BlackRock’s iShares Bitcoin Trust (IBIT) reset the venue ranking. IBIT options open interest reached $27.61 billion, surpassing Deribit’s $26.9 billion for the first time and ending the offshore venue’s multi-year lead in Bitcoin options open interest. The reversal lands eight months after Coinbase closed its $2.9 billion acquisition of Deribit on August 14, 2025, placing the largest US-listed crypto derivatives exchange owner on both sides of a venue split that used to define the market. The split signals less that Deribit has weakened and more that regulated US options have finally crossed the institutional threshold Bitcoin spot ETFs reached in early 2024.
The figures below cover venue market share, volume distribution, regulatory milestones, and DeFi protocol scale, with primary filings and exchange disclosures sourcing every cell.
Institutional desks layer hedge fund overlays onto spot exposure rather than treating them as separate books, a pattern that now appears in Deribit’s volume mix.
Key Takeaways
- IBIT options open interest hit $27.61 billion in April 2026, overtaking Deribit’s $26.9 billion in regulated US bitcoin options.
- Coinbase closed its $2.9 billion Deribit acquisition on August 14, 2025, structured as $700 million cash plus 11 million Coinbase Class A shares.
- Deribit’s total 2025 traded volume reached approximately $1.875 trillion across options and futures, up from $1.185 trillion in 2024.
- Deribit processed $79.54 billion in BTC options volume in February 2026, the third-highest BTC options month on record for the exchange.
- CME Group held $10.01 billion in Bitcoin futures open interest across 131,670 BTC contracts as of April 18, 2026, ranking first among regulated venues by USD value.
- Deribit retained over 90% market share in Ethereum options through 2025, even as IBIT pulled bitcoin OI onshore.
- Aevo held 79% of the on-chain options market with almost $700 million of cumulative trading volume, leading DeFi options protocols.
Editor’s Choice
- Bitcoin and Ethereum options worth $27 billion expired on Deribit on December 26, 2025, with Bitcoin alone accounting for $23.6 billion of the total.
- The Bitcoin call-put ratio on Deribit stood at 100 calls for every 38 puts in late 2025, a strongly bullish posture.
- Call options open interest concentrated at over $23.6 billion between the $100,000 and $120,000 strike prices on Deribit’s Bitcoin board.
- Deribit’s DVOL implied volatility index sat around 45 in late 2025, down from 63 during the November 21 BTC dip near $80,000.
- Paradigm’s institutional network supported 33 to 36% of Deribit’s volume, the largest institutional pipeline feeding the platform.
- CME Group’s Solana futures hit record average daily volume of 9,000 contracts ($437.4 million notional) in August 2025, two months before options launch.
- IBIT options recorded 70 million call options at a $100 strike on the first trading day in November 2024 after Nasdaq’s launch.
Recent Developments
- April 2026: IBIT options open interest surpassed Deribit’s at $27.61 billion vs $26.9 billion, the first month a regulated US venue led offshore Bitcoin options OI.
- March 20, 2026: The CFTC issued FAQs permitting bitcoin, ether, and payment stablecoins as margin collateral in regulated derivatives markets, with FCMs capped to those three classes during an initial three-month period.
- March 11, 2026: The SEC and CFTC signed a Memorandum of Understanding classifying Bitcoin and Ethereum as digital commodities under CFTC jurisdiction, with ICO tokens remaining under SEC oversight.
- March 2026: Cboe filed a proposed rule change to Rules 4.3 and 4.4 to list options on multi-asset crypto trusts, requiring each asset to carry an average daily market value of at least $700 million over 12 months.
- February 2026: Deribit processed $79.54 billion in BTC options volume, totaling 1.12 million contracts split into 545.44 thousand calls and 573.4 thousand puts.
- December 26, 2025: Bitcoin and Ethereum options worth $27 billion expired on Deribit, representing more than 50% of the exchange’s total open interest, the largest options expiry on record at that time.
Global Crypto Options Market Size and Growth
- Deribit’s total trading volume rose 95% to $1.185 trillion in 2024, with options alone registering $743 billion.
- Deribit reported approximately $1.875 trillion in total traded volume across 2025, the second consecutive year of doubling.
- Deribit’s baseline 2023 total volume sat near $608 billion, the pre-doubling reference point.
