Crypto options: max pain, put/call ratio and expiries
Bitcoin and Ethereum options on Bybit and Binance: max pain for the next major expiry, the put/call ratio of open interest and 24h volume, total open interest and what expires this Friday. Snapshots from the exchanges' public APIs every 5 minutes.
$504.78M of BTC and ETH options on Bybit and Binance expire this Friday, Fri 20 Nov at 08:00 UTC. BTC max pain for the Fri 20 Nov expiry is $74,000, 9.5% above spot. ETH max pain for the Fri 20 Nov expiry is $2,100, 9.9% above spot.
Oldest included snapshot: . Each coin's observation is shown below.
Learn. Gamma exposure (GEX): formula, dealer assumption and limits.
Model a target. Use the BTC & ETH options implied-probability calculator for constant-ATM-IV risk-neutral finish estimates above or below a target at a listed expiry.
Coverage. Available figures: Bitcoin and Ethereum. Covers options listed on Bybit and Binance only, not the whole market. Deribit, the largest crypto options exchange, is not included, so max pain and put/call figures here can differ from numbers quoted elsewhere.
Bitcoin (BTC) options
Bybit + Binance · spot $67,561.9BTC snapshot: .
Next expiry (daily) in 4h 41m. Sat 14 Nov, 08:00 UTC · notional $455.44M · max pain $69,000 · put/call (OI) 0.56.
Open interest by exchange, Sat 14 Nov 2026: Bybit $1.46B · Binance $1.61B · total $3.07B · 90-day history
BTC max pain by expiry, open interest by strike and the expiry calendar →
Ethereum (ETH) options
Bybit + Binance · spot $1,910.8ETH snapshot: .
Next expiry (daily) in 4h 48m. Sat 14 Nov, 08:00 UTC · notional $219.17M · max pain $1,960 · put/call (OI) 0.81.
Open interest by exchange, Sat 14 Nov 2026: Bybit $787.98M · Binance $653.48M · total $1.44B · 90-day history
ETH max pain by expiry, open interest by strike and the expiry calendar →
How to read it. Max pain is the settlement price at which the options open for an expiry would pay out the least to their holders in total. It is a snapshot of where open interest sits, not a price prediction: spot often settles far from it. The put/call ratio divides put open interest by call open interest, or put 24h volume by call 24h volume. Above 1 puts exceed calls in that measure. "This Friday" is the notional of options expiring at 08:00 UTC on the coming Friday, often the week's largest expiry. Notional is open interest in coins times the index price. Not financial advice.
Crypto options FAQ
What is max pain?
Max pain is the settlement price at which the options open for an expiry would pay out the least to their holders in total. It is a snapshot of where open interest sits, not a price prediction: spot often settles far from it. For each listed strike we add up what every open call and put would be worth at expiry if the price settled there; the strike with the smallest total is max pain.
What is the put/call ratio?
Put open interest divided by call open interest (or put volume divided by call volume over 24 hours). Above 1 more puts are open than calls, which often means hedging or bearish positioning; below 1 calls dominate. It is a positioning gauge, not a signal on its own.
When do Bitcoin and Ethereum options expire?
Bitcoin and Ethereum options on Bybit and Binance expire at 08:00 UTC. Daily options expire every day, weeklies on Fridays, monthlies on the last Friday of the month and quarterlies on the last Friday of March, June, September and December, which is when the most open interest usually expires. The next daily expiry is Sat 14 Nov 2026 08:00 UTC ($674.61M open interest); the next weekly expiry is Fri 20 Nov 2026 08:00 UTC ($504.78M open interest); the next monthly expiry is Fri 27 Nov 2026 08:00 UTC ($1.17B open interest); the next quarterly expiry is Fri 25 Dec 2026 08:00 UTC ($1.12B open interest).
Why can this max pain differ from other sites?
This page covers Bybit and Binance only. Deribit, the largest crypto options exchange, is not included, so the open interest here is part of the market and its max pain can sit at a different strike.