Bitcoin (BTC) options max pain and open interest
BTC expiry 16 Nov 2026 08:00 UTC: max pain is $69,500; expiring notional $73.88M; selected-expiry P/C OI 0.51. Bybit and Binance only. Positioning, not a price prediction.
BTC snapshot: (oldest included observation).
BTC open interest by absolute delta bucket and expiry →
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.
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BTC options expiring Mon 16 Nov 2026, 08:00 UTC
daily · in 2d 17hNext expiry (daily) in 17h 27m. Sat 14 Nov, 08:00 UTC · notional $365.52M · max pain $70,000 · put/call (OI) 0.51.
This expiry on: IV smile · chain · gamma · delta OI · Add this expiry to calendar · with 1h reminder
Max pain curve, Mon 16 Nov
total value of open options if BTC settled at each strike · lowest point = max pain · How max pain is calculated- Payout to option holders
- Max pain
- Index price
Max pain curve by strike table
Estimated intrinsic value paid to all option holders if BTC settled exactly at each strike, from current open interest; not option market prices. Same strikes as the chart: within ±50% of the index price, at most 60.
| Strike (USD) | Payout to holders (USD) |
|---|---|
| 63,000 | 1,127,995 |
| 64,000 | 780,505 |
| 65,000 | 436,395 |
| 66,000 | 295,945 |
| 67,000 | 164,215 |
| 67,500 | 109,945 |
| 68,000 | 61,890 |
| 68,500 | 29,505 |
| 69,000 | 10,650 |
| 69,250 | 10,228 |
| 69,500 (max pain) | 9,805 |
| 69,750 | 20,170 |
| 70,000 | 31,195 |
| 70,250 | 65,463 |
| 70,500 | 100,550 |
| 70,750 | 159,028 |
| 71,000 | 247,565 |
| 71,250 | 391,170 |
| 71,750 | 682,625 |
| 72,000 | 829,560 |
| 72,250 | 982,648 |
| 72,500 | 1,138,313 |
| 73,000 | 1,455,743 |
| 73,500 | 1,788,788 |
| 74,000 | 2,128,413 |
| 75,000 | 2,810,723 |
| 76,000 | 3,505,163 |
| 77,000 | 4,207,613 |
Open interest by strike, Mon 16 Nov
BTC · calls above the line, puts below · stacked by exchange- Bybit
- Binance
- Max pain
- Index price
Axis in BTC (open interest in coins). Upper bars: calls; lower bars: puts.
Chart and table show 27 of 27 source strikes, $63,000–$77,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 27 eligible before the cap; 0 omitted (0 outside the index range, 0 by the cap). Omitted strikes are not zero. Selected-expiry totals and max pain use the complete eligible source chain; these bars are a bounded view.
BTC open interest by strike table, Mon 16 Nov 2026, 08:00 UTC
Same strikes and exchanges as the chart. Both calls and puts are nonnegative open interest in BTC; the chart mirrors puts below the line.
| Strike (USD) | Calls (BTC) | Puts (BTC) |
|---|---|---|
| 63,000 | 0 | 13.2400 |
| 64,000 | 0 | 3.3800 |
| 65,000 | 0 | 203.6600 |
| 66,000 | 0 | 8.7200 |
| 67,000 | 0.4000 | 22.7900 |
| 67,500 | 0.0100 | 12.4200 |
| 68,000 | 0.7800 | 30.5600 |
| 68,500 | 0.6000 | 26.4600 |
| 69,000 | 6.8100 | 29.2100 |
| 69,500 (max pain) | 39.3700 | 3.7800 |
| 69,750 | 2.2700 | 0.3700 |
| 70,000 | 87.2900 | 5.6800 |
| 70,250 | 3.2600 | 0.0200 |
| 70,500 | 93.5600 | 0 |
| 70,750 | 120.2400 | 0 |
| 71,000 | 219.8400 | 0.4300 |
| 71,250 | 8.4800 | 0.0100 |
| 71,750 | 4.8300 | 0 |
| 72,000 | 24.6100 | 0 |
| 72,250 | 10.3100 | 0 |
| 72,500 | 12.2000 | 0 |
| 73,000 | 31.2300 | 0 |
| 73,500 | 13.1600 | 0 |
| 74,000 | 3.0600 | 0 |
| 75,000 | 12.1300 | 0 |
| 76,000 | 8.0100 | 0 |
| 77,000 | 1.0800 | 0 |
24h volume by strike, Mon 16 Nov
BTC · calls above the line, puts below · stacked by exchange- Bybit
- Binance
- Max pain
- Index price
Axis in BTC (24h volume in coins). Upper bars: calls; lower bars: puts.
