Ethereum
Bybit Gains Ground in Ethereum Options as Deribit's Share Contracts
Five major exchanges recorded $864.6 billion in combined Bitcoin and Ethereum options volume in the first half of 2026, with market share shifting notably within Ethereum trading.
According to CoinGlass data from August 4, 2026, the top four cryptocurrency derivatives platforms controlled more than 98% of combined Bitcoin and Ethereum options trading during the first six months of the year. Deribit commanded the largest share at 49.3% of volume, equivalent to $425.9 billion, followed by Bybit at 22.3%, Binance at 13.4%, and OKX at 13.3%.
Significant rebalancing occurred across the six-month period, particularly in Ethereum options. Deribit's monthly market share declined from 56.3% in January to 41.8% in June. During this same window, Bybit established itself as the primary hub for Ethereum-specific options trading, securing 38% market share in that asset class versus Deribit's 29%.
The article suggests that while Deribit maintained its traditional advantage in Bitcoin options, the diversion of Ethereum liquidity to competing platforms has altered institutional trading patterns. Greater flexibility in routing options has enabled market participants to favour specific platforms based on the underlying asset, fragmenting what was previously a more centralised market structure.
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