Bybit led tracked Ether options trading for 143 consecutive days and held the largest tokenized-gold perpetual book for 476 days, according to The State of Crypto Derivatives, a report jointly published by Glassnode and Bybit. The study identifies a structural shift in crypto derivatives: options rose from roughly 25% to nearly 50% of Bitcoin derivatives’ notional open interest, while expiring futures volume fell about 97% from its 2021 peak as leveraged activity moved toward perpetual contracts. Bybit’s share of Bitcoin options volume across four tracked venues increased from under 10% to 28%, while its options holdings grew from $529 million to $2.33 billion. Ether accounted for roughly one-third of Bybit’s options volume over the past 90 days, and the exchange held 97.1% of gold options open interest across the monitored venues. The report says traders are increasingly using options to manage downside risk, express volatility views and price specific events. It also highlights Bybit’s launch of options on perpetual contracts, described as an industry-first in crypto derivatives.