Deribit remains market leader in crypto options, Bybit takes the lead in Ethereum

The five largest crypto platforms together process approximately $864.6 billion in Bitcoin and Ethereum options volume in the first half of 2026. Deribit thereby retains the lead in the overall ranking, but sees its market share steadily shrink. In Ethereum options, the top spot goes to Bybit instead.

In brief:

• Five major platforms achieve a combined $864.6 billion in BTC and ETH options volume in H1 2026
• Deribit leads with $425.9 billion and a 49.3% market share, but loses ground to Bybit
• In Ethereum options, Bybit tops the list with around 38%, ahead of Deribit with 29%

Bitcoin is available at OKX and Bybit.

Deribit dominates, but sees its share decline

According to data from CoinGlass, Deribit processes a total of $425.9 billion in options volume in the first six months of 2026, accounting for a 49.3% share. This keeps the platform the undisputed leader in the crypto options market. The four largest players combined, Deribit, Bybit, Binance and OKX, account for more than 98% of the total market.

Yet the chart shows a clear trend: Deribit’s share is declining month after month. In January its monthly share still stands at 56.3%, but by June it falls back to 41.8%. Bybit follows in second place with a 22.3% share, while Binance and OKX are almost level at 13.4% and 13.3%, respectively.

Bybit takes the lead in Ethereum options

The balance of power in the Ethereum options market is different. Bybit accounts for around 38% of the volume there, thereby beating Deribit, which comes in at 29%. That is a notable shift, since Deribit has traditionally been regarded as the dominant platform in the options market. Bybit’s rise in this segment shows that competition among the major exchanges is intensifying.

Remarkably, Hyperliquid already processed $218 billion in volume in July 2026, indicating that the crypto derivatives market as a whole is growing significantly. Earlier, Coinbase announced it would move its institutional clients to Deribit, which could further affect that platform’s position in the second half of the year. Bitcoin trades at $64.111 at the time of writing, a slight increase of 0.3% over the past 24 hours.