Founded in 2015, Deribit is a cryptocurrency derivatives exchange which offers perpetual swaps, futures contracts, and most notably cryptocurrency options. Today it has announced a record day in terms of options trading volume.
On the 27th of July Deribit announced that it had traded over 50000 Bitcoin options contracts with a dollar value exceeding $527 million. What is also noteworthy is that open interest (the amount of outstanding contracts) also reached a new all time high with a notational value of $1.5 billion.
Not only did Bitcoin options trading break records but so did Ethereum trading. With a new open interest record of 885,000 contracts equivalent to $281 million.
These new records in trading volume come off the back of an increase in market volatility as it appears that the stagnant market volatility that characterized the market in previous month has dissipated as both Ethereum and Bitcoin push towards new local highs.
This new options record can give us insight into two things: Deribits dominance of the options market, and the continuing demand for more advanced cryptocurrency derivatives like those found on Deribit.
When we look at the share of total options trading volume we can see that Deribit is miles ahead of the competition.
As you can see from the chart above Deribit made up more than 88% of the trading volume. Beating out every other exchange significantly. Including traditional financial giants such as CME.
This new trading record also shows the increase in demand for more complex trading instruments. Your trading product does not do over $527 million in volume by accident it shows true demand. And it seems at the moment that Deribit is the platform to meet said demand.