Options Market in Crypto Statistics 2026: IBIT, Deribit, CME Data

Bitcoin options open interest held near $40.0 billion in mid-September 2026, according to Glassnode. That book sits above the $36.4 billion in bitcoin futures open interest. The latest options market in crypto statistics also show a shift between venues. Glassnode reported IBIT options open interest at around $27.6 billion, briefly surpassing Deribit’s bitcoin options open interest of around $26.9 billion, and Kaiko data shows IBIT options open interest peaked at $53.3 billion on October 9, 2025.

Regulated futures venues grew alongside them. CME Group recorded a record $3 trillion in notional volume across its cryptocurrency futures and options in 2025, then eased from a record early-2026 pace. Futures made up about 99% of CME’s 2026 crypto ADV to February 19, a sign that CME’s combined contract counts mostly reflect futures. The statistics below track the options slice of crypto derivatives markets across open interest by venue, CME volume by asset, implied volatility, put-call ratios, expiries, IBIT position limits, and on-chain options protocols.

Key Takeaways

• IBIT options open interest crossed $10 billion within three weeks of launch and hit $30 billion by mid-July 2025.
• Glassnode put IBIT options open interest at around $27.6 billion against around $26.9 billion for Deribit bitcoin options in a 2026 report.
• On July 1, 2025, IBIT skew surged above Deribit’s, peaking at 33.4% against 18.1% for Deribit bitcoin options, a spread of 15.4 percentage points.
• CME crypto futures and options volume fell from a Q4 2025 quarter-to-date average of 403,200 contracts a day to 175,000 contracts a day in August 2026.
• Derivatives handled about 84% of the 30-day on-chain options notional volume that DefiLlama tracks.
• The bitcoin options open-interest put/call ratio fell to 0.56, its lowest reading of 2026, in Glassnode’s July 8 report.

Editor’s Choice

• Deribit open interest at the Coinbase close: approximately $60 billion of platform open interest.
• CME crypto notional in 2025: a record $3 trillion across futures and options.
• IBIT option position limit: 1,000,000 contracts under the April 2026 SEC order.
• CME crypto notional in Q2 2026: $459.2 billion across all suites.
• Record options open interest reset: 579,258 BTC before the December 26, 2025 expiry and 316,472 BTC after it.
• On-chain options volume over 30 days: about $4.48 billion in notional volume.

Options Market in Crypto Statistics: Open Interest in 2026

Compiled from 19 sources captured on September 27, 2026, all Tier 1: CME Group, Coinbase investor relations, an SEC order published in the Federal Register, Kaiko, Glassnode and DefiLlama.

• Source publication dates span August 2025 to September 2026.
• Only exchange, regulator, and institutional data-provider pages qualify; no competitor publications or market-research resellers.
• Figures are updated when the underlying sources publish new editions.
• Aggregated bitcoin options open interest holds near $40.0 billion, above its high band, in Glassnode’s September 14, 2026 Market Pulse.
• Bitcoin futures open interest slipped from $37.1 billion to $36.4 billion in the same week.
• The end of 2025 marked the largest reset in Bitcoin options open interest on record, per Glassnode.
• That expiry erased more than 45% of outstanding positioning.
• Deribit’s December 2025 expiry became the largest single expiration in its history, clearing near $50 billion down to $20 billion overnight, according to Kaiko.
• IBIT options open interest grew from zero to $53.3 billion at peak within twelve months.

Source: Kaiko, Glassnode, 2025-2026

Options open interest now sits above futures open interest on bitcoin, and that ordering matters. An options book that rivals the futures book is the usual marker of a mature derivatives market, and the September readings meet that test.

IBIT vs Deribit Bitcoin Options Open Interest and Skew

• IBIT options open interest peaked at $53.3 billion (7.8 million contracts) on October 9, 2025.
• The IBIT call-to-put ratio compressed from 4.3:1 at launch to 1.8:1 by December 2025, per Kaiko.
• Long-dated IBIT open interest (more than 16 weeks) routinely accounted for 30 to 40% of total notional.
• IBIT reported more than $61.1 billion in net assets as of April 29, 2026, per Glassnode.
• On March 3, 2025, BTC skew hit 23.5% versus IBIT’s 13.6%, a gap of nearly 10 points.
• IBIT convexity reached 22.5% versus 12.0% for Deribit bitcoin options during the mid-2025 divergence.
• As of May 5, 2026, Deribit’s 1-month 25-delta skew remained modestly call-biased while IBIT’s stayed materially more put-skewed, an approximately 15-point gap.

