Bybit x Block Scholes Crypto Derivatives Analytics Report (Jul 10, 2025): Bitcoin climbs to new ATH with positive funding rates and strong call skew
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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.
Altcoins outperformed BTC this week, with ETH and XRP up over 6%. BTC hit a new all-time high of $118K — $6K above its previous peak on May 22. Short-tenor BTC options remained range-bound in implied volatility between 26% and 35%. Despite strong Solana ecosystem revenue, SOL rose only 2%.
Perpetuals: BTC funding stayed positive throughout its stable price action and new high. TON also saw strong funding, buoyed by news of a UAE Golden Visa from the Ton Foundation, later retracted.
Options: BTC short-tenor options traded at a volatility premium under half of ETH's 7-day options, with open interest and volume skewed toward puts.
Please check out the report’s highlights.
Price surge leads to the highest open interest in a month
Sources: Bybit, Block Scholes
BTC struggled within a $105K–$110K range for most of the week, with perpetuals open interest slipping from $11.1B to $10.5B, driven mainly by a drop in BTC contracts. Today’s rally to a new high of $118K sparked a surge in both BTC and altcoin open interest, bringing the total back to $11.1B, its highest in a month.
Perp trading volume in July had mostly declined until yesterday, with activity down about $4B from early July and more than halved vs. Jun 22, 2025 levels, when geopolitical news spiked trading volumes.
Funding rates turn positive
Sources: Bybit, Block Scholes
Funding rates turned broadly positive, as traders showed stronger conviction for higher crypto prices, especially following BTC’s rally on Jul 9, 2025, which lifted altcoins as well. BTC saw just one negative 8-hour funding rate (on July 8) after President Trump confirmed his August 1 tariff deadline, which contradicted softer remarks he’d made a day earlier. TON also maintained consistently positive funding rates, boosted by the Ton Foundation’s UAE Golden Visa announcement, though the program was later clarified as still in development.
Strong call skew from Bitcoin
Sources: Bybit, Block Scholes
BTC volatility smiles have shifted sharply over the past two days. On Jul 9, 2025, with BTC at $107K, the 7-day put-call skew favored OTM puts by 2%. Following BTC’s breakout above $118K, the skew flipped, giving OTM calls a 5% premium. ETH’s price outperformed, but skew sentiment remains less bullish, with short-tenor calls priced 2% higher and 90-day tenors slightly above 3%. This skew recovery toward calls aligns with bullish sentiment in perp markets, reflected in long-position funding rates.
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