Crypto derivatives markets are moving toward two main products, perpetual futures and options. Perpetuals provide continuous leverage, while options are becoming more important for pricing and managing risk.

That shift is also visible in how traders are allocating capital across derivatives. A Glassnode study produced with Bybit found that options increased their share of Bitcoin notional open interest from about 25% to nearly 50%. Meanwhile, dated futures have lost ground in the crypto market.

Options Are Becoming More Important

Dated futures volume is now roughly 97% below its 2021 level, according to the study. Perpetual futures have taken a larger role in leverage, while options have gained ground in volatility trading and hedging.

The growth in options has not been limited to bullish market conditions. Glassnode found that options gained market share in four of the five market regimes it examined since 2019. The largest increase came during a prolonged bear market, when demand for hedging can become more important. This suggests that traders use options not only for directional bets but also to manage risk.

Recent venue data shows that the shift is also changing where Bitcoin options trading takes place. Data through the settled close of August 23, 2026, showed Bybit’s share of options volume across four crypto-native venues rising from below 10% to 28%.

Bybit Expands Its Options Market

Ether has also become an important part of Bybit’s options activity, accounting for 32% of its options volume over the previous 90 days. That was the highest share among the four venues, ahead of OKX at 26%, Binance at 24% and Deribit at 12%.

Bybit also recorded the highest Ether options volume among the four venues for 143 consecutive days. Glassnode measured the lead using both coin and dollar volumes to reduce the effect of changing prices.

The concentration extends beyond crypto assets. Bybit’s tokenized gold perpetual market was the largest among tracked crypto venues for 476 consecutive days, while the platform held 97.1% of gold options open interest.

Bybit’s broader options market has also grown significantly, with its options book rising from $529 million in its first month to $2.33 billion. Growth was uneven, however, as options initially lost share while perpetual activity expanded before recovering.

Source: CryptoPotato