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Bitcoin (BTC) options max pain and open interest

BTC expiry 24 Sep 2027 08:00 UTC: max pain is $75,000; expiring notional $8.68M; selected-expiry P/C OI 0.76. 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 24 Sep 2027, 08:00 UTC

quarterly · in 314d 17h
Max pain Bybit + Binance
$75,000
8.3% above spotindex $69,241
Max pain by exchange
Bybit $70,000Binance $80,000
Notional expiring
$8.68M
calls 71.1 BTCputs 54.3 BTC
Put/call ratio
0.76
open interest24h volume 2.92

Next expiry (daily) in 17h 37m. Sat 14 Nov, 08:00 UTC · notional $361.03M · max pain $70,000 · put/call (OI) 0.51.

Since 24h ago: max pain 75,000 → 75,000, put/call OI 0.70 → 0.76, notional $7.74M → $8.68M.

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

Max pain curve, Fri 24 Sep 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 $500K $1M $1.5M 40K 60K 80K 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 24 Sep 2027 expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
35,0001,480,030
40,0001,288,530
50,000906,830
60,000563,730
65,000408,730
70,000313,730
74,000293,770
75,000 (max pain)288,870
76,000303,000
78,000335,260
80,000367,520
82,000436,960
84,000506,860
86,000587,260
88,000668,160
90,000751,800
92,000837,600
94,000923,540
96,0001,010,020
98,0001,096,520
100,0001,183,480

Open interest by strike, Fri 24 Sep 2027

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
20 10 0 10 20 40K 65K 75K 82K 88K 94K 100K 40,000: calls 0.0, puts 0.1 BTC 50,000: calls 0.1, puts 3.7 BTC 60,000: calls 0.0, puts 3.3 BTC 65,000: calls 3.7, puts 8.3 BTC 70,000: calls 2.9, puts 11.2 BTC 74,000: calls 0.1, puts 0.0 BTC 75,000: calls 17.2, puts 1.8 BTC 76,000: calls 0.0, puts 2.0 BTC 80,000: calls 17.7, puts 0.8 BTC 82,000: calls 0.2, puts 0.0 BTC 84,000: calls 5.1, puts 0.1 BTC 86,000: calls 0.1, puts 0.1 BTC 88,000: calls 1.3, puts 0.1 BTC 90,000: calls 0.8, puts 0.3 BTC 92,000: calls 0.1, puts 0.0 BTC 94,000: calls 0.1, puts 0.2 BTC 96,000: calls 0.0, puts 0.0 BTC 98,000: calls 0.2, puts 0.0 BTC 100,000: calls 4.9, puts 2.2 BTC

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

Chart and table show 19 of 32 source strikes, $40,000–$100,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 19 eligible before the cap; 13 omitted (13 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 24 Sep 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 24 Sep 2027 expiry, 08:00 UTC
Strike (USD)Calls (BTC)Puts (BTC)
40,00000.1300
50,0000.12003.7400
60,0000.01003.3000
65,0003.72008.2800
70,0002.860011.1500
74,0000.09000
75,000 (max pain)17.21001.8200
76,00002
80,00017.74000.8500
82,0000.23000
84,0005.13000.1200
86,0000.15000.1000
88,0001.31000.0600
90,0000.81000.2700
92,0000.06000.0100
94,0000.07000.2000
96,0000.01000
98,0000.23000
100,0004.93002.2500

24h volume by strike, Fri 24 Sep 2027

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
8 6 4 2 0 2 4 40K 65K 75K 82K 88K 94K 100K 40,000: calls 0.0, puts 0.0 BTC 50,000: calls 0.1, puts 0.1 BTC 60,000: calls 0.0, puts 0.1 BTC 65,000: calls 2.5, puts 4.5 BTC 70,000: calls 3.0, puts 6.1 BTC 74,000: calls 0.0, puts 0.0 BTC 75,000: calls 0.0, puts 2.4 BTC 76,000: calls 0.0, puts 2.0 BTC 80,000: calls 0.1, puts 0.1 BTC 82,000: calls 0.2, puts 0.0 BTC 84,000: calls 0.0, puts 0.0 BTC 86,000: calls 0.0, puts 0.0 BTC 88,000: calls 1.0, puts 0.0 BTC 90,000: calls 0.0, puts 0.0 BTC 92,000: calls 0.0, puts 0.0 BTC 94,000: calls 0.0, puts 0.0 BTC 96,000: calls 0.0, puts 0.0 BTC 98,000: calls 0.1, puts 0.0 BTC 100,000: calls 0.0, puts 2.0 BTC

