Deribit retains crypto options lead as Bybit tops ETH volume

Deribit commands 49.3% of the total crypto options market and an even more dominant 55.3% share of Bitcoin options trading. But Bybit has quietly seized 38% of Ethereum options volume, carving out a genuine leadership position in one of crypto’s fastest-growing derivatives segments. Deribit’s fortress, by the numbers Deribit has been the default venue for crypto options since it launched in 2016. The platform reports roughly 85% market share in BTC and ETH options combined. In 2025, total traded volume on Deribit hit $1,875 billion. The platform’s grip on Bitcoin options remains especially firm at 55.3%. The June 2026 quarterly settlement alone exceeded $10 billion in notional value, split between approximately $9.06 billion in BTC options and $1.57 billion in ETH options. Bybit’s Ethereum play Bybit’s 38% share of ETH options volume represents meaningful competition. The exchange has built its options offering around USDT-settled contracts, while Deribit’s contracts are typically settled in the underlying asset (BTC or ETH). Bybit also offers everything from daily to quarterly expirations. What this means for investors Deribit’s massive settlement volumes suggest that for Bitcoin ...