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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.

$329.36M of BTC options on Bybit and Binance expire Wed 14 Oct at 08:00 UTC; max pain is $83,500, 0.1% below spot ($83,590.9). Across all 11 listed expiries there is $3.33B of open interest, with a put/call ratio of 1.20 (more puts than calls open); the 24h volume put/call ratio is 0.80.

11 expiriesSource: Bybit and Binance public APIsAs of 09:57 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 14 Oct 2026, 08:00 UTC

daily · in 21h 57m
Max pain Bybit + Binance
$83,500
0.1% below spotindex $83,590.9
Max pain by exchange
Bybit $83,500Binance $83,500
Notional expiring
$329.36M
calls 2,392.3 BTCputs 1,547.9 BTC
Put/call ratio
0.65
open interest24h volume 0.68

Max pain curve, Wed 14 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 $2M $4M $6M $8M 78K 80K 82K 84K 86K 88K

Open interest by strike, Wed 14 Oct

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
400 200 0 200 400 600 800 77K 80K 81.5K 82.5K 83.5K 84.5K 86K 89K 77,000: calls 0.0, puts 29.5 BTC 78,000: calls 0.0, puts 147.9 BTC 79,000: calls 0.0, puts 163.7 BTC 79,500: calls 0.0, puts 14.1 BTC 80,000: calls 0.0, puts 98.7 BTC 80,500: calls 0.0, puts 43.7 BTC 81,000: calls 7.2, puts 124.6 BTC 81,250: calls 0.0, puts 13.1 BTC 81,500: calls 13.7, puts 110.2 BTC 81,750: calls 3.1, puts 11.1 BTC 82,000: calls 36.5, puts 247.5 BTC 82,250: calls 13.8, puts 19.2 BTC 82,500: calls 23.7, puts 47.3 BTC 82,750: calls 18.4, puts 31.5 BTC 83,000: calls 44.2, puts 171.7 BTC 83,250: calls 21.2, puts 24.0 BTC 83,500: calls 70.9, puts 141.7 BTC 83,750: calls 31.3, puts 30.8 BTC 84,000: calls 70.3, puts 41.6 BTC 84,250: calls 27.4, puts 21.0 BTC 84,500: calls 222.6, puts 8.3 BTC 84,750: calls 25.3, puts 0.7 BTC 85,000: calls 373.9, puts 4.7 BTC 85,500: calls 111.5, puts 0.8 BTC 86,000: calls 665.0, puts 0.4 BTC 86,500: calls 6.5, puts 0.0 BTC 87,000: calls 67.7, puts 0.1 BTC 88,000: calls 499.6, puts 0.0 BTC 89,000: calls 38.2, 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
$750M $500M $250M $0 $250M $500M Wed 14 Oct 2026: calls $199.97M, puts $129.39M14 Oct Thu 15 Oct 2026: calls $48.59M, puts $37.32M Fri 16 Oct 2026: calls $302.94M, puts $204.85M16 Oct Fri 23 Oct 2026: calls $91.80M, puts $103.96M Fri 30 Oct 2026: calls $411.00M, puts $727.54M30 Oct Fri 6 Nov 2026: calls $47.91M, puts $75.36M Fri 27 Nov 2026: calls $122.33M, puts $124.28M27 Nov Fri 25 Dec 2026: calls $223.27M, puts $353.36M Fri 26 Mar 2027: calls $56.75M, puts $51.47M26 Mar Fri 25 Jun 2027: calls $11.48M, puts $10.16M Fri 24 Sep 2027: calls $131K, puts $101K24 Sep

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 14 Oct daily$329.36M$83,5000.650.68
Thu 15 Oct daily$85.91M$83,0000.770.90
Fri 16 Oct weekly$507.79M$83,5000.680.52
Fri 23 Oct weekly$195.76M$84,0001.131.13
Fri 30 Oct monthly$1.14B$82,0001.771.30
Fri 6 Nov weekly$123.27M$83,0001.572.11
Fri 27 Nov monthly$246.61M$83,0001.021.18
Fri 25 Dec quarterly$576.63M$82,0001.581.79
Fri 26 Mar 2027 quarterly$108.22M$64,0000.911.01
Fri 25 Jun 2027 quarterly$21.64M$66,0000.883.65
Fri 24 Sep 2027 quarterly$232K$80,0000.771.07

Max pain history, Wed 14 Oct expiry

hourly, last 30 days
  • Max pain 83,500
76,000 78,000 80,000 82,000 84,000 86,000 12 Oct 13 Oct

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 1.21
  • Put/call 24h volume 0.80
0.60 0.80 1.00 1.20 1.40 1.60 30 Sep 2 Oct 4 Oct 6 Oct 8 Oct 10 Oct 12 Oct

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.