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

Chart and table show 19 of 32 source strikes, $40,000–$100,000. Select strikes within ±50% of the index price, then the 60 closest if capped. 19 eligible before the cap; 13 omitted (13 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)
40,00000
50,0000.050.07
60,00000.06
65,0002.504.48
70,0003.026.08
74,0000.010
75,0000.042.35
76,00002
80,0000.080.05
82,0000.200
84,0000.010
86,0000.020
88,0001.010.01
90,0000.010
92,0000.010
94,0000.020
96,0000.010
98,0000.060
100,0000.012

Open interest change by strike, Fri 24 Sep 2027

BTC · 24h change · calls signed, puts mirrored · stacked by exchange · How to read open interest changes
  • Bybit
  • Binance
  • Index price
8 6 4 2 0 2 4 35K 60K 74K 78K 84K 90K 96K 35,000: calls 0.0, puts 0.0 BTC 40,000: calls 0.0, puts 0.0 BTC 50,000: calls 0.0, puts 0.0 BTC 60,000: calls 0.0, puts 0.0 BTC 65,000: calls 2.5, puts 4.0 BTC 70,000: calls 2.8, puts 6.1 BTC 74,000: calls 0.0, puts 0.0 BTC 75,000: calls 0.0, puts 0.2 BTC 76,000: calls 0.0, puts 0.0 BTC 78,000: calls 0.0, puts 0.0 BTC 80,000: calls 0.0, puts 0.0 BTC 82,000: calls 0.2, puts 0.0 BTC 84,000: calls 0.0, puts 0.0 BTC 86,000: calls 0.0, puts 0.0 BTC 88,000: calls 1.0, puts 0.0 BTC 90,000: calls 0.0, puts 0.0 BTC 92,000: calls 0.0, puts 0.0 BTC 94,000: calls 0.0, puts 0.0 BTC 96,000: calls 0.0, puts 0.0 BTC 98,000: calls 0.0, puts 0.0 BTC 100,000: calls 0.0, 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)
30,00000
35,00000
40,00000
50,00000.02
60,00000.01
65,0002.504
70,0002.806.05
74,0000.010
75,0000.040.19
76,00000
78,00000
80,00000
82,0000.200
84,00000
86,00000
88,00010.01
90,0000.010
92,0000.010
94,0000.020
96,00000
98,00000
100,0000.010
104,00000
105,00000
106,00000
110,00000
114,00000
115,00000
116,00000
120,0000.010
125,00000
130,0000.010
135,00000
140,00000
150,00000
160,00000
170,0001.740

