Svmuu News: Adam, a macro researcher at Greeks.live, posted on X that Deribit’s share of trading volume has fallen to 40%—down from about 60% a year ago and about 80% three years ago—though its share of open interest remains the highest at 75%. This is primarily due to differences in trading structures: Deribit has better liquidity and a significant depth advantage in medium- and long-term contracts, whereas trading frequency for medium- and long-term options is lower. For short-term options, as long as the pricing is right, there are fewer issues to address; they are more similar to the futures market and require more marketing incentives.