Bitcoin (BTC) options vs perps positioning
How large BTC options positioning is next to the perpetual futures market, and whether options put/call open interest and top perp traders lean the same way.
Read the options vs perps guide for the formulas, units, venue scopes and matched-hour limits.
Coverage. Options: whole-chain open interest on Bybit and Binance only (Deribit is not included). Perps: Aggregate tracked USD perp OI (linear and inverse; MEXC excluded), the USD open interest of BTC's tracked linear and eligible inverse perpetual markets, leaving out venues excluded from combined totals such as MEXC. The two sides cover different venue sets, so the percentage is a size comparison, not a share of the combined options-plus-perps market or of the global perp market. Top traders: the unweighted mean of the Binance and Gate top-trader position long share, in hours both report. Put/call is by open interest, not volume. Latest matched hour 2026-10-17 03:00 UTC; 399 of 721 hours have all three inputs.
BTC options open interest as a share of perp open interest
hourly, last 30 days- Options notional OI as % of perp OI
Options put/call OI ratio vs top-trader long share
hourly, last 30 days · ratio and fraction on one axis- Options put/call OI ratio
- Top-trader position long share (0.5 = balanced)
399 hourly samples, 2026-09-29 09:00 to 2026-10-17 03:00 UTC. Unrecorded hours are not counted. Low and high cover every sample in that range.
| Series | First | Latest | Low | High |
|---|---|---|---|---|
| Options put/call OI ratio put OI / call OI | 1.19 | 1.14 | 1.09 | 1.39 |
| Top-trader position long share % of position size long | 58.9% | 56.0% | 51.5% | 63.8% |
How to read it. Options notional is open interest in BTC times the index price, across all listed expiries. A put/call ratio above 1 means more put than call open interest. A top-trader long share above 0.5 means the largest Binance and Gate perp accounts hold more long than short position size. Only hours with all three inputs are shown and missing hours break the lines; nothing is filled or carried forward. Not financial advice.
See also BTC options max pain and open interest, BTC open interest by exchange and the BTC long/short ratio.