Crypto derivatives trading is increasingly divided between perpetual futures, which provide continuous leverage, and options, which are used for pricing, volatility trading and hedging. A Glassnode study produced with Bybit found that options’ share of Bitcoin notional open interest rose from about 25% to nearly 50%, while dated futures volume fell roughly 97% from its 2021 level. Options gained market share in four of five market regimes examined since 2019, with the largest increase occurring during a prolonged bear market. Data through the settled close of August 23, 2026, showed Bybit’s share of options volume across four crypto-native venues rising from below 10% to 28%. Ether accounted for 32% of Bybit’s options volume over the previous 90 days, ahead of OKX at 26%, Binance at 24% and Deribit at 12%. Bybit led Ether options volume for 143 consecutive days, measured using both coin and dollar volumes. Its tokenized gold perpetual market led tracked crypto venues for 476 consecutive days, while the platform held 97.1% of gold options open interest. Bybit’s options book grew from $529 million in its first month to $2.33 billion, although options initially lost share as perpetual activity expanded before recovering.