Bybit, which is identified in market statistics as the world's second-largest cryptocurrency exchange by trading volume, placed second for open interest among nine major derivatives venues included in an April 2026 CoinGlass data review carried out by ChainCatcher.
Open interest - the aggregate value of outstanding derivatives contracts - is commonly used as an indicator of ongoing market participation and the scale of active capital deployed in derivatives markets. In the ChainCatcher review, Bybit represented 12.78% of the total open interest across the set of exchanges analysed.
Beyond its share of open interest, Bybit registered the highest open interest-to-trading volume ratio among centralized exchanges at 0.81. Market observers interpret a higher ratio as evidence that trading activity on a platform is supported by positions held for longer periods rather than being driven only by high turnover. Within the same study, the decentralized derivatives venue Hyperliquid was the only platform to record a higher OI-to-volume ratio overall.
ChainCatcher's analysis also assessed reserve coverage relative to open interest and reported that Bybit's reserve asset growth outpaced its open interest expansion when compared with January levels. That dynamic suggests improved reserve backing relative to leveraged positions on the platform during the window examined.
The report noted that several exchanges had not recovered to their January open interest peaks following the broader market correction earlier this year. During the recovery period, ChainCatcher found that Bybit maintained relatively stable funding rate conditions, a sign that funding dynamics did not exhibit pronounced volatility on the platform over the period under review.
Institutional and participant mix
"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," said Yoyee Wang, Head of Institutional and Enterprise Business at Bybit. "That is contributing to deeper and more sustained positioning activity across the platform."
The comment links the observed metrics to a shift in participant composition on Bybit, with the exchange attributing part of its open interest profile to institutional clients and new traditional finance entrants taking positions with longer durations.
Broader implications and market focus
The ChainCatcher findings underscore a broader industry attention to the quality of liquidity, position persistence, reserve adequacy and the sustainability of leverage alongside headline trading volumes. For exchanges and their institutional customers, those metrics provide a complementary view of market health beyond raw turnover figures.
About Bybit
Bybit is described as the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit positions itself as a bridge between traditional finance and decentralized finance, offering custody, marketplaces and blockchain tools while partnering with blockchain protocols to support on-chain activity.
For further information, the exchange provides press and community contact channels.