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 24 Sep 2027, 08:00 UTC
quarterly · in 359d 19hMax pain curve, Fri 24 Sep 2027
total value of open options if BTC settled at each strike · lowest point = max pain- Payout to option holders
- Max pain
- Index price
Open interest by strike, Fri 24 Sep 2027
BTC · calls above the line, puts below · stacked by exchange- Bybit
- Binance
- Max pain
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
BTC options expiry calendar
notional expiring per date, 08:00 UTC- Wed 30 Sep 2026 daily · 19h 38m$331.45M
- Thu 1 Oct 2026 daily · 1d 19h$71.99M
- Fri 2 Oct 2026 weekly · 2d 19h$549.93M
- Fri 9 Oct 2026 weekly · 9d 19h$214.44M
- Fri 16 Oct 2026 weekly · 16d 19h$79.70M
- Fri 30 Oct 2026 monthly · 30d 19h$727.67M
- Fri 6 Nov 2026 weekly · 37d 19h$39.58M
- Fri 27 Nov 2026 monthly · 58d 19h$175.50M
- Fri 25 Dec 2026 quarterly · 86d 19h$505.99M
- Fri 26 Mar 2027 quarterly · 177d 19h$75.07M
- Fri 25 Jun 2027 quarterly · 268d 19h$19.02M
- Fri 24 Sep 2027 quarterly · 359d 19h$7,584
Put/call ratio and max pain by expiry
Bybit + Binance| Expiry | Notional | Max pain | P/C OI | P/C vol |
|---|---|---|---|---|
| Wed 30 Sep daily | $331.45M | $83,750 | 0.51 | 0.53 |
| Thu 1 Oct daily | $71.99M | $83,500 | 1.05 | 1.70 |
| Fri 2 Oct weekly | $549.93M | $82,000 | 0.85 | 0.78 |
| Fri 9 Oct weekly | $214.44M | $84,000 | 1.62 | 1.00 |
| Fri 16 Oct weekly | $79.70M | $84,000 | 1.29 | 1.07 |
| Fri 30 Oct monthly | $727.67M | $80,000 | 1.51 | 1.33 |
| Fri 6 Nov weekly | $39.58M | $81,000 | 1.45 | 2.55 |
| Fri 27 Nov monthly | $175.50M | $82,000 | 0.97 | 1.33 |
| Fri 25 Dec quarterly | $505.99M | $80,000 | 1.59 | 1.05 |
| Fri 26 Mar 2027 quarterly | $75.07M | $61,000 | 0.97 | 0.41 |
| Fri 25 Jun 2027 quarterly | $19.02M | $60,000 | 0.72 | 1.66 |
| Fri 24 Sep 2027 quarterly | $7,584 | $60,000 | — | — |
Max pain history, Fri 24 Sep 2027 expiry
hourly, last 30 days- Max pain 60,000
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
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.