Bankless · Monday, September 14, 2026
Deribit currently holds a significant majority (70-75%) of the crypto options market share, with other players like Bybit and OKEx gaining some traction. Derive aims to challenge this dominance by focusing on rapid innovation and being the first to list options for new, emerging assets, as demonstrated by their success with Hype options.
“Deribit, I think, are still like 70%, 75% of the market. They have some well-funded attempts to disrupt them from the bullishers of the world. Maybe Bybit as well are growing in OKEx, doing some market share, but they're not making huge headwinds in.”
“And we are now too, finally. So We went from doing almost nothing like 0.1, 0.15% like a year, year and a half ago. But we managed to like the product finally got good enough. We, you know, improved our liquidity by orders of magnitude.”
“And I think the big wedge that we had, we think we're like the fastest moving, most innovative options exchange. And so we listed hyperliquid options in November last year when hype was like $20 or a lot lower than it was.”