Offshore Bitcoin Futures Volume Plummets 97% as Traders Shift to Perpetuals and Options

Data from Glassnode shows that dated Bitcoin futures traded on offshore venues have collapsed to roughly 3% of their 2021 volume, a 97% decline. At the same time, perpetual contracts and options have grown, reshaping the risk‑management landscape for Bitcoin traders.

Perpetual contracts absorb leveraged demand

Perpetual futures, which have no expiry date, now hold the majority of leveraged Bitcoin exposure. On Binance, the BTCUSDT perpetual contract carried over 108,000 BTC of open interest, dwarfing the combined open interest of the exchange’s dated contracts, which was about 77 million USD.

Options gain a larger share of open interest

Bitcoin options have risen from roughly 25% to nearly 50% of crypto‑native Bitcoin derivatives open interest since 2019. By early 2026, options open interest reached about $74.1 billion, surpassing futures at $65.2 billion for the first time.

Why the shift occurred

• Product specialization: Perpetuals provide continuous leveraged exposure without the need to roll contracts, while options offer hedging, volatility trading, and downside protection.
• Institutional ownership: Growth of spot ETFs, corporate treasuries, and long‑term funds creates demand for risk‑management tools rather than pure directional bets.
• Margin evolution: Stablecoin and cash‑like collateral replace Bitcoin‑backed margin, reducing feedback loops during sell‑offs.
• Liquidity expansion: Options markets have deepened across multiple exchanges, reducing concentration and tightening spreads.

Offshore futures are not disappearing everywhere

The decline applies to crypto‑native offshore exchanges and excludes regulated venues such as CME. CME futures continue to serve institutional participants who require standardized contracts, clearing, and compliance.

Implications for the market

The derivatives landscape now features three distinct layers: perpetuals for raw leverage, options for sophisticated risk management, and regulated futures for institutional needs. This diversification reflects a maturing Bitcoin market where participants hold the asset longer and manage risk more precisely.