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Bitcoin (BTC) options max pain and open interest

BTC expiry 29 Jan 2027 08:00 UTC: max pain is $78,000; expiring notional $103.74M; selected-expiry P/C OI 0.73. Bybit and Binance only. Positioning, not a price prediction.

11 expiriesSource: Bybit and Binance public APIs

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 Fri 29 Jan 2027, 08:00 UTC

monthly · in 76d 17h
Max pain Bybit + Binance
$78,000
12.4% above spotindex $69,413
Max pain by exchange
Bybit $76,000Binance $79,000
Notional expiring
$103.74M
calls 862.3 BTCputs 632.1 BTC
Put/call ratio
0.73
open interest24h volume 1.04

Next expiry (daily) in 17h 27m. Sat 14 Nov, 08:00 UTC · notional $365.52M · max pain $70,000 · put/call (OI) 0.51.

Since 24h ago: max pain 79,000 → 78,000, put/call OI 0.74 → 0.73, notional $94.43M → $103.74M.

This expiry on: IV smile · chain · gamma · delta OI · Add this expiry to calendar · with 1h reminder

Max pain curve, Fri 29 Jan 2027

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
$0 $5M $10M $15M 60K 70K 80K 90K 100K
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.

BTC max pain curve for the Fri 29 Jan 2027 expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
52,00010,419,850
54,0009,166,470
56,0007,961,170
58,0006,856,290
60,0005,856,590
62,0005,026,570
64,0004,301,210
66,0003,664,350
67,0003,381,020
68,0003,098,050
69,0002,837,310
70,0002,580,400
71,0002,364,600
72,0002,155,480
73,0001,995,300
74,0001,847,280
75,0001,741,660
76,0001,648,000
77,0001,608,910
78,000 (max pain)1,585,930
79,0001,617,660
80,0001,673,010
81,0001,780,970
82,0001,926,930
83,0002,162,650
84,0002,442,420
85,0002,740,060
86,0003,086,350
88,0003,854,050
89,0004,248,320
90,0004,660,750
91,0005,089,140
92,0005,537,850
94,0006,469,730
96,0007,493,130
98,0008,667,490
100,0009,918,210
102,00011,311,650
104,00012,712,530

Open interest by strike, Fri 29 Jan 2027

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
100 50 0 50 100 52K 62K 69K 74K 79K 84K 90K 98K 52,000: calls 0.0, puts 5.5 BTC 54,000: calls 12.4, puts 11.7 BTC 56,000: calls 2.2, puts 48.0 BTC 58,000: calls 0.1, puts 52.5 BTC 60,000: calls 3.1, puts 81.8 BTC 62,000: calls 0.1, puts 52.2 BTC 64,000: calls 0.0, puts 44.2 BTC 66,000: calls 1.6, puts 33.5 BTC 67,000: calls 0.1, puts 0.3 BTC 68,000: calls 3.1, puts 19.1 BTC 69,000: calls 2.8, puts 1.0 BTC 70,000: calls 9.3, puts 31.8 BTC 71,000: calls 2.3, puts 4.4 BTC 72,000: calls 25.6, puts 23.4 BTC 73,000: calls 7.3, puts 4.8 BTC 74,000: calls 19.9, puts 22.5 BTC 75,000: calls 3.5, puts 8.4 BTC 76,000: calls 26.6, puts 27.9 BTC 77,000: calls 10.7, puts 5.5 BTC 78,000: calls 31.4, puts 23.3 BTC 79,000: calls 16.2, puts 7.4 BTC 80,000: calls 34.2, puts 18.4 BTC 81,000: calls 24.4, puts 13.6 BTC 82,000: calls 49.1, puts 40.6 BTC 83,000: calls 30.0, puts 14.1 BTC 84,000: calls 15.0, puts 2.8 BTC 85,000: calls 36.3, puts 12.3 BTC 86,000: calls 32.3, puts 5.3 BTC 88,000: calls 8.4, puts 2.0 BTC 89,000: calls 17.2, puts 1.0 BTC 90,000: calls 8.7, puts 7.3 BTC 91,000: calls 19.8, puts 0.6 BTC 92,000: calls 15.4, puts 1.8 BTC 94,000: calls 44.7, puts 1.0 BTC 96,000: calls 73.9, puts 1.6 BTC 98,000: calls 37.7, puts 0.5 BTC 100,000: calls 71.3, puts 0.0 BTC 102,000: calls 3.7, puts 0.0 BTC 104,000: calls 35.9, puts 0.0 BTC

Axis in BTC (open interest in coins). Upper bars: calls; lower bars: puts.

