Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a major upgrade to its Options Data section, introducing a suite of institutional-grade analytics covering volatility, positioning, and market structure. The redesigned interface consolidates several layers of market intelligence into a single platform accessible to all users.
The upgrade comes as the broader crypto options market continues to grow. According to ChainCatcher’s H1 2026 crypto options market report, which draws on data from CoinGlass and other industry sources, the overall options market grew 12% year-over-year in the first half of 2026, though options still account for just 2.4% of total crypto derivatives volume.
Bybit commanded a 22.4% market share in crypto options trading for retail users during the period, second only to one centralized exchange, and held a 38% market share by trading volume in Ethereum (ETH) options.
Four new analytics tools target the data gap between retail and institutional traders
Options markets have historically required access to data such as implied volatility, open interest distribution, and gamma exposure to navigate effectively, information that has traditionally sat behind the proprietary systems of institutional trading desks. The upgrade introduces four key enhancements designed to bring that analytical depth to a wider range of traders.
The first is the BVOL, Bybit’s own volatility index, now tracked live against 30-day realized volatility, with IV Smile, Term Structure, and 25 Delta Skew data available across all expiries. Comparing BVOL against realized volatility helps traders assess whether implied volatility is running rich or cheap relative to recent price action.
The second is Max Pain, visually plotted against the live index price to show where open interest is concentrated and flag the pin risk that tends to build as expiry approaches, giving traders a sense of where prices could gravitate near expiry.
The third is Position Structure, a breakdown of open interest and volume by notional value or contract count, the call-to-put open interest ratio, and 24-hour taker buy and sell activity.
The fourth is Market Activity, which provides live tracking of Gamma Exposure, flip point levels, and large and mega order flow, reflecting real positioning across the market.
Featured image via Shutterstock.
