Crypto
Options
open interest by expiry · iv term structure · computed max pain · venues
Per-expiry aggregates of the Deribit book for BTC and ETH. Open interest is in contracts, each one unit of the underlying. “Max pain” is a computed strike: the listed strike at which the aggregate intrinsic value of every open call and put would be lowest at expiry. It describes where the open book is concentrated — a fact about positioning, not an expectation about price.
BTC · Open interest by expiry
Snapshot·Every listed BTC expiry on Deribit, nearest first. The distance beside each computed max-pain strike is its gap from the underlying price at snapshot time, signed: positive above, negative below.
Call open interest
179.4K
contracts, all expiries (BTC)
Put open interest
118.25K
contracts, all expiries (BTC)
Put/call ratio
0.66
puts ÷ calls, book-wide
Nearest expiry
2 Nov 2026
underlying $77,889.16
| Expiry | Calls | Puts | Put/call | ATM IV | Max pain (computed) |
|---|---|---|---|---|---|
| 2 Nov 2026 | 1.83K | 1.65K | 0.90 | 34.1 % | $78,000+0.1 % |
| 3 Nov 2026 | 284 | 716.9 | 2.52 | 36.3 % | $77,500−0.5 % |
| 4 Nov 2026 | 196.8 | 252.3 | 1.28 | 46.7 % | $77,500−0.5 % |
| 5 Nov 2026 | 24.5 | 37.4 | 1.53 | 43.7 % | $78,000+0.1 % |
| 6 Nov 2026 | 20.24K | 6.78K | 0.34 | 42.4 % | $80,000+2.6 % |
| 13 Nov 2026 | 3.65K | 6.54K | 1.79 | 39.8 % | $79,000+1.2 % |
| 20 Nov 2026 | 779.9 | 1.33K | 1.71 | 38.8 % | $79,000+1.1 % |
| 27 Nov 2026 | 29.21K | 20.02K | 0.69 | 38.1 % | $80,000+2.3 % |
| 25 Dec 2026 | 82.08K | 54.15K | 0.66 | 38.6 % | $75,000−4.5 % |
| 29 Jan 2027 | 992.1 | 1.53K | 1.54 | 38.3 % | $77,000−2.5 % |
| 26 Mar 2027 | 27.08K | 17.41K | 0.64 | 38.6 % | $76,000−4.5 % |
| 25 Jun 2027 | 9.81K | 5.5K | 0.56 | 39.5 % | $72,000−10.8 % |
| 24 Sep 2027 | 3.22K | 2.32K | 0.72 | 39.7 % | $84,000+2.6 % |
BTC · IV term structure
Snapshot·The mark implied volatility of the call nearest the underlying price, one point per expiry, nearest on the left. An expiry with no at-the-money reading is left out rather than drawn as zero.
ETH · Open interest by expiry
Snapshot·Every listed ETH expiry on Deribit, nearest first. The distance beside each computed max-pain strike is its gap from the underlying price at snapshot time, signed: positive above, negative below.
Call open interest
912.74K
contracts, all expiries (ETH)
Put open interest
484.26K
contracts, all expiries (ETH)
Put/call ratio
0.53
puts ÷ calls, book-wide
Nearest expiry
2 Nov 2026
underlying $2,261.55
| Expiry | Calls | Puts | Put/call | ATM IV | Max pain (computed) |
|---|---|---|---|---|---|
| 2 Nov 2026 | 25.27K | 26.2K | 1.04 | 41.5 % | $2,260−0.1 % |
| 3 Nov 2026 | 9K | 19.34K | 2.15 | 46.3 % | $2,260−0.1 % |
| 4 Nov 2026 | 1.38K | 2.2K | 1.59 | 60.5 % | $2,260−0.1 % |
| 5 Nov 2026 | 747 | 55 | 0.07 | 58.1 % | $2,240−1.0 % |
| 6 Nov 2026 | 26.93K | 26.82K | 1.00 | 56.8 % | $2,350+3.9 % |
| 13 Nov 2026 | 16.68K | 62.5K | 3.75 | 54.3 % | $2,300+1.6 % |
| 20 Nov 2026 | 9.13K | 7.15K | 0.78 | 52.7 % | $2,300+1.6 % |
| 27 Nov 2026 | 136.12K | 58.1K | 0.43 | 52.2 % | $2,500+10.3 % |
| 25 Dec 2026 | 445.28K | 172.78K | 0.39 | 52.2 % | $2,200−3.3 % |
| 29 Jan 2027 | 5.57K | 3.87K | 0.69 | 52.2 % | $2,300+0.7 % |
| 26 Mar 2027 | 164.99K | 58.97K | 0.36 | 53.0 % | $2,200−4.3 % |
| 25 Jun 2027 | 53.19K | 33.68K | 0.63 | 53.5 % | $2,400+3.0 % |
| 24 Sep 2027 | 18.45K | 12.61K | 0.68 | 53.8 % | $2,800+18.6 % |
ETH · IV term structure
Snapshot·The mark implied volatility of the call nearest the underlying price, one point per expiry, nearest on the left. An expiry with no at-the-money reading is left out rather than drawn as zero.
Venues
Snapshot·How many option instruments each venue lists. Deribit figures are aggregates of the public book summary; Derive and Aevo are on-chain venues, counted from their public instrument lists. An unknown count means the list could not be read, not that the venue lists nothing.
Deribit
1.74K
listed option instruments
Derive
—
count unknown
Aevo
2.77K
listed option instruments
Sources: Deribit, Derive, Aevo
Not financial advice. Facts and mechanisms only — never a recommendation, a price prediction, or anything aimed at you personally.