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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.

$728.10M of BTC options on Bybit and Binance expire Fri 30 Oct at 08:00 UTC; max pain is $80,000, 5.1% below spot ($84,330). 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 Fri 30 Oct 2026, 08:00 UTC

monthly · in 30d 19h
Max pain Bybit + Binance
$80,000
5.1% below spotindex $84,330
Max pain by exchange
Bybit $80,000Binance $78,000
Notional expiring
$728.10M
calls 3,438.6 BTCputs 5,195.4 BTC
Put/call ratio
1.51
open interest24h volume 1.33

Max pain curve, Fri 30 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 $20M $40M $60M $80M $100M 60K 80K 100K

Open interest by strike, Fri 30 Oct

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
600 400 200 0 200 400 46K 58K 65K 72K 79K 86K 93K 105K 46,000: calls 0.0, puts 186.7 BTC 48,000: calls 0.0, puts 181.2 BTC 50,000: calls 4.7, puts 492.2 BTC 52,000: calls 5.6, puts 227.1 BTC 54,000: calls 0.1, puts 210.2 BTC 56,000: calls 0.4, puts 284.9 BTC 57,000: calls 0.0, puts 132.4 BTC 58,000: calls 0.1, puts 272.4 BTC 59,000: calls 2.0, puts 129.8 BTC 60,000: calls 3.5, puts 288.0 BTC 61,000: calls 4.8, puts 83.8 BTC 62,000: calls 12.1, puts 130.2 BTC 63,000: calls 21.3, puts 154.4 BTC 64,000: calls 39.2, puts 164.0 BTC 65,000: calls 16.1, puts 180.6 BTC 66,000: calls 60.6, puts 182.3 BTC 67,000: calls 22.3, puts 114.4 BTC 68,000: calls 21.5, puts 137.4 BTC 69,000: calls 15.7, puts 128.1 BTC 70,000: calls 32.9, puts 200.7 BTC 71,000: calls 23.6, puts 124.6 BTC 72,000: calls 11.8, puts 94.2 BTC 73,000: calls 29.1, puts 82.0 BTC 74,000: calls 33.5, puts 81.0 BTC 75,000: calls 25.7, puts 107.7 BTC 76,000: calls 50.8, puts 51.0 BTC 77,000: calls 27.5, puts 108.2 BTC 78,000: calls 44.7, puts 81.1 BTC 79,000: calls 18.4, puts 40.3 BTC 80,000: calls 133.9, puts 124.1 BTC 81,000: calls 20.2, puts 22.1 BTC 82,000: calls 63.0, puts 83.6 BTC 83,000: calls 51.2, puts 28.2 BTC 84,000: calls 77.5, puts 108.0 BTC 85,000: calls 45.7, puts 28.1 BTC 86,000: calls 137.7, puts 79.7 BTC 87,000: calls 48.8, puts 19.5 BTC 88,000: calls 364.7, puts 30.7 BTC 89,000: calls 268.3, puts 4.6 BTC 90,000: calls 204.8, puts 10.8 BTC 91,000: calls 30.9, puts 0.0 BTC 92,000: calls 100.9, puts 0.1 BTC 93,000: calls 1.2, puts 0.0 BTC 94,000: calls 143.8, puts 3.4 BTC 95,000: calls 209.5, puts 0.0 BTC 96,000: calls 75.3, puts 0.1 BTC 98,000: calls 214.1, puts 1.1 BTC 100,000: calls 135.7, puts 0.1 BTC 102,000: calls 99.6, puts 0.1 BTC 105,000: calls 102.6, puts 0.0 BTC 106,000: calls 144.8, puts 0.1 BTC 110,000: calls 220.8, puts 0.0 BTC 115,000: calls 15.3, 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, Fri 30 Oct expiry

hourly, last 30 days
  • Max pain 80,000
76,000 78,000 80,000 82,000 84,000

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.