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
Live· 15 min agoEvery 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
266.34K
contracts, all expiries (BTC)
Put open interest
148.6K
contracts, all expiries (BTC)
Put/call ratio
0.56
puts ÷ calls, book-wide
Nearest expiry
14 Sep 2026
underlying $77,574.38
| Expiry | Calls | Puts | Put/call | ATM IV | Max pain (computed) |
|---|---|---|---|---|---|
| 14 Sep 2026 | 1.2K | 1.81K | 1.51 | 29.6 % | $77,000−0.7 % |
| 15 Sep 2026 | 978.4 | 788.5 | 0.81 | 32.8 % | $77,000−0.8 % |
| 16 Sep 2026 | 447.1 | 375.4 | 0.84 | 35.3 % | $77,000−0.8 % |
| 17 Sep 2026 | 192 | 144.9 | 0.75 | 39.7 % | $77,000−0.8 % |
| 18 Sep 2026 | 9.43K | 7.95K | 0.84 | 39.8 % | $78,000+0.5 % |
| 25 Sep 2026 | 121.9K | 63.04K | 0.52 | 36.1 % | $72,000−7.3 % |
| 2 Oct 2026 | 932 | 376.8 | 0.40 | 36.0 % | $77,000−1.0 % |
| 30 Oct 2026 | 28.04K | 16.23K | 0.58 | 36.2 % | $72,000−7.7 % |
| 27 Nov 2026 | 4.05K | 1.84K | 0.45 | 38.1 % | $79,000+0.9 % |
| 25 Dec 2026 | 72.25K | 41.2K | 0.57 | 38.6 % | $72,000−8.4 % |
| 26 Mar 2027 | 20.31K | 11.51K | 0.57 | 39.5 % | $70,000−12.0 % |
| 25 Jun 2027 | 6.61K | 3.34K | 0.50 | 40.6 % | $60,000−25.5 % |
BTC · IV term structure
Live· 15 min agoThe 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
Live· 15 min agoEvery 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
1.18M
contracts, all expiries (ETH)
Put open interest
616.96K
contracts, all expiries (ETH)
Put/call ratio
0.52
puts ÷ calls, book-wide
Nearest expiry
14 Sep 2026
underlying $2,513.20
| Expiry | Calls | Puts | Put/call | ATM IV | Max pain (computed) |
|---|---|---|---|---|---|
| 14 Sep 2026 | 17.72K | 20.46K | 1.15 | 40.8 % | $2,520+0.3 % |
| 15 Sep 2026 | 7.22K | 8.92K | 1.24 | 50.0 % | $2,540+1.0 % |
| 16 Sep 2026 | 5.05K | 4.22K | 0.84 | 52.5 % | $2,500−0.6 % |
| 17 Sep 2026 | 12.79K | 1.18K | 0.09 | 57.9 % | $2,500−0.6 % |
| 18 Sep 2026 | 83.81K | 33.63K | 0.40 | 57.3 % | $2,500−0.6 % |
| 25 Sep 2026 | 474.79K | 273.21K | 0.58 | 53.8 % | $2,200−12.6 % |
| 2 Oct 2026 | 5.49K | 2.42K | 0.44 | 52.3 % | $2,550+1.2 % |
| 30 Oct 2026 | 63.2K | 58.13K | 0.92 | 51.8 % | $2,300−8.9 % |
| 27 Nov 2026 | 11.89K | 6.86K | 0.58 | 53.0 % | $2,500−1.3 % |
| 25 Dec 2026 | 367.02K | 140.47K | 0.38 | 53.3 % | $2,200−13.4 % |
| 26 Mar 2027 | 100K | 39.82K | 0.40 | 54.7 % | $2,000−22.0 % |
| 25 Jun 2027 | 35.38K | 27.65K | 0.78 | 55.6 % | $2,100−19.0 % |
ETH · IV term structure
Live· 15 min agoThe 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
Live· 15 min agoHow 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
1.81K
listed option instruments
Derive
11
currencies with an options market
Aevo
2.52K
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.