Deribit's trading volume share has dropped to 40%, compared to about 60% a year ago and roughly 80% three years ago. However, its open interest still leads significantly at 75%. This is mainly due to differences in trading structure. Deribit has excellent mid-to-long-term liquidity and obvious depth advantages, but the trading frequency for mid-to-long-term options is relatively low. As for short-term options, as long as the price is right, there are actually fewer issues to deal with. It’s more like the futures market, which relies more on marketing stimulation.