypto derivatives markets, rising from roughly 25% to nearly 50%, while dated futures volume has collapsed to approximately 97% below 2021 levels, according to a Glassnode study conducted with Bybit. The shift reflects a broader reallocation of capital toward perpetual futures and options, with traders increasingly employing options for hedging and volatility management across different market regimes, including during prolonged bear markets when risk mitigation becomes more pressing.
Bybit has captured significant momentum in the options space, with its share of options volume across four major crypto venues rising from below 10% to 28% as of late August 2026. Ether has become a major component of Bybit's options activity, representing 32% of its options volume over the prior 90 days—the highest proportion among the venues tracked. The platform's total options book has expanded from $529 million at inception to $2.33 billion, though growth was uneven in the interim.
It remains unclear whether the shift toward options reflects structural changes in how professional traders hedge directional exposure, or whether it signals temporary demand during specific volatility periods. The concentration of gold options open interest on Bybit (97.1%) and its dominance in gold perpetuals also raises questions about whether similar concentration dynamics are at play across other asset classes within the derivatives ecosystem.