- Deribit’s BTC options alone reached $79.54 billion in February 2026, a single-month proxy for ongoing institutional scale.
| Year | Deribit Total Volume | Deribit Options Volume | YoY Growth |
|---|---|---|---|
| 2023 | $608 billion | $304 billion (est.) | baseline |
| 2024 | $1.185 trillion | $743 billion | +95% |
| 2025 | $1.875 trillion | ~$1.0 trillion+ | +58% |
| 2026 (Feb BTC alone) | $79.54 billion | $79.54 billion | N/A |
Source: Coinbase Investor Relations, CoinDesk reporting on Deribit annual disclosures
By the numbers: Deribit’s $1.875 trillion 2025 total and $79.54 billion in BTC options for February 2026 alone show the offshore venue still operating at institutional scale even after April’s IBIT overtake, per Coinbase IR and KuCoin data dashboards. The volume curve continued doubling year-over-year through the Coinbase acquisition window.
CME Group Crypto Options
- CME Group announced the first trades of options on SOL and XRP futures on October 13, 2025.
- Daily, monthly, and quarterly expiries are available across SOL, Micro SOL, XRP, and Micro XRP futures.
- Solana futures average daily volume hit a record 9,000 contracts ($437.4 million notional) in August 2025.
- Solana futures average daily open interest reached 12,500 contracts ($895 million notional) in August 2025.
- CME Bitcoin futures held $10.01 billion in open interest across 131,670 BTC contracts as of April 18, 2026.
| CME Product | August 2025 ADV (Notional) | August 2025 ADOI (Notional) |
|---|---|---|
| SOL futures | $437.4 million (9,000 contracts) | $895 million (12,500 contracts) |
| XRP futures | Available across daily/monthly/quarterly expiries | N/A |
| BTC futures (April 2026) | $10.01 billion outstanding OI | 131,670 BTC contracts |
| BTC options (April 2026) | ~25,000 contracts | Mostly 1-2 month expiries |
Source: CME Group, CME volume dashboard
Deribit Market Share
- Deribit held roughly $60 billion in platform open interest with over $1 trillion traded at the time of the Coinbase close in August 2025.
- July 2025 produced Deribit’s best month ever with over $185 billion in trading volume.
- Deribit generated over $30 million in July 2025 transaction revenue, per Coinbase’s IR disclosure.
- BTC options open interest stood at $26.9 billion in April 2026, now second to IBIT.
- Ethereum options market share remained over 90% through 2025.
Does Coinbase own Deribit?
Yes. Coinbase closed its acquisition of Deribit on August 14, 2025, with a deal value of $2.9 billion structured as $700 million in cash plus 11 million Coinbase Class A common shares. The transaction ranks as the largest crypto M&A deal in history and gives Coinbase spot, futures, perpetuals, and options on a single platform. The strategic logic is plain. Coinbase no longer competes with Deribit; it captures Deribit’s offshore options flow alongside the rapidly growing US ETF options business, and it sits adjacent to via IBIT counterparty relationships.
Bitcoin Options Volume and Open Interest
- Deribit BTC options volume in February 2026: $79.54 billion (1.12 million contracts, third-highest month on record)
- CME Bitcoin futures open interest: $10.01 billion across 131,670 BTC contracts as of April 18, 2026
- CME Bitcoin options OI peaked around 70,000 contracts in late 2025, settling to approximately 25,000 contracts by April 2026
- CME’s open interest has exceeded call open interest in USD terms since Bitcoin’s November 2025 high, reflecting institutional demand for downside protection.
Ethereum Options Volume and Open Interest
- Deribit’s market share in Ethereum options exceeded 90% through 2025.
- Ethereum accounted for $3.8 billion of the December 26, 2025, expiry on Deribit, the largest single ETH options expiry on record at that time.
- Combined Bitcoin and Ethereum expiry on December 26, 2025, totaled $27 billion, with ETH the secondary leg.
- ETH options share alone exceeded the entire monthly volume of several smaller venues.
IBIT and Spot Bitcoin ETF Options Take Share
- Nasdaq launched IBIT options trading in November 2024, recording 70 million call options at a $100 strike on the first trading day.
- IBIT options open interest reached $27.61 billion in April 2026, surpassing Deribit’s $26.9 billion for the first time.
- October 2026 expiries dominate IBIT while August 2026 expiries dominate Deribit, leaving IBIT options approximately two months longer-dated on an OI-weighted basis.
- The bulk of IBIT call OI sits at strike levels equivalent to Bitcoin trading around $109,709, per Volmex data.
Crypto Options Trading Volume Ranking
- IBIT (Nasdaq) leads Bitcoin options open interest at $27.61 billion (April 2026).
- Deribit holds $26.9 billion in BTC options OI and over 90% of the Ethereum options market.
