Dubai, United Arab Emirates, May 15, 2026, Chainwire
Bybitthe world’s second-largest cryptocurrency exchange by trading volume, ranked second in open interest among the major cryptocurrency derivatives exchanges analyzed and posted the highest open interest to trading volume ratio among centralized exchanges, according to an analysis published by Crypto Media. ChainCatcherwhich was examined in April 2026 Queen Glass Data across nine major derivatives trading platforms.
Bybit accounted for 12.78% of the 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. This metric is commonly used to measure sustained market participation and active capital deployment.
Among centralized exchanges, Bybit recorded the highest volume-to-trade ratio at 0.81. This ratio reflects a relatively strong retention of trades among users, indicating that trading activity on the platform is supported by long-term trades rather than short-term trading volume alone, the analysis said. Hyperliquid, a decentralized derivatives platform included in the study, was the only exchange overall to score higher.
“Our increased open interest reflects a more mature mix of participants, including medium-frequency trading firms supported by our institutional offerings, as well as new participants in traditional finance taking longer-term positions.” Yue Wang, Head of Corporate and Enterprise Business at Bybit, said: “This contributes to deeper and more sustainable 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 direct investment growth compared to January levels, reflecting improved reserve support relative to leveraged positions.
The article also noted that many exchanges have yet to return to their peak January open interest rates following the broader market correction earlier this year. According to the analysis, Bybit maintained relatively stable funding rate conditions during the recovery period.
The results highlight the industry’s increasing focus on liquidity quality, position holding, reserve support, and leveraging sustainability alongside trading volume.
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About Paybit
Bybit It is the second largest cryptocurrency exchange in the world 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 strategically collaborates with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Known for its secure custody, diverse markets, 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 in Bybit.com.
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