Chart and table show 27 of 27 source strikes, $63,000–$77,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 27 eligible before the cap; 0 omitted (0 outside the index range, 0 by the cap). Omitted strikes are not zero. Selected-expiry totals and max pain use the complete eligible source chain; these bars are a bounded view.
24h volume by strike table
| Strike (USD) | Calls (BTC) | Puts (BTC) |
|---|---|---|
| 63,000 | 0 | 17.36 |
| 64,000 | 0 | 3.39 |
| 65,000 | 0 | 205.85 |
| 66,000 | 0 | 9.13 |
| 67,000 | 0.44 | 36.44 |
| 67,500 | 0.01 | 13.84 |
| 68,000 | 1.22 | 45.50 |
| 68,500 | 5.85 | 47.24 |
| 69,000 | 17.08 | 34.31 |
| 69,500 | 50.50 | 4.02 |
| 69,750 | 2.27 | 0.37 |
| 70,000 | 114.99 | 6.85 |
| 70,250 | 8.63 | 0.05 |
| 70,500 | 109.07 | 0 |
| 70,750 | 127.69 | 0 |
| 71,000 | 305.44 | 0.43 |
| 71,250 | 10.58 | 0.01 |
| 71,750 | 5.21 | 0 |
| 72,000 | 26.06 | 0 |
| 72,250 | 12.31 | 0 |
| 72,500 | 14.99 | 0 |
| 73,000 | 43.60 | 0 |
| 73,500 | 14.58 | 0 |
| 74,000 | 3.56 | 0 |
| 75,000 | 19.21 | 0 |
| 76,000 | 8.77 | 0 |
| 77,000 | 1.08 | 0 |
Open interest change by strike, Mon 16 Nov
How to read open interest changesBybit: expiry listed after 2026-11-12 14:32 UTC.
Binance: expiry listed after 2026-11-12 14:32 UTC.
Open interest by expiry
USD notional · calls above the line, puts below- Calls
- Puts
24h volume by expiry
USD notional traded · calls above the line, puts below- Calls
- Puts
24h volume by expiry table
| Expiry | Calls (USD) | Puts (USD) | Total (USD) |
|---|---|---|---|
| Sat 14 Nov 2026 | $414.05M | $291.61M | $705.66M |
| Sun 15 Nov 2026 | $171.75M | $135.20M | $306.95M |
| Mon 16 Nov 2026 | $62.73M | $29.51M | $92.24M |
| Fri 20 Nov 2026 | $148.88M | $117.30M | $266.19M |
| Fri 27 Nov 2026 | $120.74M | $134.36M | $255.09M |
| Fri 4 Dec 2026 | $26.41M | $35.86M | $62.27M |
| Fri 25 Dec 2026 | $77.86M | $94.48M | $172.35M |
| Fri 29 Jan 2027 | $27.26M | $28.33M | $55.60M |
| Fri 26 Mar 2027 | $13.96M | $17.00M | $30.96M |
| Fri 25 Jun 2027 | $1.41M | $939K | $2.35M |
| Fri 24 Sep 2027 | $527K | $1.54M | $2.06M |
Each instrument's rolling 24h volume in BTC times its forward price. Includes recorded volume when open interest is incomplete; missing forward prices are unavailable, not zero.