Chart and table show 39 of 44 source strikes, $52,000–$104,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 39 eligible before the cap; 5 omitted (5 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, Fri 29 Jan 2027, 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.

BTC open interest by strike for the Fri 29 Jan 2027 expiry, 08:00 UTC
Strike (USD)Calls (BTC)Puts (BTC)
52,00005.4500
54,00012.370011.6700
56,0002.240047.9700
58,0000.090052.5000
60,0003.060081.7800
62,0000.130052.2000
64,000044.2500
66,0001.620033.4800
67,0000.07000.2900
68,0003.080019.1500
69,0002.83001
70,0009.330031.7800
71,0002.27004.4100
72,00025.550023.3900
73,0007.32004.8400
74,00019.890022.5100
75,0003.52008.4400
76,00026.640027.9300
77,00010.66005.4500
78,000 (max pain)31.420023.2900
79,00016.18007.4400
80,00034.170018.4400
81,00024.440013.5600
82,00049.130040.6300
83,0003014.0500
84,00015.04002.8300
85,00036.320012.3300
86,00032.28005.2800
88,0008.39002.0300
89,00017.15001.0100
90,0008.68007.2800
91,00019.77000.5500
92,00015.44001.7900
94,00044.74001.0200
96,00073.88001.6000
98,00037.68000.5000
100,00071.34000.0200
102,0003.72000
104,00035.88000

24h volume by strike, Fri 29 Jan 2027

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
60 40 20 0 20 40 52K 62K 69K 74K 79K 84K 90K 98K 52,000: calls 0.0, puts 5.5 BTC 54,000: calls 14.3, puts 15.5 BTC 56,000: calls 2.2, puts 22.2 BTC 58,000: calls 0.1, puts 9.0 BTC 60,000: calls 3.1, puts 30.3 BTC 62,000: calls 0.4, puts 37.8 BTC 64,000: calls 2.0, puts 46.2 BTC 66,000: calls 0.4, puts 52.2 BTC 67,000: calls 0.1, puts 4.2 BTC 68,000: calls 12.8, puts 32.8 BTC 69,000: calls 3.1, puts 1.0 BTC 70,000: calls 15.7, puts 45.0 BTC 71,000: calls 0.3, puts 2.6 BTC 72,000: calls 24.8, puts 15.4 BTC 73,000: calls 1.6, puts 1.7 BTC 74,000: calls 13.4, puts 2.3 BTC 75,000: calls 5.4, puts 4.4 BTC 76,000: calls 17.9, puts 3.8 BTC 77,000: calls 11.8, puts 2.8 BTC 78,000: calls 7.6, puts 0.6 BTC 79,000: calls 8.8, puts 1.2 BTC 80,000: calls 15.7, puts 0.1 BTC 81,000: calls 31.1, puts 3.7 BTC 82,000: calls 38.3, puts 34.2 BTC 83,000: calls 13.9, puts 13.2 BTC 84,000: calls 7.4, puts 0.0 BTC 85,000: calls 7.8, puts 7.1 BTC 86,000: calls 9.0, puts 3.3 BTC 88,000: calls 3.1, puts 0.0 BTC 89,000: calls 2.4, puts 1.0 BTC 90,000: calls 6.9, puts 3.9 BTC 91,000: calls 3.6, puts 0.1 BTC 92,000: calls 7.2, puts 0.1 BTC 94,000: calls 5.3, puts 0.1 BTC 96,000: calls 15.2, puts 0.0 BTC 98,000: calls 15.8, puts 0.0 BTC 100,000: calls 9.0, puts 0.0 BTC 102,000: calls 5.6, puts 0.0 BTC 104,000: calls 14.8, puts 0.0 BTC

Axis in BTC (24h volume in coins). Upper bars: calls; lower bars: puts.

