Traditional Bitcoin futures market declines 97% over five years as perpetuals and options dominate

The Bitcoin derivatives market has shifted significantly away from traditional dated futures, which have seen a 97% decline in activity since 2021. Perpetual contracts have become the primary instrument for leveraged trading, while options have grown to represent nearly half of crypto-native Bitcoin derivatives open interest. Data from Binance on September 18, 2026, highlights this trend, showing $9.93 billion in open interest for BTC perpetual contracts compared to only $77 million in dated Bitcoin futures.