With BTC over again edging toward all-fourth dimension highs, a large volume of coin is flowing into the Bitcoin derivatives markets.

Co-ordinate to crypto market place information aggregator Glassnode, outstanding futures contracts pushed into new all-fourth dimension highs on March 11, with open interest across exchanges approaching $20 billion.

Options have also surged to encounter record volumes in 2021, with Derebit now regularly hosting more than $1 billion worth of daily trade.

According to Binance-owned CoinMarketCap, the 3-largest centralized derivatives exchanges — Binance, Huobi Global, and ByBit — correspond more than than $100 billion in combined daily trade. Binance lonely is $57 billion. The side by side ten highest-ranked exchanges facilitated more than $65 billion in merchandise over the past 24 hours.

Withal, despite the surging volumes, some decentralized derivatives exchanges appear to exist struggling to attract the momentum of their centralized counterparts.

Skyrocketing Ethereum fees announced to have slowed the growth of decentralized options, with the complicated smart contract executions required to interact with some Ethereum-based protocols resulting in gas prices of more $ane,000.

Similarly record fees as well announced to have deterred traders from Ethereum-powered decentralized futures, with daily book on dYdX plummeting from tens of billions in January to roughly $100 million over the past week.

Daily book on dYdX: Nomics

Recent liquidity issues on the pop on-chain options trading protocol Hegic are likewise impacting Etherum's decentralized choice markets.

On March xi, Ribbon Finance founder Julian Koh appear the protocol'due south "Strangle" production had been temporarily disabled due to there being "no liquidity in the Hegic pools." Koh also noted disruptions to Ribbon'south price feed resulting from ongoing upgrades to DeFi options protocol Opyn.

On Discord, Ribbon'due south founder noted the team is currently working on integrating with beau DeFi options protocol, Charm Finance, "every bit a new liquidity source to solve the liquidity issue."