Chart and table show 39 of 44 source strikes, $52,000–$104,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 39 eligible before the cap; 5 omitted (5 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)
52,00005.49
54,00014.2715.46
56,0002.2422.25
58,0000.099.03
60,0003.0630.29
62,0000.4437.83
64,0002.0146.19
66,0000.4352.17
67,0000.074.19
68,00012.7532.78
69,0003.151
70,00015.6645.04
71,0000.312.58
72,00024.8515.45
73,0001.591.74
74,00013.432.28
75,0005.434.40
76,00017.943.80
77,00011.822.83
78,0007.590.58
79,0008.771.19
80,00015.720.11
81,00031.123.74
82,00038.3434.21
83,00013.9213.18
84,0007.370.01
85,0007.757.13
86,0008.983.28
88,0003.150
89,0002.441.01
90,0006.863.92
91,0003.570.07
92,0007.180.07
94,0005.260.07
96,00015.150.01
98,00015.760
100,0008.980
102,0005.560
104,00014.840

Open interest change by strike, Fri 29 Jan 2027

BTC · 24h change · calls signed, puts mirrored · stacked by exchange · How to read open interest changes
  • Bybit
  • Binance
  • Index price
20 10 0 10 20 52K 62K 69K 74K 79K 84K 90K 98K 52,000: calls 0.0, puts 5.5 BTC 54,000: calls 12.4, puts 11.7 BTC 56,000: calls 2.2, puts 14.0 BTC 58,000: calls 0.1, puts 4.8 BTC 60,000: calls 2.7, puts 9.1 BTC 62,000: calls -0.4, puts 4.0 BTC 64,000: calls 0.0, puts 6.7 BTC 66,000: calls 0.1, puts 5.1 BTC 67,000: calls 0.1, puts 0.3 BTC 68,000: calls 3.1, puts -6.3 BTC 69,000: calls 2.8, puts 1.0 BTC 70,000: calls 6.8, puts 1.4 BTC 71,000: calls 0.1, puts 0.0 BTC 72,000: calls 5.9, puts 2.0 BTC 73,000: calls 1.6, puts 0.1 BTC 74,000: calls 5.3, puts 0.8 BTC 75,000: calls 0.6, puts 3.9 BTC 76,000: calls 0.3, puts -0.1 BTC 77,000: calls 1.7, puts 0.0 BTC 78,000: calls 7.1, puts 0.1 BTC 79,000: calls 4.2, puts 0.0 BTC 80,000: calls 4.1, puts -0.1 BTC 81,000: calls 1.2, puts 0.1 BTC 82,000: calls 18.5, puts -0.1 BTC 83,000: calls 5.8, puts 1.8 BTC 84,000: calls 4.8, puts 0.0 BTC 85,000: calls -3.4, puts 0.0 BTC 86,000: calls 6.5, puts 0.0 BTC 88,000: calls -0.2, puts 0.0 BTC 89,000: calls 1.5, puts 0.0 BTC 90,000: calls 1.2, puts 3.9 BTC 91,000: calls 0.0, puts 0.0 BTC 92,000: calls 0.9, puts 0.0 BTC 94,000: calls -0.3, puts 0.0 BTC 96,000: calls -5.2, puts 0.0 BTC 98,000: calls 4.3, puts 0.0 BTC 100,000: calls -0.4, puts 0.0 BTC 102,000: calls -2.4, puts 0.0 BTC 104,000: calls 9.8, puts 0.0 BTC

Axis in BTC (change in open interest). Increases: calls up, puts down; decreases reverse direction. Faded segments are puts. This is a change in positions, not traded flow.

Compared with snapshots: Bybit 2026-11-12 14:00 UTC; Binance 2026-11-12 14:00 UTC

Open interest change by strike table
Strike (USD)Call change (BTC)Put change (BTC)
52,00005.45
54,00012.3711.67
56,0002.2414.04
58,0000.094.78
60,0002.669.15
62,000-0.374.03
64,00006.71
66,0000.135.14
67,0000.070.29
68,0003.07-6.32
69,0002.831
70,0006.781.37
71,0000.150
72,0005.861.98
73,0001.550.14
74,0005.330.79
75,0000.573.88
76,0000.25-0.09
77,0001.700
78,0007.080.10
79,0004.210
80,0004.11-0.09
81,0001.220.14
82,00018.47-0.05
83,0005.821.75
84,0004.770
85,000-3.410.03
86,0006.470.00
88,000-0.250
89,0001.540
90,0001.183.92
91,00000
92,0000.920
94,000-0.250.00
96,000-5.230
98,0004.250
100,000-0.430
102,000-2.440
104,0009.760
106,00011.610
108,000-0.700
110,0001.370
115,0007.060
120,0003.010

