Bybit x Block Scholes Crypto Derivatives Analytics Report (Oct 8, 2025): Despite headline momentum in BTC and gold, derivatives signal fragility beneath the surface; Aster trading volume exceeds $1 trillion

Key Highlights:

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Perpetual swap open interest has declined post-rally, pointing to profit-taking, while funding rates remain neutral to mildly positive — far from ATH euphoria. Options activity in BTC, ETH and SOL is subdued, with volumes low and skewed toward puts, reinforcing a cautious tone.

• Perpetuals: Open interest remains below pre-FOMC highs, even as BTC pushes new levels, suggesting limited conviction.

• Options: BTC’s short-dated volatility briefly favored calls, but longer maturities stayed neutral. ETH’s sharp reversal from $4,700 triggered a swift shift to bearish sentiment, with a −3.3% skew.