- CME Group leads regulated US Bitcoin futures with $10.01 billion in open interest.
- Bybit runs USDC-settled BTC and ETH European options, retail-tilted.
- OKX operates mid-size institutional European BTC and ETH options.
- Binance covers USDT-settled European options across BTC, ETH, BNB, XRP, and DOGE.
| Venue | Primary Options Product | Q1 2026 Position |
|---|---|---|
| IBIT (Nasdaq) | BTC ETF options | $27.61 billion OI (April 2026) |
| Deribit | BTC + ETH options | $26.9 billion BTC OI; 90%+ ETH share |
| CME Group | BTC + ETH + SOL + XRP futures and options | $10.01 billion BTC futures OI |
| Bybit | USDC-settled BTC and ETH European options | Smaller share, retail-heavy |
| OKX | European BTC and ETH options | Mid-size institutional offering |
| Binance | USDT-settled European options (BTC, ETH, BNB, XRP, DOGE) | Multi-asset coverage, smaller options OI |
Source: KuCoin reporting on Volmex and Laevitas data, CME Group, Coinbase IR, Deribit market data
Who has the biggest crypto options market share?
The answer depends on which slice. IBIT leads Bitcoin options open interest at $27.61 billion as of April 2026, displacing Deribit at the venue level. Deribit retains over 90% of the Ethereum options market share through 2025 and the offshore institutional crypto-native client base. CME Group leads regulated US Bitcoin futures by OI. No single venue currently dominates every slice.
Institutional vs Retail Participation
- Deribit derives 80% of its volume and open interest from institutional participants, a share stable through Q1 2026.
- Paradigm’s institutional network routes 33 to 36% of Deribit’s volume from quantitative funds and trading desks.
- IBIT call open interest concentrates at strikes equivalent to Bitcoin trading around $109,709, reflecting a buy-and-hold ETF investor base.
- October 2026 IBIT expiries (longer-dated) signal retirement accounts and RIAs using calls for upside exposure rather than tactical hedging.
Call-Put Ratios and Implied Volatility
- Deribit’s Bitcoin board ran 100 calls for every 38 puts in late 2025, a strongly bullish skew.
- Over $23.6 billion in call OI concentrated at strikes between $100,000 and $120,000 on Deribit.
- Deribit’s BTC DVOL implied volatility index sat around 45 in late 2025, down from 63 during the November 21 BTC dip near $80,000.
- CME’s Bitcoin options book ran put OI exceeding call OI in USD terms since November 2025, the mirror image of Deribit’s skew.
What is the call-put ratio for Bitcoin options?
The Deribit Bitcoin board ran 100 calls for every 38 puts in late 2025, with most of the call OI parked at strikes between $100,000 and $120,000. CME Group’s options book moved in the opposite direction over the same window, with open interest in USD terms exceeding calls on CME since Bitcoin’s November 2025 high, reflecting institutional demand for downside protection on regulated rails. The two boards, therefore, carry mirror-image positioning depending on the venue.
| Metric | Deribit (Late 2025) | CME (Late 2025-Apr 2026) |
|---|---|---|
| Call-put ratio | 100 calls: 38 puts | Put OI > call OI |
| Skew | Bullish | Defensive / downside-protective |
| Call OI concentration | $100,000-$120,000 strikes | Near-term expiries |
| Implied volatility (DVOL) | ~45 (down from 63 on Nov 21) | N/A |
Source: CoinDesk, CME Group volume dashboard
DeFi Options Protocols
- Aevo held 79% of the on-chain options market with almost $700 million in cumulative trading volume.
- Lyra (now Derive) processes over $100 million in TVL with monthly volumes exceeding $369 million.
- Lyra/Derive maintained over 70% market share in decentralized options at the time of the protocol transition.
- Dopex’s evolution to Stryke runs concentrated liquidity AMMs for options.
- DeFi derivatives volume reached $342 billion in December 2024, an 872% YoY increase.
- Total DeFi TVL hit $153 billion by mid-2025.
| DeFi Options Protocol | Market Share / Volume | Notes |
|---|---|---|
| Aevo | 79% on-chain options market share | ~$700 million cumulative volume |
| Lyra / Derive | 70%+ decentralized options share at transition | $100 million TVL, $369 million monthly volume |
| Stryke (Dopex) | Concentrated liquidity AMM model | Higher returns when liquidity utilized |
| Total DeFi derivatives (Dec 2024) | $342 billion volume | 872% YoY growth |
| Total DeFi TVL (mid-2025) | $153 billion | Broader DeFi ecosystem |
Source: Yellow.com aggregation of DefiLlama and protocol-specific dashboards
How big are DeFi options compared to centralized ones?
