Dubai – September 19, 2026 -- Crypto derivatives trading is undergoing a structural shift toward options, with notional open interest in options rising from roughly 25% to nearly 50% of the crypto-native Bitcoin derivatives market, according to a new report from digital assets data provider Glassnode, produced in partnership with Bybit.
Options gain share across four of five market regimes since 2019
The State of Crypto Derivatives report found options growth was fastest during the prolonged bear market, indicating the trend is not simply a function of rising prices or speculative activity. Dated futures volume has fallen roughly 97% below 2021 levels, while options volume now runs more than three times higher than it did in 2021, as leverage moved into perpetual contracts and risk pricing moved into options.
Bybit's Bitcoin options share nearly triples to 28%
Bybit's share of the four-venue Bitcoin options volume pool rose from less than 10% to 28% over the reporting period. Glassnode attributed the growth to active turnover rather than accumulation of open positions, noting Bybit's options book turns over in days compared with weeks for the largest book in the tracked panel.
Bybit leads Ether options volume for 143 consecutive days
Bybit recorded the highest Ether options trading volume among four tracked venues for 143 consecutive days, a leadership position Glassnode confirmed using both coin-denominated and dollar-value volumes. Ether now accounts for approximately one-third of Bybit's total options volume, the highest Ether share of the four venues in the panel, according to Frederik Theissen, Head of Research at Glassnode.
Bybit's tokenized-gold perpetual book stays largest for 476 days
Bybit's tokenized-gold perpetual book, measured in ounces, has remained the largest among crypto venues tracked by Glassnode for 476 consecutive days. In gold options, Bybit accounted for 97.1% of open interest across the tracked venues.
Bybit's own options book grows more than fourfold to $2.33 billion
Bybit's options book reached $2.33 billion, up from $529 million during its first month of operation. The growth followed a U-shaped pattern, with options initially representing a smaller share of Bybit's derivatives activity during the rapid expansion of perpetual contracts before rebuilding as demand for risk-management instruments increased.
Sean Ballard, Head of Derivatives and Institutional Business at Bybit, said the exchange is aligning options with where price discovery and volume concentrate, including through options on perpetual contracts, which he described as an industry-first innovation intended to be a game changer for market structure.