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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.

$329.26M of BTC options on Bybit and Binance expire Wed 30 Sep at 08:00 UTC; max pain is $83,750, 0.7% below spot ($84,333). Across all 12 listed expiries there is $2.79B of open interest, with a put/call ratio of 1.14 (more puts than calls open); the 24h volume put/call ratio is 0.78.

12 expiriesSource: Bybit and Binance public APIsAs of 12:15 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 Wed 30 Sep 2026, 08:00 UTC

daily · in 19h 40m
Max pain Bybit + Binance
$83,750
0.7% below spotindex $84,333
Max pain by exchange
Bybit $84,000Binance $83,500
Notional expiring
$329.26M
calls 2,579.7 BTCputs 1,324.6 BTC
Put/call ratio
0.51
open interest24h volume 0.54

Max pain curve, Wed 30 Sep

total value of open options if BTC settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $5M $10M $15M 80K 82.5K 85K 87.5K 90K

Open interest by strike, Wed 30 Sep

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
400 200 0 200 400 600 78K 81.5K 83K 84K 85K 86K 87K 91K 78,000: calls 3.2, puts 30.8 BTC 79,000: calls 0.0, puts 38.1 BTC 80,000: calls 2.2, puts 207.2 BTC 81,000: calls 1.2, puts 114.6 BTC 81,500: calls 0.1, puts 66.4 BTC 82,000: calls 1.8, puts 183.7 BTC 82,500: calls 9.8, puts 105.5 BTC 82,750: calls 5.4, puts 29.8 BTC 83,000: calls 26.4, puts 162.7 BTC 83,250: calls 15.8, puts 29.6 BTC 83,500: calls 125.6, puts 107.3 BTC 83,750: calls 23.4, puts 41.1 BTC 84,000: calls 117.6, puts 110.7 BTC 84,250: calls 28.9, puts 19.3 BTC 84,500: calls 334.6, puts 22.9 BTC 84,750: calls 33.6, puts 6.1 BTC 85,000: calls 494.3, puts 34.0 BTC 85,250: calls 47.6, puts 7.9 BTC 85,500: calls 254.2, puts 1.7 BTC 85,750: calls 149.0, puts 0.8 BTC 86,000: calls 236.3, puts 0.0 BTC 86,250: calls 78.2, puts 0.2 BTC 86,500: calls 236.3, puts 0.0 BTC 86,750: calls 26.9, puts 0.0 BTC 87,000: calls 57.2, puts 2.0 BTC 88,000: calls 157.8, puts 2.2 BTC 89,000: calls 15.3, puts 0.1 BTC 90,000: calls 81.6, puts 0.0 BTC 91,000: calls 15.4, 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 $217.54M, puts $111.71M30 Sep Thu 1 Oct 2026: calls $35.02M, puts $36.53M Fri 2 Oct 2026: calls $296.35M, puts $253.42M2 Oct Fri 9 Oct 2026: calls $81.94M, puts $132.70M Fri 16 Oct 2026: calls $34.83M, puts $44.72M16 Oct Fri 30 Oct 2026: calls $289.97M, puts $438.13M Fri 6 Nov 2026: calls $16.16M, puts $23.47M6 Nov Fri 27 Nov 2026: calls $89.09M, puts $86.54M Fri 25 Dec 2026: calls $195.44M, puts $311.14M25 Dec Fri 26 Mar 2027: calls $38.21M, puts $36.95M Fri 25 Jun 2027: calls $11.08M, puts $7.96M25 Jun Fri 24 Sep 2027: calls $0, puts $7,589

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$329.26M$83,7500.510.54
Thu 1 Oct daily$71.54M$83,5001.041.69
Fri 2 Oct weekly$549.77M$82,0000.860.78
Fri 9 Oct weekly$214.65M$84,0001.621.01
Fri 16 Oct weekly$79.55M$84,0001.281.04
Fri 30 Oct monthly$728.10M$80,0001.511.33
Fri 6 Nov weekly$39.63M$81,0001.452.55
Fri 27 Nov monthly$175.63M$82,0000.971.31
Fri 25 Dec quarterly$506.58M$80,0001.590.97
Fri 26 Mar 2027 quarterly$75.16M$61,0000.970.41
Fri 25 Jun 2027 quarterly$19.04M$60,0000.721.66
Fri 24 Sep 2027 quarterly$7,589$60,000——

Max pain history, Wed 30 Sep expiry

hourly, last 30 days
  • Max pain 83,750
83,400 83,500 83,600 83,700 83,800

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 1.14
  • Put/call 24h volume 0.82
0.60 0.80 1.00 1.20 1.40

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.