Crypto derivatives markets are shifting toward two main products: perpetual futures and options. According to a study by Glassnode produced with Bybit, options increased their share of Bitcoin notional open interest from about 25% to nearly 50%. Meanwhile, dated futures volume has dropped roughly 97% below its 2021 level. Bybit’s share of options volume across four crypto-native venues rose from below 10% to 28%, while its options book grew from $529 million to $2.33 billion. Bybit also leads Ether options activity with 32% of its options volume, the highest among the four venues, and recorded the highest Ether options volume for 143 consecutive days.
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