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Bitcoin and Ether Options: Open Interest and Max Pain
Open interest by expiry and strike, the put/call ratio and the max-pain price of every expiry for bitcoin and ether options on Deribit, read every 30 minutes. Never execution prices.
Read (26 min ago); read every 30 minutes. Source: Deribit, the largest crypto options exchange. Times are UTC; options there expire at 08:00 UTC.
Bitcoin (BTC) options
Open interest by expiry
| Expiry | Calls (BTC) | Puts (BTC) | Put/call | Open interest | Max pain |
|---|---|---|---|---|---|
| 8 Nov 2026today | 1,334 | 1,335 | 1.00 | $202.5 million | $76,000 |
| 9 Nov 2026in 1 day | 6,943 | 873.8 | 0.13 | $593.1 million | $76,000 |
| 10 Nov 2026in 2 days | 484.1 | 473.2 | 0.98 | $72.6 million | $76,000 |
| 11 Nov 2026in 3 days | 20.2 | 62.6 | 3.10 | $6.3 million | $76,000 |
| 13 Nov 2026in 5 days | 19,844 | 13,581 | 0.68 | $2.5 billion | $78,000 |
| 20 Nov 2026in 12 days | 3,366 | 2,813 | 0.84 | $468.8 million | $77,000 |
| 27 Nov 2026in 19 days | 39,241 | 32,716 | 0.83 | $5.5 billion | $80,000 |
| 25 Dec 2026 Largestin 47 days | 83,730 | 56,737 | 0.68 | $10.7 billion | $75,000 |
| 29 Jan 2027in 82 days | 2,823 | 2,859 | 1.01 | $431.1 million | $78,000 |
| 26 Mar 2027in 138 days | 27,796 | 17,578 | 0.63 | $3.4 billion | $76,000 |
| 25 Jun 2027in 229 days | 10,538 | 6,623 | 0.63 | $1.3 billion | $78,000 |
| 24 Sep 2027in 320 days | 4,931 | 3,827 | 0.78 | $664.5 million | $84,000 |
Strikes with the most open interest
| Strike | Calls (BTC) | Puts (BTC) | Open interest |
|---|---|---|---|
| $80,000 | 14,409 | 6,326 | $1.6 billion |
| $60,000 | 2,429 | 11,870 | $1.1 billion |
| $84,000 | 11,790 | 1,907 | $1.0 billion |
| $90,000 | 11,942 | 809.6 | $967.5 million |
| $100,000 | 12,059 | 367.3 | $942.8 million |
| $70,000 | 2,847 | 8,537 | $863.7 million |
| $78,000 | 6,368 | 4,410 | $817.8 million |
| $81,000 | 9,282 | 796 | $764.6 million |
| $75,000 | 2,415 | 7,284 | $735.9 million |
| $40,000 | 366.2 | 9,324 | $735.2 million |
Ether (ETH) options
Open interest by expiry
| Expiry | Calls (ETH) | Puts (ETH) | Put/call | Open interest | Max pain |
|---|---|---|---|---|---|
| 8 Nov 2026today | 14,975 | 13,979 | 0.93 | $64.8 million | $2,260 |
| 9 Nov 2026in 1 day | 14,590 | 24,777 | 1.70 | $88.1 million | $2,260 |
| 10 Nov 2026in 2 days | 3,234 | 4,143 | 1.28 | $16.5 million | $2,240 |
| 11 Nov 2026in 3 days | 509 | 197 | 0.39 | $1.6 million | $2,160 |
| 13 Nov 2026in 5 days | 40,160 | 86,258 | 2.15 | $282.9 million | $2,250 |
| 20 Nov 2026in 12 days | 22,404 | 15,228 | 0.68 | $84.2 million | $2,300 |
| 27 Nov 2026in 19 days | 156,864 | 82,249 | 0.52 | $535.1 million | $2,400 |
| 25 Dec 2026 Largestin 47 days | 452,746 | 175,558 | 0.39 | $1.4 billion | $2,200 |
| 29 Jan 2027in 82 days | 12,612 | 17,412 | 1.38 | $67.2 million | $2,400 |
| 26 Mar 2027in 138 days | 167,275 | 58,903 | 0.35 | $506.2 million | $2,200 |
| 25 Jun 2027in 229 days | 54,020 | 34,349 | 0.64 | $197.8 million | $2,400 |
| 24 Sep 2027in 320 days | 19,604 | 13,039 | 0.67 | $73.1 million | $2,800 |
Strikes with the most open interest
| Strike | Calls (ETH) | Puts (ETH) | Open interest |
|---|---|---|---|
| $2,200 | 60,541 | 45,300 | $236.9 million |
| $2,000 | 15,303 | 84,939 | $224.3 million |
| $2,300 | 53,776 | 26,477 | $179.6 million |
| $3,200 | 77,342 | 1,117 | $175.6 million |
| $2,500 | 63,285 | 14,359 | $173.8 million |
| $2,400 | 47,427 | 23,802 | $159.4 million |
| $3,000 | 61,822 | 2,811 | $144.7 million |
| $2,800 | 40,692 | 7,076 | $106.9 million |
| $3,500 | 44,844 | 770 | $102.1 million |
| $1,900 | 7,511 | 33,885 | $92.6 million |
How this page works, and questions
Open interest is the number of option contracts still open, here in coins (one Deribit BTC option is for 1 BTC, one ETH option for 1 ETH), and in dollars at the index price. It rises when traders open new positions and falls when they close them or the options expire.
24h volume is notional, like open interest: the contracts traded in the last 24 hours, in coins, times the index price. The premium paid for those options is a much smaller sum; Deribit calls that its volume in USD.
Put/call ratio is the open puts divided by the open calls. Above 1, more puts are open than calls, which people often read as more demand for protection against a fall; below 1, more calls. It is a reading of positions, not a forecast.
Max pain is the price at which the options of one expiry would pay their holders the least if the market settled there. Some traders watch it before a large expiry; the price does not have to go there, and often does not.
Only Deribit is counted. Options also trade on other exchanges (OKX, Bybit, Binance, CME), so the market total is larger.
Where does this data come from?
Deribit’s public market data (its book summary of every listed option), read every 30 minutes. We add up the open interest and volume and work out the ratios and max pain ourselves.
What is the Bitcoin options max pain price?
For each expiry, the strike price at which all the calls and puts still open would be worth the least at expiry. The table above gives it for every Deribit expiry.
When do Bitcoin options expire?
On Deribit, at 08:00 UTC on the expiry day: daily, weekly on Fridays, and the largest at the end of each month and quarter.
Is a high put/call ratio bearish?
Not by itself. Puts are bought for protection as well as for bets on a fall, and many are sold rather than bought. Read it with price and volume.
Figures come from the public source named on the page, read by our server on a schedule, and may be some minutes old. They are never execution prices, and nothing here is investment advice; see the risk disclaimer.