Bybit Ranks No. 2 in Open Interest Among Major Crypto Exchanges, Leads CEXs in OI-to-Volume Ratio
Bybit, the worlds 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 CoinGlassdata 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