BTC options open interest history
USD notional, all expiries · end of each UTC day · stacked by exchange · last 90 days- Bybit
- Binance
1 of 46 days is left blank: an exchange's open interest was missing or incomplete that day, so the total would be understated.
BTC options open interest by exchange table
| Day (UTC) | Bybit | Binance | Total |
|---|---|---|---|
| 2026-11-13 | $1.32B | $1.46B | $2.79B |
| 2026-11-12 | $1.46B | $1.56B | $3.02B |
| 2026-11-11 | $1.43B | $1.63B | $3.06B |
| 2026-11-10 | $1.44B | $1.65B | $3.09B |
| 2026-11-09 | $1.45B | $1.64B | $3.09B |
| 2026-11-08 | $1.30B | $1.42B | $2.73B |
| 2026-11-07 | $1.30B | $1.48B | $2.79B |
| 2026-11-06 | $1.43B | $1.58B | $3.02B |
| 2026-11-05 | $1.66B | $1.77B | $3.43B |
| 2026-11-04 | $1.68B | $1.65B | $3.32B |
| 2026-11-03 | $1.47B | $1.40B | $2.87B |
| 2026-11-02 | $1.44B | $1.44B | $2.88B |
| 2026-11-01 | $1.33B | $1.22B | $2.54B |
| 2026-10-31 | $1.36B | $1.23B | $2.58B |
| 2026-10-30 | $1.54B | $1.27B | $2.81B |
| 2026-10-29 | $2.00B | $1.98B | $3.98B |
| 2026-10-28 | $1.82B | $1.84B | $3.66B |
| 2026-10-27 | $1.85B | $1.82B | $3.67B |
| 2026-10-26 | $1.76B | $1.74B | $3.51B |
| 2026-10-25 | $1.76B | $1.66B | $3.42B |
| 2026-10-24 | $1.79B | $1.72B | $3.51B |
| 2026-10-23 | $1.76B | $1.80B | $3.56B |
| 2026-10-22 | $1.84B | $1.90B | $3.73B |
| 2026-10-21 | $1.85B | $1.91B | $3.76B |
| 2026-10-20 | $1.77B | $1.85B | $3.62B |
| 2026-10-19 | $1.70B | $1.83B | $3.53B |
| 2026-10-18 | $1.67B | $1.72B | $3.39B |
| 2026-10-17 | $1.67B | $1.63B | $3.31B |
| 2026-10-16 | $1.77B | $1.83B | $3.60B |
| 2026-10-15 | $1.80B | $1.96B | $3.77B |
| 2026-10-14 | $1.76B | $1.84B | $3.60B |
| 2026-10-13 | $1.71B | $1.81B | $3.52B |
| 2026-10-12 | $1.62B | $1.68B | $3.30B |
| 2026-10-11 | $1.62B | $1.65B | $3.27B |
| 2026-10-10 | $1.70B | $1.61B | $3.31B |
| 2026-10-09 | $1.77B | $1.68B | $3.45B |
| 2026-10-08 | — | — | — |
| 2026-10-07 | $1.65B | $1.60B | $3.25B |
| 2026-10-06 | $1.62B | $1.56B | $3.17B |
| 2026-10-05 | $1.56B | $1.55B | $3.11B |
| 2026-10-04 | $1.44B | $1.50B | $2.94B |
| 2026-10-03 | $1.44B | $1.45B | $2.89B |
| 2026-10-02 | $1.55B | $1.53B | $3.07B |
| 2026-10-01 | $1.58B | $1.63B | $3.21B |
| 2026-09-30 | $1.52B | $1.57B | $3.08B |
| 2026-09-29 | $1.48B | $1.49B | $2.98B |
Each day is the last hourly snapshot of the UTC day (left blank when that snapshot was partial); notional is open interest in BTC times the index price.
