Deribit Dominates Crypto Options Market, but Bybit Grabs 38% of Ethereum
Two exchanges are quietly redrawing the map of the crypto options market, and the split tells a story bigger than any single trading session. Deribit still runs the table with 49.3% of total options volume, and its grip on Bitcoin contracts is even tighter at 55.3%. But Bybit has carved out a real foothold in Ethereum options, pulling in 38% of that segment’s volume — enough to suggest the era of one exchange dominating every corner of crypto derivatives may be winding down.
Key takeaways
- Deribit holds 49.3% of the overall crypto options market and 55.3% of Bitcoin options trading specifically.
- Bybit has captured 38% of Ethereum options volume, marking a genuine competitive foothold in that segment.
- Deribit’s total 2025 trading volume reached $1,875 billion.
- Deribit’s June 2026 quarterly options settlement topped $10 billion in notional value, split between roughly $9.06 billion in BTC options and $1.57 billion in ETH options.
- Bybit’s USDT-settled contracts contrast with Deribit’s native-asset settlement, a structural difference that could shape trader preferences going forward.
Deribit’s Market Leadership and Trading Volume
Deribit remains the single largest venue in the crypto options market, controlling roughly half of all trading activity across the industry. That leadership has been years in the making, and the numbers behind it are substantial enough to explain why rivals have struggled to dent its position.
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