Deribit’s share of crypto options trading volume has dropped to 40%, according to a post on X by Greeks.live macro researcher Adam. He said the platform accounted for about 60% a year ago and roughly 80% three years ago. Even so, Deribit still leads in open interest with a 75% share.
Adam attributed the gap between volume share and open interest share to differences in market structure. He said Deribit retains stronger liquidity and clearer depth advantages in mid- and long-dated options, where trading frequency is typically lower. That helps sustain a large share of outstanding positions even as its share of traded volume declines.
For short-dated options, Adam said trading becomes simpler as long as pricing is attractive. He described that segment as closer to the futures market and said it relies more heavily on marketing to drive activity.
Deribit’s share of crypto options trading volume has fallen to 40%, according to a post on X by Greeks.live macro researcher Adam.
Adam said Deribit’s volume share was about 60% a year ago and roughly 80% three years ago. Even so, the exchange still leads in open interest with a 75% share.
He said the difference is mainly tied to trading structure. In his view, Deribit has better liquidity in mid- and long-dated options, with a clear edge in market depth, but those contracts tend to trade less frequently.
For short-dated options, Adam said fewer issues need to be handled as long as pricing is right. He added that this part of the market is closer to futures trading and depends more on marketing stimulus.
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