Massive Race in the $864 Billion Crypto Options Market: Top Spot Changes Hands in Ethereum

While trading volume in the cryptocurrency options market exceeded $864.6 billion in the first half of 2026, Deribit maintained its overall leadership but lost the top spot in Ethereum (ETH) options to the Bybit platform.

Reflecting investors’ future price expectations in the crypto world, the options market witnessed massive activity in the first six months of 2026. According to CoinGlass data, the total Bitcoin (BTC) and Ethereum options volume across five major platforms reached $864.6 billion. While the overall market leader remained unchanged during this period, the balance in sub-segments was shaken.

Industry veteran Deribit maintained its leadership position with a volume of $425.9 billion and a 49.3% market share. However, the platform’s monthly market share, which was 56.3% in January, fell to 41.8% by June. Aggressive growth from competitors played a role in this decline. Notably, Bybit secured second place with a total share of 22.3%, while Binance at 13.4% and OKX at 13.3% were the other major names dominating the market. These four giant platforms currently control more than 98% of the entire market.

Bybit Momentum Surges in Ethereum Options

The most striking change in the market occurred on the Ethereum side. Bybit achieved a 38% share in Ethereum options, overtaking Deribit, which remained at 29%, becoming the new leader in this field. As investors’ interest in Ethereum grew, competition between platforms intensified, and significant fluctuations were observed in open interest amounts.

On the Bitcoin side, the strong link between price movements and open interest—the amount of active contracts that have not yet been closed—is noteworthy.