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Bitcoin (BTC) options max pain and open interest

Bitcoin options on Bybit and Binance: max pain for each expiry, open interest by strike and by expiry, put/call ratios and the expiry calendar. 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.

$543.36M of BTC options on Bybit and Binance expire Fri 2 Oct at 08:00 UTC; max pain is $82,000, 2.7% below spot ($84,268.8). Across all 12 listed expiries there is $2.76B of open interest, with a put/call ratio of 1.15 (more puts than calls open); the 24h volume put/call ratio is 0.86.

12 expiriesSource: Bybit and Binance public APIsAs of 11:45 UTC

Coverage. 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.

BTC options expiring Fri 2 Oct 2026, 08:00 UTC

weekly · in 2d 20h · default: next friday expiry with ≥ $10m open interest
Max pain Bybit + Binance
$82,000
2.7% below spotindex $84,268.8
Max pain by exchange
Bybit $82,500Binance $82,000
Notional expiring
$543.36M
calls 3,449.1 BTCputs 2,998.9 BTC
Put/call ratio
0.87
open interest24h volume 0.83

Max pain curve, Fri 2 Oct

total value of open options if BTC settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $10M $20M $30M $40M $50M 70K 80K 90K 100K

Open interest by strike, Fri 2 Oct

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
400 200 0 200 400 600 62K 72K 78K 82.5K 85.5K 89K 94K 100K 62,000: calls 0.0, puts 74.1 BTC 64,000: calls 0.0, puts 26.2 BTC 65,000: calls 0.0, puts 221.0 BTC 66,000: calls 1.2, puts 36.5 BTC 68,000: calls 0.0, puts 105.0 BTC 70,000: calls 0.5, puts 260.5 BTC 72,000: calls 0.1, puts 172.5 BTC 73,000: calls 2.0, puts 63.0 BTC 74,000: calls 4.8, puts 191.4 BTC 75,000: calls 21.4, puts 133.6 BTC 76,000: calls 47.8, puts 187.3 BTC 77,000: calls 78.2, puts 147.9 BTC 78,000: calls 80.7, puts 137.0 BTC 79,000: calls 85.3, puts 158.0 BTC 80,000: calls 59.0, puts 165.9 BTC 81,000: calls 101.5, puts 167.1 BTC 81,500: calls 0.0, puts 18.0 BTC 82,000: calls 131.8, puts 156.2 BTC 82,500: calls 10.5, puts 27.9 BTC 83,000: calls 118.6, puts 125.1 BTC 83,500: calls 14.4, puts 25.0 BTC 84,000: calls 159.6, puts 99.3 BTC 84,500: calls 25.1, puts 25.5 BTC 85,000: calls 144.6, puts 97.3 BTC 85,500: calls 22.1, puts 14.8 BTC 86,000: calls 143.9, puts 71.7 BTC 86,500: calls 19.9, puts 4.5 BTC 87,000: calls 200.7, puts 33.5 BTC 87,500: calls 32.1, puts 11.9 BTC 88,000: calls 152.2, puts 24.8 BTC 89,000: calls 198.0, puts 11.6 BTC 90,000: calls 509.1, puts 2.6 BTC 91,000: calls 145.5, puts 1.1 BTC 91,500: calls 27.9, puts 0.0 BTC 92,000: calls 116.2, puts 1.0 BTC 93,000: calls 49.9, puts 0.0 BTC 94,000: calls 114.6, puts 0.0 BTC 95,000: calls 32.7, puts 0.0 BTC 96,000: calls 189.0, puts 0.0 BTC 97,000: calls 56.3, puts 0.0 BTC 98,000: calls 22.1, puts 0.0 BTC 99,000: calls 84.6, puts 0.0 BTC 100,000: calls 52.1, puts 0.0 BTC 100,500: calls 193.2, puts 0.0 BTC

Axis in BTC (open interest in coins). Upper bars: calls; lower bars: puts.

Open interest by expiry

USD notional · calls above the line, puts below
  • Calls
  • Puts
$600M $400M $200M $0 $200M $400M Wed 30 Sep 2026: calls $207.67M, puts $109.24M30 Sep Thu 1 Oct 2026: calls $35.43M, puts $36.17M Fri 2 Oct 2026: calls $290.65M, puts $252.71M2 Oct Fri 9 Oct 2026: calls $77.77M, puts $132.76M Fri 16 Oct 2026: calls $34.56M, puts $44.61M16 Oct Fri 30 Oct 2026: calls $289.22M, puts $437.21M Fri 6 Nov 2026: calls $16.15M, puts $23.45M6 Nov Fri 27 Nov 2026: calls $89.06M, puts $86.12M Fri 25 Dec 2026: calls $195.30M, puts $310.74M25 Dec Fri 26 Mar 2027: calls $38.18M, puts $36.92M Fri 25 Jun 2027: calls $11.07M, puts $7.96M25 Jun Fri 24 Sep 2027: calls $0, puts $7,584

BTC options expiry calendar

notional expiring per date, 08:00 UTC

Put/call ratio and max pain by expiry

Bybit + Binance
ExpiryNotionalMax painP/C OIP/C vol
Wed 30 Sep daily$316.91M$83,7500.530.61
Thu 1 Oct daily$71.60M$83,5001.021.81
Fri 2 Oct weekly$543.36M$82,0000.870.83
Fri 9 Oct weekly$210.53M$84,0001.711.24
Fri 16 Oct weekly$79.17M$84,0001.291.23
Fri 30 Oct monthly$726.43M$80,0001.511.31
Fri 6 Nov weekly$39.60M$81,0001.452.82
Fri 27 Nov monthly$175.17M$82,0000.971.28
Fri 25 Dec quarterly$506.04M$80,0001.590.94
Fri 26 Mar 2027 quarterly$75.10M$61,0000.970.41
Fri 25 Jun 2027 quarterly$19.03M$60,0000.721.72
Fri 24 Sep 2027 quarterly$7,584$60,000——

Max pain history, Fri 2 Oct expiry

hourly, last 30 days
  • Max pain 82,000
77,500 80,000 82,500 85,000 87,500

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 1.15
  • Put/call 24h volume 0.85
0.80 0.90 1.00 1.10 1.20 1.30

How to read it. Max pain is the strike where the open calls and puts of one expiry would be worth the least at settlement; it describes where open interest sits and is not a price prediction. The put/call ratio divides put open interest (or 24h volume) by call open interest: above 1 more puts are open. Notional is open interest in BTC times the index price. Snapshots every 5 minutes from each exchange's public API; history is hourly. Not financial advice.

Bitcoin 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 options expire?

Bitcoin 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.

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.