IBIT Bitcoin ETF Options Open Interest Surpasses Deribit's at $27.61 Billion

Open interest in options linked to BlackRock's iShares Bitcoin Trust ETF, known as IBIT, topped that of Deribit's bitcoin options on Friday, April 24, 2026. 61 billion that day, according to data from Volmex, as CoinDesk reported. 90 billion in open interest for Deribit's bitcoin options, also tracked by Volmex.

Deribit's bitcoin options market has operated since 2016, while IBIT options have grown over two years to close the gap with this established offshore venue. 44 on April 25, 2026, per CoinDesk data. The bulk of open interest in IBIT call options indicates expectations of the ETF rallying to levels equivalent to bitcoin at $109,709 in the near term, based on Volmex analysis.

That $109,709 level stands roughly 41% higher than bitcoin's market price of about $77,400 at the time. In contrast, positioning in Deribit options suggests expectations of a bitcoin rally to $106,000, according to Volmex. Onshore call open interest in IBIT is concentrated roughly 4 percentage points further out-of-the-money than offshore positions on Deribit.

The onshore average delta for IBIT options is slightly lower than that of Deribit, Volmex data shows. October 2026 expiries are preferred in IBIT options on an open-interest-weighted basis, while August expiries dominate on Deribit. Overall, IBIT options are approximately two months longer-dated on an open-interest-weighted basis compared to Deribit.

IBIT's implied volatility exceeds the implied volatility derived from Deribit's bitcoin options, as per Volmex. This metric for IBIT measures expected swings in the bitcoin-linked ETF over the next four weeks. Sidrah Fariq, Deribit's global head of retail sales and business, addressed the development in statements to CoinDesk.