DeFi options remain orders of magnitude smaller than centralized counterparts. Aevo’s almost $700 million cumulative volume and Lyra/Derive’s $369 million monthly volume sit several orders below Deribit’s $79.54 billion in BTC options alone in February 2026. The 79% on-chain share Aevo holds applies to a market a tiny fraction of the size of Deribit’s order book.
Regulatory Developments for SEC, CFTC, and Cboe
- The SEC and CFTC signed an MOU on March 11, 2026, classifying Bitcoin and Ethereum as digital commodities under CFTC jurisdiction.
- ICO-issued tokens remain under SEC oversight per the same MOU.
- The CFTC issued FAQs on March 20, 2026, permitting bitcoin, ether, and payment stablecoins as margin collateral in regulated derivatives markets.
- FCMs are capped to those three crypto classes during an initial three-month period and must file weekly customer-asset reports.
- Cboe filed a proposed rule change in March 2026 to Rules 4.3 and 4.4, requiring each multi-asset trust component to carry a 12-month average daily market value of at least $700 million.
Why it matters: The SEC-CFTC March 11, 2026 MOU plus the CFTC’s March 20 margin-collateral FAQ resolved jurisdictional clarity and margin eligibility for US futures commission merchants, and the Cboe filing on Rules 4.3 and 4.4 opens the listing path for multi-asset crypto trust options on top of that foundation.
Are crypto options regulated by the CFTC or SEC?
Both, depending on the underlying. On March 11, 2026, the SEC-CFTC MOU placed Bitcoin and Ethereum under CFTC jurisdiction as digital commodities, while tokens issued through ICOs fall under SEC oversight. Options on regulated futures (CME’s BTC, ETH, SOL, XRP products) sit under CFTC oversight. Options on spot Bitcoin ETFs (IBIT) sit under SEC oversight as ETF options. Offshore options exchanges like Deribit operate outside both regimes for non-US clients.
Options Expiries and Record-Setting Reset Events
- The December 26, 2025, expiry on Deribit totaled $27 billion across Bitcoin and Ethereum options.
- Bitcoin accounted for $23.6 billion of that expiry; Ethereum $3.8 billion.
- The December 26 expiry represented more than 50% of Deribit’s total open interest, the largest options expiry on record at that point.
- Rollover activity defined the early January 2026 market, with institutions shifting positions to January contracts.
- February 2026 BTC options volume on Deribit reached $79.54 billion across 1.12 million contracts, the third-highest BTC options month on record.
Common Questions
What is Deribit’s monthly trading volume?
Deribit processed $79.54 billion in BTC options alone during February 2026, and the exchange’s total 2025 traded volume across all products reached approximately $1.875 trillion. Monthly figures for 2026 vary by month and product mix, with February’s BTC options total ranking as the third-highest BTC options month on record for the exchange.
Where does Coinbase fit in the crypto options market after the Deribit deal?
Coinbase now owns Deribit outright. The acquisition closed on August 14, 2025, at a $2.9 billion deal value structured as $700 million in cash and 11 million Coinbase Class A shares, giving Coinbase spot, futures, perpetuals, and options on a single platform. The transaction is the largest crypto M&A deal in history.
Conclusion
The options market data tells a clean story of two structural shifts running in parallel. IBIT’s $27.61 billion April 2026 options open interest overtook Deribit’s $26.9 billion for the first time, marking the moment regulated US Bitcoin options pulled ahead of the offshore venue at the OI level. At the same time, Coinbase’s $2.9 billion acquisition of Deribit closed in August 2025, consolidating offshore and regulated derivatives flow under a single US-listed parent. The combined effect: the same company now sits adjacent to both the largest spot ETF options book and the largest offshore crypto-native options book.
Across CoinLaw’s coverage of crypto derivatives, the institutional infrastructure underneath has grown exponentially, even as headline volume cycles with price. The SEC-CFTC MOU, plus the CFTC margin-collateral FAQ, removed jurisdictional and margin questions for US FCMs, and the Cboe filing covering Rules 4.3 and 4.4 opens listing eligibility for multi-asset crypto trust options on top of that foundation. The next data points to track are IBIT vs Deribit OI gap movement, CME’s SOL and XRP options volume ramp, and whether the regulatory clarity translates into measurable FCM client onboarding.
