Crypto derivatives just had a quiet revolution.
Options went from niche play to nearly 50% of open interest on crypto-native venues. Dated futures? Basically extinct. Perps ate their leverage, options took the rest.
Glassnode x Bybit dropped a full breakdown:
7 years, 2 cycles — options barely blinked during bear markets. Growth straight through.
Collateral shifted hard: traders moved from coin-margin to stablecoins. Risk management evolved.
Each venue has its own trading hours. The data shows who's trading when — distinct patterns across exchanges.
Report dives deeper:
- Volatility surface vs realized vol
- $ETH and tokenized gold complexes
- August drawdown: how 5 days moved OI, skew, and the curve
- Bybit's 24/7 trading week breakdown
Free PDF download if you want the full alpha on how derivatives markets actually restructured.
This isn't investment advice. DYOR. But if you're trading derivatives and ignoring this shift, you're flying blind.
Options went from niche play to nearly 50% of open interest on crypto-native venues. Dated futures? Basically extinct. Perps ate their leverage, options took the rest.
Glassnode x Bybit dropped a full breakdown:
7 years, 2 cycles — options barely blinked during bear markets. Growth straight through.
Collateral shifted hard: traders moved from coin-margin to stablecoins. Risk management evolved.
Each venue has its own trading hours. The data shows who's trading when — distinct patterns across exchanges.
Report dives deeper:
- Volatility surface vs realized vol
- $ETH and tokenized gold complexes
- August drawdown: how 5 days moved OI, skew, and the curve
- Bybit's 24/7 trading week breakdown
Free PDF download if you want the full alpha on how derivatives markets actually restructured.
This isn't investment advice. DYOR. But if you're trading derivatives and ignoring this shift, you're flying blind.