Open interest by expiry

USD notional · calls above the line, puts below
  • Calls
  • Puts
$400M $200M $0 $200M $400M $600M Sat 14 Nov 2026: calls $242.55M, puts $122.98M14 Nov Sun 15 Nov 2026: calls $99.45M, puts $48.46M Mon 16 Nov 2026: calls $48.84M, puts $25.04M16 Nov Fri 20 Nov 2026: calls $180.65M, puts $138.61M Fri 27 Nov 2026: calls $425.36M, puts $395.57M27 Nov Fri 4 Dec 2026: calls $24.31M, puts $21.94M Fri 25 Dec 2026: calls $378.45M, puts $348.74M25 Dec Fri 29 Jan 2027: calls $59.86M, puts $43.88M Fri 26 Mar 2027: calls $83.73M, puts $86.94M26 Mar Fri 25 Jun 2027: calls $15.95M, puts $14.81M Fri 24 Sep 2027: calls $4.93M, puts $3.77M24 Sep

24h volume by expiry

USD notional traded · calls above the line, puts below
  • Calls
  • Puts
$400M $200M $0 $200M $400M $600M Sat 14 Nov 2026: calls $414.05M, puts $291.61M14 Nov Sun 15 Nov 2026: calls $171.75M, puts $135.20M Mon 16 Nov 2026: calls $62.73M, puts $29.51M16 Nov Fri 20 Nov 2026: calls $148.88M, puts $117.30M Fri 27 Nov 2026: calls $120.74M, puts $134.36M27 Nov Fri 4 Dec 2026: calls $26.41M, puts $35.86M Fri 25 Dec 2026: calls $77.86M, puts $94.48M25 Dec Fri 29 Jan 2027: calls $27.26M, puts $28.33M Fri 26 Mar 2027: calls $13.96M, puts $17.00M26 Mar Fri 25 Jun 2027: calls $1.41M, puts $939K Fri 24 Sep 2027: calls $527K, puts $1.54M24 Sep
24h volume by expiry table
ExpiryCalls (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
$0 $1B $2B $3B $4B 29 Sep 7 Oct 15 Oct 23 Oct 31 Oct 8 Nov Tue 29 Sep 2026: $2.98B (Bybit $1.48B, Binance $1.49B) Wed 30 Sep 2026: $3.08B (Bybit $1.52B, Binance $1.57B) Thu 1 Oct 2026: $3.21B (Bybit $1.58B, Binance $1.63B) Fri 2 Oct 2026: $3.07B (Bybit $1.55B, Binance $1.53B) Sat 3 Oct 2026: $2.89B (Bybit $1.44B, Binance $1.45B) Sun 4 Oct 2026: $2.94B (Bybit $1.44B, Binance $1.50B) Mon 5 Oct 2026: $3.11B (Bybit $1.56B, Binance $1.55B) Tue 6 Oct 2026: $3.17B (Bybit $1.62B, Binance $1.56B) Wed 7 Oct 2026: $3.25B (Bybit $1.65B, Binance $1.60B) Fri 9 Oct 2026: $3.45B (Bybit $1.77B, Binance $1.68B) Sat 10 Oct 2026: $3.31B (Bybit $1.70B, Binance $1.61B) Sun 11 Oct 2026: $3.27B (Bybit $1.62B, Binance $1.65B) Mon 12 Oct 2026: $3.30B (Bybit $1.62B, Binance $1.68B) Tue 13 Oct 2026: $3.52B (Bybit $1.71B, Binance $1.81B) Wed 14 Oct 2026: $3.60B (Bybit $1.76B, Binance $1.84B) Thu 15 Oct 2026: $3.77B (Bybit $1.80B, Binance $1.96B) Fri 16 Oct 2026: $3.60B (Bybit $1.77B, Binance $1.83B) Sat 17 Oct 2026: $3.31B (Bybit $1.67B, Binance $1.63B) Sun 18 Oct 2026: $3.39B (Bybit $1.67B, Binance $1.72B) Mon 19 Oct 2026: $3.53B (Bybit $1.70B, Binance $1.83B) Tue 20 Oct 2026: $3.62B (Bybit $1.77B, Binance $1.85B) Wed 21 Oct 2026: $3.76B (Bybit $1.85B, Binance $1.91B) Thu 22 Oct 2026: $3.73B (Bybit $1.84B, Binance $1.90B) Fri 23 Oct 2026: $3.56B (Bybit $1.76B, Binance $1.80B) Sat 24 Oct 2026: $3.51B (Bybit $1.79B, Binance $1.72B) Sun 25 Oct 2026: $3.42B (Bybit $1.76B, Binance $1.66B) Mon 26 Oct 2026: $3.51B (Bybit $1.76B, Binance $1.74B) Tue 27 Oct 2026: $3.67B (Bybit $1.85B, Binance $1.82B) Wed 28 Oct 2026: $3.66B (Bybit $1.82B, Binance $1.84B) Thu 29 Oct 2026: $3.98B (Bybit $2.00B, Binance $1.98B) Fri 30 Oct 2026: $2.81B (Bybit $1.54B, Binance $1.27B) Sat 31 Oct 2026: $2.58B (Bybit $1.36B, Binance $1.23B) Sun 1 Nov 2026: $2.54B (Bybit $1.33B, Binance $1.22B) Mon 2 Nov 2026: $2.88B (Bybit $1.44B, Binance $1.44B) Tue 3 Nov 2026: $2.87B (Bybit $1.47B, Binance $1.40B) Wed 4 Nov 2026: $3.32B (Bybit $1.68B, Binance $1.65B) Thu 5 Nov 2026: $3.43B (Bybit $1.66B, Binance $1.77B) Fri 6 Nov 2026: $3.02B (Bybit $1.43B, Binance $1.58B) Sat 7 Nov 2026: $2.79B (Bybit $1.30B, Binance $1.48B) Sun 8 Nov 2026: $2.73B (Bybit $1.30B, Binance $1.42B) Mon 9 Nov 2026: $3.09B (Bybit $1.45B, Binance $1.64B) Tue 10 Nov 2026: $3.09B (Bybit $1.44B, Binance $1.65B) Wed 11 Nov 2026: $3.06B (Bybit $1.43B, Binance $1.63B) Thu 12 Nov 2026: $3.02B (Bybit $1.46B, Binance $1.56B) Fri 13 Nov 2026: $2.79B (Bybit $1.32B, Binance $1.46B)

