Deribit maintained its overall crypto options lead but lost ETH options dominance to Bybit in H1 2026 amid shifting market shares.
The five largest crypto platforms traded USD 864.6 billion in BTC and ETH options during the first half of 2026. Deribit led the market with a 49.3% share, totaling USD 425.9 billion in volume, though its monthly share fell from 56.3% in January to 41.8% in June.
Bybit captured 22.3% of the market, surpassing Deribit in ETH options with a 38% share. Binance and OKX held 13.4% and 13.3%, respectively, with the four platforms controlling over 98% of the market. The data reflects a consolidation of trading activity among top exchanges.
The shift in ETH options leadership highlights Bybit’s growing influence in crypto derivatives, even as Deribit remains the dominant player overall.