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 $239.69M, puts $121.34M14 Nov Sun 15 Nov 2026: calls $98.87M, puts $47.74M Mon 16 Nov 2026: calls $48.26M, puts $22.31M16 Nov Fri 20 Nov 2026: calls $179.56M, puts $138.13M Fri 27 Nov 2026: calls $424.33M, puts $394.44M27 Nov Fri 4 Dec 2026: calls $23.69M, puts $22.27M Fri 25 Dec 2026: calls $377.52M, puts $347.79M25 Dec Fri 29 Jan 2027: calls $59.20M, puts $43.82M Fri 26 Mar 2027: calls $83.63M, puts $86.75M26 Mar Fri 25 Jun 2027: calls $15.91M, puts $14.77M Fri 24 Sep 2027: calls $4.92M, puts $3.76M24 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 $407.54M, puts $289.49M14 Nov Sun 15 Nov 2026: calls $170.68M, puts $133.32M Mon 16 Nov 2026: calls $62.12M, puts $26.27M16 Nov Fri 20 Nov 2026: calls $149.20M, puts $117.73M Fri 27 Nov 2026: calls $121.09M, puts $134.69M27 Nov Fri 4 Dec 2026: calls $25.94M, puts $35.23M Fri 25 Dec 2026: calls $77.61M, puts $94.77M25 Dec Fri 29 Jan 2027: calls $27.61M, puts $28.32M Fri 26 Mar 2027: calls $13.51M, puts $16.73M26 Mar Fri 25 Jun 2027: calls $1.76M, puts $962K Fri 24 Sep 2027: calls $525K, puts $1.53M24 Sep
24h volume by expiry table
ExpiryCalls (USD)Puts (USD)Total (USD)
Sat 14 Nov 2026$407.54M$289.49M$697.03M
Sun 15 Nov 2026$170.68M$133.32M$304.00M
Mon 16 Nov 2026$62.12M$26.27M$88.39M
Fri 20 Nov 2026$149.20M$117.73M$266.93M
Fri 27 Nov 2026$121.09M$134.69M$255.78M
Fri 4 Dec 2026$25.94M$35.23M$61.17M
Fri 25 Dec 2026$77.61M$94.77M$172.38M
Fri 29 Jan 2027$27.61M$28.32M$55.93M
Fri 26 Mar 2027$13.51M$16.73M$30.24M
Fri 25 Jun 2027$1.76M$962K$2.72M
Fri 24 Sep 2027$525K$1.53M$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$361.03M$70,0000.51$697.03M0.71
Sun 15 Nov daily$146.61M$70,0000.48$304.00M0.78
Mon 16 Nov daily$70.57M$69,5000.46$88.39M0.42
Fri 20 Nov weekly$317.68M$74,0000.77$266.93M0.79
Fri 27 Nov monthly$818.78M$78,0000.93$255.78M1.11
Fri 4 Dec weekly$45.96M$70,0000.94$61.17M1.36
Fri 25 Dec quarterly$725.31M$80,0000.92$172.38M1.22
Fri 29 Jan 2027 monthly$103.02M$78,0000.74$55.93M1.03
Fri 26 Mar 2027 quarterly$170.37M$70,0001.04$30.24M1.24
Fri 25 Jun 2027 quarterly$30.68M$74,0000.93$2.72M0.55
Fri 24 Sep 2027 quarterly$8.68M$75,0000.76$2.06M2.92

Max pain history, Fri 24 Sep 2027 expiry

hourly, last 30 days
  • Max pain 75,000
74,000 76,000 78,000 80,000 82,000 19 Oct 24 Oct 29 Oct 3 Nov 8 Nov 13 Nov