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)BybitBinanceTotal
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
$0 $1B $2B $3B $4B 29 Sep 7 Oct 15 Oct 23 Oct 31 Oct 8 Nov Tue 29 Sep 2026: $977.45M (Bybit $582.63M, Binance $394.82M) Wed 30 Sep 2026: $1.84B (Bybit $1.02B, Binance $824.80M) Thu 1 Oct 2026: $2.38B (Bybit $1.41B, Binance $976.16M) Fri 2 Oct 2026: $2.67B (Bybit $1.57B, Binance $1.10B) Sat 3 Oct 2026: $2.52B (Bybit $1.46B, Binance $1.06B) Sun 4 Oct 2026: $986.88M (Bybit $563.27M, Binance $423.61M) Mon 5 Oct 2026: $1.88B (Bybit $1.07B, Binance $809.94M) Tue 6 Oct 2026: $2.16B (Bybit $1.03B, Binance $1.14B) Wed 7 Oct 2026: $2.27B (Bybit $1.34B, Binance $929.41M) Fri 9 Oct 2026: $2.78B (Bybit $1.55B, Binance $1.23B) Sat 10 Oct 2026: $2.04B (Bybit $1.18B, Binance $859.43M) Sun 11 Oct 2026: $914.12M (Bybit $484.57M, Binance $429.55M) Mon 12 Oct 2026: $1.52B (Bybit $852.66M, Binance $663.87M) Tue 13 Oct 2026: $2.56B (Bybit $1.33B, Binance $1.23B) Wed 14 Oct 2026: $1.97B (Bybit $881.26M, Binance $1.09B) Thu 15 Oct 2026: $2.80B (Bybit $1.51B, Binance $1.29B) Fri 16 Oct 2026: $2.54B (Bybit $1.14B, Binance $1.40B) Sat 17 Oct 2026: $2.18B (Bybit $1.22B, Binance $964.53M) Sun 18 Oct 2026: $1.07B (Bybit $698.31M, Binance $368.63M) Mon 19 Oct 2026: $1.84B (Bybit $1.04B, Binance $794.45M) Tue 20 Oct 2026: $2.00B (Bybit $1.12B, Binance $880.01M) Wed 21 Oct 2026: $2.08B (Bybit $1.20B, Binance $874.76M) Thu 22 Oct 2026: $2.58B (Bybit $1.56B, Binance $1.02B) Fri 23 Oct 2026: $2.04B (Bybit $1.02B, Binance $1.02B) Sat 24 Oct 2026: $1.74B (Bybit $1.07B, Binance $665.91M) Sun 25 Oct 2026: $1.62B (Bybit $997.21M, Binance $622.98M) Mon 26 Oct 2026: $1.53B (Bybit $897.51M, Binance $632.17M) Tue 27 Oct 2026: $1.54B (Bybit $868.59M, Binance $675.15M) Wed 28 Oct 2026: $1.78B (Bybit $955.28M, Binance $825.81M) Thu 29 Oct 2026: $1.88B (Bybit $1.06B, Binance $821.88M) Fri 30 Oct 2026: $3.84B (Bybit $2.20B, Binance $1.64B) Sat 31 Oct 2026: $2.26B (Bybit $1.37B, Binance $898.52M) Sun 1 Nov 2026: $1.04B (Bybit $607.55M, Binance $427.57M) Mon 2 Nov 2026: $1.09B (Bybit $649.98M, Binance $435.37M) Tue 3 Nov 2026: $1.92B (Bybit $1.10B, Binance $820.99M) Wed 4 Nov 2026: $2.07B (Bybit $1.07B, Binance $993.68M) Thu 5 Nov 2026: $2.54B (Bybit $1.36B, Binance $1.18B) Fri 6 Nov 2026: $3.15B (Bybit $1.71B, Binance $1.44B) Sat 7 Nov 2026: $1.88B (Bybit $1.04B, Binance $841.38M) Sun 8 Nov 2026: $730.92M (Bybit $451.18M, Binance $279.74M) Mon 9 Nov 2026: $1.57B (Bybit $916.46M, Binance $654.25M) Tue 10 Nov 2026: $1.96B (Bybit $1.11B, Binance $852.07M) Wed 11 Nov 2026: $2.18B (Bybit $1.23B, Binance $956.42M) Thu 12 Nov 2026: $1.80B (Bybit $852.33M, Binance $949.13M) Fri 13 Nov 2026: $2.89B (Bybit $1.43B, Binance $1.47B)

