Dubai, UAE, May 15th, 2026, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, ranked second in open interest among major cryptocurrency derivatives exchanges analysed and posted the highest open interest-to-trading volume ratio among centralized exchanges, according to an analysis published by crypto media outlet ChainCatcher, which examined April 2026 CoinGlass data across nine major derivatives trading platforms.
Bybit accounted for 12.78% of total open interest among the exchanges studied.
Open interest, or OI, refers to the total value of derivatives contracts that remain open in the market. The metric is commonly used to measure sustained market participation and active capital deployment.
Among centralized exchanges, Bybit recorded the highest OI-to-trading volume ratio at 0.81. The analysis said the ratio reflects comparatively strong position retention among users, indicating that trading activity on the platform is supported by longer-held positions rather than short-term turnover alone. Hyperliquid, a decentralized derivatives platform included in the study, was the only exchange overall to post a higher ratio.
“Our rising open interest reflects a more mature mix of participants, including mid-frequency trading firms supported through our institutional offerings, as well as new traditional finance participants taking longer-term positions,” Yoyee Wang, Head of Institutional and Enterprise Business at Bybit said. “That is contributing to deeper and more sustained positioning activity across the platform.”
The analysis also examined reserve coverage relative to open interest levels and found that Bybit’s reserve asset growth outpaced its OI growth compared with January levels, reflecting improved reserve support relative to leveraged positions.
The article further noted that many exchanges had not yet returned to their January open interest peaks following the broader market correction earlier this year. According to the analysis, Bybit maintained relatively stable funding rate conditions during the recovery period.
The findings highlight growing industry focus on liquidity quality, position retention, reserve support and leverage sustainability alongside trading volume.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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