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On-chain options aim to boost liquidity in crypto perp market

Deribit holds about 85% dominance in BTC and ETH options, with $2.5 billion in volume over the past 24 hours, while open interest totals $27.3 billion.

Reported · Written up by our desk · Market Structure

Crypto on-chain options are emerging as a way to manage downside risk without selling spot or taking on perpetual futures liquidation and funding costs, according to CryptoSlate.

The outlet says on-chain options provide a third risk-transfer path by paying a fixed premium to keep holding Bitcoin while handing crash risk to other market participants who are willing to price it.

Deribit, which has about 85% market dominance for BTC and ETH options, registered $2.5 billion in options volume over the past 24 hours, and Coinbase reported it closed its acquisition of the exchange in August, per the article.

On-chain trading is smaller than off-chain activity, with OAK Research estimating in March 2026 that on-chain options trading is roughly 0.2% of on-chain perpetual futures volume, while the piece argues that deeper options markets could keep more capital in spot and perps by making hedging cheaper and improving liquidity feedback loops.

Latest closeBitcoin $64,170.04 ▲0.2%|Ethereum $1,871.33 ▲0.2%

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