# Bitcoin derivatives market structural shift > Live situation record from CLSTR: https://clstr.news/situations/bitcoin-derivatives-market-structural-shift > Updated: 2026-09-19T14:19:54.000Z. Sources: 5. Developments: 2. The Bitcoin derivatives market is experiencing a structural shift as participants move away from traditional dated futures toward perpetual contracts and options. Reports indicate that dated Bitcoin futures activity on offshore crypto-native venues has declined approximately 97% from 2021 levels. Bitcoin options have seen their share of notional open interest rise from approximately 25% to nearly 50%. This growth suggests traders are increasingly using options to manage downside risk and price market events rather than relying solely on speculation. As of mid-September 2026, total open derivatives exposure is approaching $100 billion, consisting of roughly $56 billion in futures and $42 billion in options. Market activity shows a strong leaning toward call options, which control 60.74% of options open interest, with significant clusters around strike prices between $70,000 and $100,000. In the futures market, Binance remains a leader with over $11 billion in open interest, followed by the CME Group. ## Timeline ### 2026-09-19: Bitcoin derivatives market shifts toward perpetuals and options Bitcoin derivatives markets are shifting toward perpetual contracts and options, with total open exposure nearing $100 billion as traditional dated futures activity declines. 3 sources. https://clstr.news/cluster/bitcoin-derivatives-market-shifts-toward-perpetuals-and-options ### 2026-09-17: Bitcoin options capture nearly 50% of crypto derivatives market A report by Glassnode and Bybit shows Bitcoin options now account for nearly 50% of the crypto derivatives market, signaling a shift toward sophisticated risk management. 2 sources. https://clstr.news/cluster/bitcoin-options-capture-nearly-50-of-crypto-derivatives-market --- Cite as: Bitcoin derivatives market structural shift. CLSTR, https://clstr.news/situations/bitcoin-derivatives-market-structural-shift