BTC options volume history
USD, 24h to 08:00 UTC each day · stacked by exchange · last 90 days- Bybit
- Binance
1 of 46 days is left blank: an exchange's volume was missing or incomplete that day, so the total would be understated.
BTC options volume by exchange table
| Day (UTC) | Bybit | Binance | Total |
|---|---|---|---|
| 2026-11-13 | $1.43B | $1.47B | $2.89B |
| 2026-11-12 | $852.33M | $949.13M | $1.80B |
| 2026-11-11 | $1.23B | $956.42M | $2.18B |
| 2026-11-10 | $1.11B | $852.07M | $1.96B |
| 2026-11-09 | $916.46M | $654.25M | $1.57B |
| 2026-11-08 | $451.18M | $279.74M | $730.92M |
| 2026-11-07 | $1.04B | $841.38M | $1.88B |
| 2026-11-06 | $1.71B | $1.44B | $3.15B |
| 2026-11-05 | $1.36B | $1.18B | $2.54B |
| 2026-11-04 | $1.07B | $993.68M | $2.07B |
| 2026-11-03 | $1.10B | $820.99M | $1.92B |
| 2026-11-02 | $649.98M | $435.37M | $1.09B |
| 2026-11-01 | $607.55M | $427.57M | $1.04B |
| 2026-10-31 | $1.37B | $898.52M | $2.26B |
| 2026-10-30 | $2.20B | $1.64B | $3.84B |
| 2026-10-29 | $1.06B | $821.88M | $1.88B |
| 2026-10-28 | $955.28M | $825.81M | $1.78B |
| 2026-10-27 | $868.59M | $675.15M | $1.54B |
| 2026-10-26 | $897.51M | $632.17M | $1.53B |
| 2026-10-25 | $997.21M | $622.98M | $1.62B |
| 2026-10-24 | $1.07B | $665.91M | $1.74B |
| 2026-10-23 | $1.02B | $1.02B | $2.04B |
| 2026-10-22 | $1.56B | $1.02B | $2.58B |
| 2026-10-21 | $1.20B | $874.76M | $2.08B |
| 2026-10-20 | $1.12B | $880.01M | $2.00B |
| 2026-10-19 | $1.04B | $794.45M | $1.84B |
| 2026-10-18 | $698.31M | $368.63M | $1.07B |
| 2026-10-17 | $1.22B | $964.53M | $2.18B |
| 2026-10-16 | $1.14B | $1.40B | $2.54B |
| 2026-10-15 | $1.51B | $1.29B | $2.80B |
| 2026-10-14 | $881.26M | $1.09B | $1.97B |
| 2026-10-13 | $1.33B | $1.23B | $2.56B |
| 2026-10-12 | $852.66M | $663.87M | $1.52B |
| 2026-10-11 | $484.57M | $429.55M | $914.12M |
| 2026-10-10 | $1.18B | $859.43M | $2.04B |
| 2026-10-09 | $1.55B | $1.23B | $2.78B |
| 2026-10-08 | — | — | — |
| 2026-10-07 | $1.34B | $929.41M | $2.27B |
| 2026-10-06 | $1.03B | $1.14B | $2.16B |
| 2026-10-05 | $1.07B | $809.94M | $1.88B |
| 2026-10-04 | $563.27M | $423.61M | $986.88M |
| 2026-10-03 | $1.46B | $1.06B | $2.52B |
| 2026-10-02 | $1.57B | $1.10B | $2.67B |
| 2026-10-01 | $1.41B | $976.16M | $2.38B |
| 2026-09-30 | $1.02B | $824.80M | $1.84B |
| 2026-09-29 | $582.63M | $394.82M | $977.45M |
Each instrument's 24h volume in BTC times its forward price, from the scheduled pre-expiry daily sample taken between 07:50 and 08:00 UTC (exact capture times of earlier days were not kept); a day whose sample was missed, or with any instrument missing either value, is left blank.
