Bybit said it has overhauled its Options Data section to give traders a clearer view of volatility, positioning and market structure through a redesigned interface and a new set of institutional-grade analytics. The exchange said the upgrade is aimed at narrowing a longstanding information gap in crypto options, where metrics such as implied volatility, open interest and market-maker hedging flows have often been harder for retail users to interpret than spot prices. The new tools include BVOL, Bybit’s volatility index, tracked live against 30-day realized volatility; max pain (the strike where option holders would face the greatest aggregate loss at expiry) plotted against the live Index Price; position structure data covering open interest, volume, call-to-put ratios and 24-hour taker activity; and market activity indicators such as gamma exposure (dealer hedging sensitivity), flip points and large order flow. Bybit linked the launch to broader growth in crypto options trading. ChainCatcher’s H1 2026 crypto options market report, citing CoinGlass and other industry sources, said the options market grew 12% year-over-year in the first half of 2026, although options still represented only 2.4% of total crypto derivatives volume. The report also said Bybit held a 22.4% share of crypto options trading for retail users during the period and a 38% market share by trading volume in ETH options. Bybit said it has been expanding its institutional capabilities in 2026 and that further features are planned as it builds out a broader options trading ecosystem for both professional and retail traders.