Crypto Derivatives Market Shifts as Options Share Nearly Doubles

A report by Glassnode and Bybit reveals a significant shift in the crypto derivatives market, with options increasing their share of Bitcoin notional open interest from approximately 25% to nearly 50%. While perpetual futures remain dominant for leverage, dated futures volume has plummeted, falling roughly 97% below 2021 levels. Options are increasingly utilized for hedging and volatility trading, showing growth even during bear market regimes. Bybit has notably expanded its market presence, with its share of options volume rising to 28% as of August 23, 2026. Additionally, Bybit leads in Ether options volume, accounting for 32% of its activity over the past 90 days, surpassing competitors like OKX, Binance, and Deribit.