Key finding: Kaiko found that IBIT skew surged above BTC skew, peaking at 33.4% on July 1, 2025, while Deribit read 18.1%. The same bitcoin exposure priced downside protection at nearly twice the rate on the US-listed venue, which is the gap a cross-venue hedger actually pays for.

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Which venue holds the most bitcoin options open interest?

Glassnode reported IBIT options open interest at around $27.6 billion, briefly surpassing Deribit’s around $26.9 billion, a major milestone for U.S.-listed, regulated Bitcoin derivatives. The word “briefly” carries the answer: IBIT held the lead only for a short spell, and the two venues were close in size in that reading.

Recent Developments

• September 22, 2026: CME Group announced it will launch Bitcoin Cash (BCH) and Uniswap (UNI) futures on October 19, pending regulatory review.
• September 14, 2026: Glassnode put bitcoin options open interest near $40.0 billion, above its high band.
• September 2, 2026: CME Group reported cryptocurrency ADV of 175,000 contracts ($7.9 billion notional) for August 2026.
• August 26, 2026: Glassnode sized the September quarterly expiry at $13.7 billion, with max pain at $69,000 and $70,000 for the month’s two heaviest expiries against spot at $79,000.
• July 30, 2026: Coinbase reported a record Crypto Trading Volume Market Share of 10.3% in Q2 2026, up from 9.1% in Q1 2026.
• July 8, 2026: Glassnode reported the options open-interest put/call ratio at 0.56, its lowest reading of 2026.

Deribit Options Volume and Market Position

• Coinbase closed its acquisition of Deribit on August 14, 2025, making Deribit part of the Coinbase group.
• Coinbase described Deribit as the #1 crypto options exchange by volume and open interest at the close.
• In July 2025, Deribit saw over $185 billion in trading volume, Deribit’s best month ever.
• Deribit BTC options volume regularly exceeds 20,000 contracts, representing more than $2 billion in daily notional volume, per Glassnode.
• Coinbase reached an all-time high in Crypto Derivatives Trading Volume Market Share for the third straight quarter in Q2 2026.
• That came despite the crypto derivatives market overall declining double digits quarter-over-quarter.

Source: Coinbase, Glassnode, 2025-2026

Deribit carried roughly $60 billion of platform open interest and over $1 trillion traded in the prior year when the deal closed. That platform-wide figure and the bitcoin-options-only reading of around $26.9 billion measure different things, so the gap between them is not a clean read on share lost to the ETF venue. Deribit’s options book also sits inside a larger crypto derivatives market that includes futures and perpetual swaps.

CME Group Crypto Futures and Options Volume

• CME Group recorded a record $3 trillion in notional volume across its cryptocurrency futures and options in 2025.
• Its crypto futures and options suite achieved an all-time daily volume record of 794,903 contracts on November 21, 2025.
• That overtook the previous record of 728,475 contracts set on August 22, 2025.
• CME’s 2025 year-to-date cryptocurrency ADV reached 270,900 contracts ($12 billion in notional), up 132% year-over-year, at the November 2025 update.
• The crypto product suite has officially crossed $7.3 trillion in total notional volume, per the Q1 2026 report.
• H1 2026 year-to-date ADV was a 44% increase versus H1 2025.
• Q2 2026 ADV rose 32% year-over-year.
• August 2026 cryptocurrency ADV carried $7.9 billion notional.

Q1 2026 total ADV rose from 191,000 to 310,000 contracts year-over-year, then August 2026 cryptocurrency ADV came in at 175,000 contracts. CME’s crypto volume ran at a record pace in early 2026 and has thinned since, so the growth story on the regulated side now rests on product breadth.

CME Crypto Open Interest

• CME’s 2025 year-to-date average open interest of 299,700 contracts carried $26.6 billion in notional, up 82% year-over-year.
• Q4 2025 average open interest of 493,700 contracts carried $35.4 billion in notional, up 117% vs. Q4 2024.
• Early 2026 average daily open interest of 335,400 contracts was up 7% year-over-year.
• Q1 2026 average daily open interest was up 25% versus Q1 2025.
• The H1 2026 average open interest of 264,600 contracts carried $15.4 billion in notional.
• In CME’s words, Q2 2026 average daily open interest held steady at 216,000 contracts.
• The combined ADOI for ETH and Micro Ether (MET) options rose to more than 51,000 contracts in Q1 2026.