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)BybitBinanceTotal
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

Put/call ratio and max pain by expiry

Bybit + Binance
ExpiryNotionalMax painP/C OIVolume 24hP/C vol
Sat 14 Nov daily$365.52M$70,0000.51$705.66M0.70
Sun 15 Nov daily$147.91M$70,0000.49$306.95M0.79
Mon 16 Nov daily$73.88M$69,5000.51$92.24M0.47
Fri 20 Nov weekly$319.27M$74,0000.77$266.19M0.79
Fri 27 Nov monthly$820.93M$78,0000.93$255.09M1.11
Fri 4 Dec weekly$46.25M$70,0000.90$62.27M1.36
Fri 25 Dec quarterly$727.19M$80,0000.92$172.35M1.21
Fri 29 Jan 2027 monthly$103.74M$78,0000.73$55.60M1.04
Fri 26 Mar 2027 quarterly$170.68M$70,0001.04$30.96M1.22
Fri 25 Jun 2027 quarterly$30.77M$74,0000.93$2.35M0.67
Fri 24 Sep 2027 quarterly$8.70M$75,0000.76$2.06M2.92

Max pain history, Fri 29 Jan 2027 expiry

hourly, last 30 days
  • Max pain 78,000
50,000 60,000 70,000 80,000 90,000 31 Oct 3 Nov 6 Nov 9 Nov 12 Nov

