Crypto derivatives are undergoing a structural shift as options capture a larger share of open interest and perpetual contracts continue replacing dated futures, according to a new Glassnode report produced with Bybit.
The crypto derivatives market is moving beyond a predominantly perpetual-futures model as options become increasingly important for managing risk, trading volatility and positioning around market events.
Glassnode’s The State of Crypto Derivatives reports that options increased their share of notional open interest in the crypto-native Bitcoin derivatives market from roughly 25% to nearly 50% during the period studied. At the same time, dated futures have declined sharply as perpetual contracts become the dominant vehicle for continuous leveraged exposure.
Glassnode says dated futures volume across the offshore venues it tracks is approximately 97% below its 2021 level, while options volume has grown more than threefold over the same period. The analysis excludes CME from its futures comparison and covers four crypto-native venues for the options analysis.
The shift is notable because options provide tools that differ from straightforward directional futures positions. Traders can use them to manage downside exposure, trade volatility or structure positions around anticipated market events. Their growing market share therefore provides one indication of how crypto’s trading infrastructure is developing.
Bybit has gained ground within that expanding options market. Glassnode’s data shows the exchange’s share of Bitcoin options volume across its four-venue comparison rising from below 10% to 28%. The report also says Bybit’s options book turns over in days, suggesting active trading rather than simply accumulating open positions.
Ether has become another important component. Bybit recorded the highest Ether options volume among the four venues tracked for 143 consecutive days, according to the report, with Ether accounting for approximately one-third of Bybit’s options volume during the measured period.
The platform has also developed significant activity in tokenized-gold derivatives. Glassnode says Bybit’s tokenized-gold perpetual book has remained the largest among the crypto venues it tracks for 476 consecutive days, measured in ounces. In gold options, Bybit represented 97.1% of open interest across the tracked venues.
Bybit’s own options book has expanded alongside the broader market. Glassnode reports that it reached $2.33 billion, compared with $529 million during its first month. The growth followed a U-shaped pattern, with options initially accounting for less activity as perpetual contracts expanded before demand for options increased again.
Frederik Theissen, Head of Research at Glassnode, said the derivatives market is shifting toward perpetuals for exposure while risk pricing increasingly moves into options.
For exchanges, the development raises the importance of options liquidity, market-making infrastructure, pricing models and risk-management capabilities. As the product mix broadens, the ability to support sophisticated derivatives alongside crypto and tokenized commodities could become an increasingly important component of digital-asset market infrastructure.
Market Landscape
Crypto derivatives have become a major part of digital-asset market structure, with perpetual contracts offering continuous exposure and options providing more flexible risk-management strategies.
The shift toward options also increases the importance of market infrastructure capable of handling complex pricing, collateral, margin and settlement requirements. As tokenized assets enter derivatives markets, exchanges are simultaneously expanding beyond native cryptocurrencies into instruments linked to commodities and other assets.
Glassnode’s analysis is based on data available through the settled close of August 23, 2026, and venue coverage varies by metric. The findings therefore describe the venues tracked by Glassnode rather than the entire global derivatives market.
Top Insights
- Options increased their share of Bitcoin derivatives open interest from roughly 25% to nearly 50% during Glassnode’s measured period.
- Dated futures have declined sharply while perpetual contracts have become the primary vehicle for continuous crypto derivatives exposure.
- Bybit’s share of the tracked Bitcoin options volume pool increased to 28%, according to Glassnode.
- Ether represents approximately one-third of Bybit’s options volume, highlighting the expansion of options beyond Bitcoin.
- Tokenized-gold derivatives demonstrate how crypto-native venues are extending derivatives infrastructure into blockchain-based representations of traditional assets.
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