Average CME crypto open interest in notional terms fell by about 56% between Q4 2025 and H1 2026. Part of that drop reflects lower bitcoin prices rather than closed positions, since the contract count fell by a smaller share over the same window.

CME Crypto Derivatives Volume by Asset

• CME’s Bitcoin suite traded $320.9 billion in total notional volume in Q2 2026.
• CME’s Bitcoin suite accounted for about 70% of CME’s $459.2 billion Q2 2026 crypto notional.
• XRP futures generated $3.7 billion in May notional volume, around the contract’s first anniversary.
• Avalanche and Sui contracts combined for more than $43 million in their debut month.
• The 2026 expansion into Cardano, Chainlink, Stellar, Avalanche, and Sui futures has contributed more than $1 billion in total notional value year-to-date.
• CME launched Avalanche and Sui futures on May 4, 2026.
• CME’s Q1 2026 data includes Cardano, Chainlink, and Stellar suites.

Source: CME Group Crypto Catch-Up, Q1 2026

By the numbers: CME Group’s Q2 2026 crypto suites traded $459.2 billion in total notional volume, with the Ether suite at $114.2 billion. Bitcoin and ether still carry almost all of the regulated notional, while the newer altcoin suites are measured in millions of dollars a quarter.

Bitcoin Options Implied Volatility

• Between October 6, 2025, and February 6, 2026, bitcoin prices corrected approximately 50%, per CME Group.
• On February 5, 2026, the 25-delta risk reversal fell to -19.34, its lowest level since 2022.
• January 28 represented the highest trading day for CME’s Crypto options suite since February 2025.
• Glassnode measured a late-June spike in 25-delta skew to 24%, the most defensive the front end has been since the February selloff.
• By mid-September 2026, the 25-delta skew rose from -2.05% to 0.94% but remained below its low band of 3.75%.
• The volatility spread widened to -22.34%, below its low band, in the same Glassnode reading.

The 25-delta implied volatility readings of 75% for calls and 95% for puts on February 5 marked the highest readings since 2022. CME launched Bitcoin Volatility futures on June 1, 2026, giving the implied-volatility data a directly listed hedge, and the wider CME Group statistics place crypto within the exchange’s full product mix.

Bitcoin Options Put-Call Ratio

• Glassnode’s July 8 reading of 0.56 left the market holding roughly two calls for every put.
• As bitcoin retested its lows in late June, the volume put/call ratio spiked heavily as traders paid up for downside, and it has since collapsed as call flow returned.
• On CME, February 2026 contracts carried $260 million in put open interest against $230 million in calls.
• The March expiry showed $660 million in call open interest against $240 million in puts.
• CME linked the March call-to-put positioning to yield-generating strategies like call-overwriting as well as recovery positioning.

Source: Kaiko, CME Group, Glassnode, 2025-2026

What is the bitcoin options put-call ratio in 2026?

Glassnode reported that the options open-interest put/call ratio has fallen to 0.56, its lowest reading of 2026, in early July. CME recorded a 3:1 call-to-put open interest ratio for March expirations. Both readings lean toward calls, yet skew still prices downside protection at a premium, so positioning and pricing tell different stories.

Bitcoin Options Expiries and Max Pain

• Glassnode sized the two heaviest expiries of the coming month at $10.4 billion and $13.7 billion for the September quarterly in its August 26 report.
• For the September 25, 2026 expiry, the middle 70% of strike-implied outcomes span $69,000 to $89,700.
• In early July, Bitcoin traded about 6% below its aggregated max pain of $66,000.
• Max pain is the strike where the most open interest expires worthless and toward which price often gravitates into expiry, as Glassnode defines it.
• The December 26, 2025 expiry erased more than 45% of outstanding bitcoin options positioning.

Source: Kaiko, Glassnode, 2026

Worth noting: Glassnode’s August read showed max pain at $69,000 and $70,000 against spot at $79,000, with the put carpet under the market and the call shelves stacked overhead. Expiry pinning is a loose tendency, and quarterly expiries of this size can move spot in either direction as dealers unwind hedges.