BTC options expiry calendar
notional expiring per date, 08:00 UTC- Sat 14 Nov 2026 daily · 17h 27m$365.52M
- Sun 15 Nov 2026 daily · 1d 17h$147.91M
- Mon 16 Nov 2026 daily · 2d 17h$73.88M
- Fri 20 Nov 2026 weekly · 6d 17h$319.27M
- Fri 27 Nov 2026 monthly · 13d 17h$820.93M
- Fri 4 Dec 2026 weekly · 20d 17h$46.25M
- Fri 25 Dec 2026 quarterly · 41d 17h$727.19M
- Fri 29 Jan 2027 monthly · 76d 17h$103.74M
- Fri 26 Mar 2027 quarterly · 132d 17h$170.68M
- Fri 25 Jun 2027 quarterly · 223d 17h$30.77M
- Fri 24 Sep 2027 quarterly · 314d 17h$8.70M
Put/call ratio and max pain by expiry
Bybit + Binance| Expiry | Notional | Max pain | P/C OI | Volume 24h | P/C vol |
|---|---|---|---|---|---|
| Sat 14 Nov daily | $365.52M | $70,000 | 0.51 | $705.66M | 0.70 |
| Sun 15 Nov daily | $147.91M | $70,000 | 0.49 | $306.95M | 0.79 |
| Mon 16 Nov daily | $73.88M | $69,500 | 0.51 | $92.24M | 0.47 |
| Fri 20 Nov weekly | $319.27M | $74,000 | 0.77 | $266.19M | 0.79 |
| Fri 27 Nov monthly | $820.93M | $78,000 | 0.93 | $255.09M | 1.11 |
| Fri 4 Dec weekly | $46.25M | $70,000 | 0.90 | $62.27M | 1.36 |
| Fri 25 Dec quarterly | $727.19M | $80,000 | 0.92 | $172.35M | 1.21 |
| Fri 29 Jan 2027 monthly | $103.74M | $78,000 | 0.73 | $55.60M | 1.04 |
| Fri 26 Mar 2027 quarterly | $170.68M | $70,000 | 1.04 | $30.96M | 1.22 |
| Fri 25 Jun 2027 quarterly | $30.77M | $74,000 | 0.93 | $2.35M | 0.67 |
| Fri 24 Sep 2027 quarterly | $8.70M | $75,000 | 0.76 | $2.06M | 2.92 |
Max pain history, Mon 16 Nov expiry
hourly, last 30 days- Max pain 69,500
Put/call OI history, Mon 16 Nov expiry
hourly, last 30 days · dashed line = 1.0- Put/call OI 0.40
Put/call OI history table
| Time (UTC) | P/C OI |
|---|---|
| 2026-11-13 09:00 | 0.46 |
| 2026-11-13 10:00 | 0.37 |
| 2026-11-13 11:00 | 0.31 |
| 2026-11-13 12:00 | 0.56 |
| 2026-11-13 13:00 | 0.57 |
| 2026-11-13 14:00 | 0.40 |
Put/call ratio history
all expiries, hourly, last 30 days · dashed line = 1.0- Put/call OI 0.80
- Put/call 24h volume 0.83
All expiries. Across all 11 listed expiries there is $2.81B of open interest, with a put/call ratio of 0.80 (more calls than puts open); the 24h volume put/call ratio is 0.83.
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 by call open interest, or put 24h volume by call 24h volume. Above 1 puts exceed calls in that measure. 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. The next daily expiry is Sat 14 Nov 2026 08:00 UTC ($365.52M open interest); the next weekly expiry is Fri 20 Nov 2026 08:00 UTC ($319.27M open interest); the next monthly expiry is Fri 27 Nov 2026 08:00 UTC ($820.93M open interest); the next quarterly expiry is Fri 25 Dec 2026 08:00 UTC ($727.19M open interest).
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.