Bybit opens institutional options data to retail traders in platform revamp

Bybit, the second-largest crypto exchange by trading volume, rolled out a major upgrade to its Options Data section Wednesday, giving retail traders access to volatility indices, positioning breakdowns, and gamma exposure metrics that have historically lived behind institutional firewalls.

The redesign consolidates four layers of market intelligence into a single interface. The centerpiece is BVOL, Bybit's own volatility index, now tracked live against 30-day realized volatility with IV Smile, Term Structure, and 25 Delta Skew data across all expiries. Traders can compare BVOL against realized volatility to judge whether implied volatility is rich or cheap relative to recent price action.

A Max Pain tool plots strike prices against the live index price, showing where open interest is concentrated and flagging the pin risk that builds as expiry approaches. Position Structure breaks down open interest and volume by notional value or contract count, the call-to-put open interest ratio, and 24-hour taker buy and sell activity. Market Activity provides live tracking of Gamma Exposure, flip point levels, and large and mega order flow.