IBIT Options Position Limits

• The SEC raised IBIT position limits from 25,000 to 250,000 contracts during 2025, per Kaiko.
• That change coincided with the introduction of cash-settled FLEX options.
• Nasdaq ISE filed the proposed rule change on November 13, 2025.
• The SEC order, published in the Federal Register, is dated April 27, 2026.
• As of February 11, 2026, IBIT had 1,337,920,000 shares outstanding and a market capitalization of $52,661,063,818.
• A position limit of 1,000,000 contracts would represent 7.474% of the outstanding shares of IBIT.
• IBIT’s average daily volume for the preceding six months was 61,803,035 shares.

The 1,000,000-contract limit is 40 times the original 25,000-contract cap. Higher limits let a single market maker or fund carry the size that a spot ETF of this scale implies, which is one reason the ETF venue can now hold open interest in the same range as Deribit. The limit changes fit a longer approval arc covered in the bitcoin ETF regulatory timeline.

DeFi Options Volume by Protocol

• DefiLlama-tracked on-chain options notional volume totaled about $19.41 billion over the past year.
• All-time on-chain options notional volume stands at about $78.7 billion.
• The latest 24-hour on-chain options notional volume was about $130.0 million.
• Aevo Options carries about $39.51 billion in all-time notional volume.
• Aevo’s past-year notional volume was about $373.4 million.
• Deribit’s bitcoin options regularly topped $2 billion in daily notional in Glassnode’s spring 2026 report, more than 15 times DefiLlama’s September 27, 2026 24-hour on-chain options notional reading.

Why it matters: Derive Options carried about 84% of all 30-day onchain options notional volume that DefiLlama tracks. Onchain options remain dominated by one venue, so an outage or a pricing error at one protocol would move most of the sector’s measured volume at once, a concentration risk that centralized venues spread across several books.

The broader onchain picture is larger than options alone. The DeFi market statistics put onchain options in context against lending and exchange volume.

CME 24/7 Crypto Trading and Product Launches

• CME Group launched 24/7 trading for Cryptocurrency futures and options, live on Friday, May 29.
• Over its inaugural weekend, more than 7,200 Cryptocurrency futures and options contracts were traded (about $50 million in notional).
• The launch delivered $1 billion in volume across its first six weekends.
• Avalanche, Sui, Bitcoin Volatility and Nasdaq CME Crypto Index futures all debuted at CME during Q2 2026.
• Bitcoin Cash and Uniswap futures are scheduled for October 19, pending regulatory review.

Weekend access removes the gap risk that used to push crypto-native hedgers offshore on Saturdays and Sundays. The index and volatility products target the same buyers tracked in institutional crypto adoption data.

Can We Do Option Trading in Crypto?

Yes, crypto options trade on regulated US venues, offshore exchanges, and on-chain protocols. CME Group launched 24/7 trading for Cryptocurrency futures and options, and options on BlackRock’s iShares Bitcoin Trust (IBIT) launched in November 2024, giving brokerage-account holders listed access.

Offshore, Coinbase described Deribit in August 2025 as the #1 crypto options exchange by volume and open interest when it closed the acquisition. Onchain, DefiLlama tracks about $4.48 billion in 30-day options notional volume across protocols. Venue access still varies by jurisdiction, and the crypto exchange market share rankings cover the spot side of the same venues.

Does Coinbase Own Deribit?

Yes. Coinbase has closed its acquisition of Deribit, officially making Coinbase the most comprehensive global crypto derivatives platform, in its words.

The deal came on the heels of a record month of volume and revenue for Deribit, with July 2025 volumes of over $185 billion. Coinbase then reached an all-time high in Crypto Derivatives Trading Volume Market Share for the third straight quarter in Q2 2026.

Conclusion

Bitcoin options open interest near $40.0 billion now sits above the futures book in Glassnode’s aggregate reading. In a 2026 Glassnode report, IBIT options open interest of around $27.6 billion briefly passed Deribit’s bitcoin options open interest of around $26.9 billion. CME’s crypto volume came in at 175,000 contracts a day in August. The market has split into a US-listed ETF book, a regulated futures-options complex, an offshore venue now owned by Coinbase, and on-chain protocols.

The next tests are the size and pinning of upcoming quarterly expiries and whether the higher IBIT limit pulls more institutional size onshore. For IBIT’s asset base, see the Bitcoin ETF statistics.