Offshore bitcoin dated futures volume down 97% since 2021
- —Dated futures volume on offshore venues is 97% below 2021 levels
- —Options' share of open interest rose from ~25% to nearly 50%
- —On Binance, BTCUSDT and BTCUSDC perpetual OI is about $9.93 billion versus $77 million in quarterly contracts
- —Options overtook futures in open interest in January 2026: $74.1 billion versus $65.22 billion
Why it matters: The structure of crypto derivatives has shifted toward perpetuals and options, changing bitcoin's liquidity, hedging and volatility profile.
Source: CryptoSlate