Put/call OI history, Fri 29 Jan 2027 expiry

hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.74
-0.50 0.00 0.50 1.00 1.50 31 Oct 3 Nov 6 Nov 9 Nov 12 Nov
Put/call OI history table
Time (UTC)P/C OI
2026-10-29 10:000.00
2026-10-29 13:000.37
2026-10-29 16:000.68
2026-10-29 19:000.75
2026-10-29 22:001.00
2026-10-30 01:001.08
2026-10-30 04:000.62
2026-10-30 07:000.73
2026-10-30 10:000.59
2026-10-30 13:000.80
2026-10-30 16:000.88
2026-10-30 19:000.82
2026-10-30 22:000.84
2026-10-31 01:000.84
2026-10-31 04:000.82
2026-10-31 07:000.79
2026-10-31 10:000.76
2026-10-31 13:000.74
2026-10-31 16:000.75
2026-10-31 19:000.75
2026-10-31 22:000.75
2026-11-01 01:000.74
2026-11-01 04:000.74
2026-11-01 07:000.74
2026-11-01 10:000.75
2026-11-01 13:000.70
2026-11-01 16:000.69
2026-11-01 19:000.69
2026-11-01 22:000.68
2026-11-02 01:000.72
2026-11-02 04:000.79
2026-11-02 07:000.79
2026-11-02 10:000.73
2026-11-02 13:000.68
2026-11-02 16:000.69
2026-11-02 19:000.69
2026-11-02 22:000.69
2026-11-03 01:000.68
2026-11-03 04:000.70
2026-11-03 07:000.69
2026-11-03 10:000.74
2026-11-03 13:000.76
2026-11-03 16:000.74
2026-11-03 19:000.74
2026-11-03 22:000.75
2026-11-04 01:000.78
2026-11-04 04:000.82
2026-11-04 07:000.81
2026-11-04 10:000.81
2026-11-04 13:000.81
2026-11-04 16:000.83
2026-11-04 19:000.83
2026-11-04 22:000.86
2026-11-05 01:000.86
2026-11-05 04:000.81
2026-11-05 07:000.83
2026-11-05 10:000.84
2026-11-05 13:000.81
2026-11-05 16:000.77
2026-11-05 19:000.74
2026-11-05 22:000.83
2026-11-06 01:000.92
2026-11-06 04:000.92
2026-11-06 07:000.92
2026-11-06 10:000.94
2026-11-06 13:000.96
2026-11-06 16:000.91
2026-11-06 19:000.90
2026-11-06 22:000.90
2026-11-07 01:000.91
2026-11-07 04:000.90
2026-11-07 07:000.90
2026-11-07 10:000.89
2026-11-07 13:000.89
2026-11-07 16:000.89
2026-11-07 19:000.93
2026-11-07 22:000.93
2026-11-08 01:000.92
2026-11-08 04:000.92
2026-11-08 07:000.92
2026-11-08 10:000.92
2026-11-08 13:000.91
2026-11-08 16:000.92
2026-11-08 19:000.92
2026-11-08 22:000.92
2026-11-09 01:000.89
2026-11-09 04:000.89
2026-11-09 07:000.88
2026-11-09 10:000.90
2026-11-09 13:000.90
2026-11-09 16:000.90
2026-11-09 19:000.93
2026-11-09 22:000.93
2026-11-10 01:000.94
2026-11-10 04:000.94
2026-11-10 07:000.94
2026-11-10 10:000.93
2026-11-10 13:000.91
2026-11-10 16:000.85
2026-11-10 19:000.81
2026-11-10 22:000.83
2026-11-11 01:000.82
2026-11-11 04:000.79
2026-11-11 07:000.79
2026-11-11 10:000.78
2026-11-11 13:000.78
2026-11-11 16:000.76
2026-11-11 19:000.79
2026-11-11 22:000.78
2026-11-12 01:000.77
2026-11-12 04:000.76
2026-11-12 07:000.76
2026-11-12 10:000.77
2026-11-12 13:000.76
2026-11-12 16:000.75
2026-11-12 19:000.75
2026-11-12 22:000.76
2026-11-13 01:000.76
2026-11-13 04:000.77
2026-11-13 07:000.76
2026-11-13 10:000.74
2026-11-13 13:000.75
2026-11-13 14:000.74

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
0.50 0.75 1.00 1.25 1.50 1.75 19 Oct 24 Oct 29 Oct 3 Nov 8 Nov 13 Nov

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.