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

Bybit ranked second in open interest among major cryptocurrency derivatives venues in an April 2026 CoinGlass-based analysis, holding 12.78% of total open interest and posting the highest open-interest-to-trading-volume ratio (0.81) among centralized exchanges. ChainCatcher’s review noted that the high OI-to-volume ratio signals stronger position retention and longer-duration exposure by users, supported by Bybit’s institutional onboarding. The exchange’s reserve asset growth outpaced its OI growth since January and funding rates remained relatively stable during the market recovery. Market impact: the findings suggest improved liquidity quality, greater leverage sustainability and deeper institutional participation on Bybit, which could attract further mid/long-horizon capital to its derivatives market and reduce churn-driven volatility relative to platforms with lower position retention.