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 options, institutional liquidity remains concentrated. The $9.06 billion in BTC notional settled in a single quarterly expiry is a moat measured in billions.

Ethereum is the more interesting battleground. Bybit’s 38% share suggests that ETH options liquidity is already meaningfully split, and traders should be comparing execution quality across platforms rather than defaulting to one venue. The USDT-settlement feature alone could be decisive for traders who prefer stablecoin-denominated P&L.