Put/call OI history, Fri 24 Sep 2027 expiry

hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.76
0.00 1.00 2.00 3.00 4.00 19 Oct 24 Oct 29 Oct 3 Nov 8 Nov 13 Nov
Put/call OI history table
Time (UTC)P/C OI
2026-10-14 15:000.82
2026-10-14 19:000.83
2026-10-14 23:000.83
2026-10-15 03:000.83
2026-10-15 07:001.10
2026-10-15 11:001.10
2026-10-15 15:001.11
2026-10-15 19:001.09
2026-10-15 23:001.09
2026-10-16 03:001.10
2026-10-16 07:001.13
2026-10-16 11:001.12
2026-10-16 15:001.13
2026-10-16 19:001.13
2026-10-16 23:001.13
2026-10-17 03:001.12
2026-10-17 07:001.12
2026-10-17 11:001.12
2026-10-17 15:001.12
2026-10-17 19:001.12
2026-10-17 23:001.12
2026-10-18 03:001.12
2026-10-18 07:000.73
2026-10-18 11:000.74
2026-10-18 15:000.74
2026-10-18 19:000.88
2026-10-18 23:000.88
2026-10-19 03:001.06
2026-10-19 07:000.75
2026-10-19 11:000.75
2026-10-19 15:000.76
2026-10-19 19:000.76
2026-10-19 23:000.76
2026-10-20 03:000.76
2026-10-20 07:000.75
2026-10-20 11:000.75
2026-10-20 15:000.75
2026-10-20 19:000.76
2026-10-20 23:000.76
2026-10-21 03:000.76
2026-10-21 07:000.79
2026-10-21 11:000.79
2026-10-21 15:000.77
2026-10-21 19:000.77
2026-10-21 23:000.77
2026-10-22 03:000.77
2026-10-22 07:001.07
2026-10-22 11:001.07
2026-10-22 15:001.07
2026-10-22 19:001.01
2026-10-22 23:001.01
2026-10-23 03:001.01
2026-10-23 07:001.04
2026-10-23 11:001.04
2026-10-23 15:001.00
2026-10-23 19:000.97
2026-10-23 23:000.97
2026-10-24 03:000.97
2026-10-24 07:000.97
2026-10-24 11:000.97
2026-10-24 15:000.97
2026-10-24 19:000.96
2026-10-24 23:000.96
2026-10-25 03:000.96
2026-10-25 07:000.95
2026-10-25 11:000.92
2026-10-25 15:000.92
2026-10-25 19:001.04
2026-10-25 23:001.04
2026-10-26 03:001.09
2026-10-26 07:001.07
2026-10-26 11:001.05
2026-10-26 15:001.02
2026-10-26 19:001.08
2026-10-26 23:001.08
2026-10-27 03:001.05
2026-10-27 07:001.05
2026-10-27 11:001.06
2026-10-27 15:001.07
2026-10-27 19:001.02
2026-10-27 23:001.02
2026-10-28 03:001.02
2026-10-28 07:001.02
2026-10-28 11:000.98
2026-10-28 15:001.01
2026-10-28 19:001.01
2026-10-28 23:000.98
2026-10-29 03:000.98
2026-10-29 07:000.97
2026-10-29 11:002.06
2026-10-29 15:002.06
2026-10-29 19:002.61
2026-10-29 23:002.96
2026-10-30 03:002.39
2026-10-30 07:002.39
2026-10-30 11:001.67
2026-10-30 15:001.86
2026-10-30 19:001.03
2026-10-30 23:001.04
2026-10-31 03:001.03
2026-10-31 07:001.04
2026-10-31 11:001.04
2026-10-31 15:001.03
2026-10-31 19:001.02
2026-10-31 23:001.02
2026-11-01 03:000.92
2026-11-01 07:000.92
2026-11-01 11:000.67
2026-11-01 15:000.55
2026-11-01 19:000.55
2026-11-01 23:000.57
2026-11-02 03:000.58
2026-11-02 07:000.58
2026-11-02 11:000.58
2026-11-02 15:000.58
2026-11-02 19:000.67
2026-11-02 23:000.67
2026-11-03 03:000.64
2026-11-03 07:000.63
2026-11-03 11:000.63
2026-11-03 15:000.63
2026-11-03 19:000.63
2026-11-03 23:000.63
2026-11-04 03:000.61
2026-11-04 07:000.61
2026-11-04 11:000.61
2026-11-04 15:000.61
2026-11-04 19:000.65
2026-11-04 23:000.72
2026-11-05 03:000.76
2026-11-05 07:000.76
2026-11-05 11:000.96
2026-11-05 15:000.96
2026-11-05 19:000.83
2026-11-05 23:000.83
2026-11-06 03:000.83
2026-11-06 07:000.76
2026-11-06 11:000.76
2026-11-06 15:000.73
2026-11-06 19:000.73
2026-11-06 23:000.70
2026-11-07 03:000.70
2026-11-07 07:000.70
2026-11-07 11:000.70
2026-11-07 15:000.67
2026-11-07 19:000.67
2026-11-07 23:000.67
2026-11-08 03:000.67
2026-11-08 07:000.67
2026-11-08 11:000.67
2026-11-08 15:000.67
2026-11-08 19:000.67
2026-11-08 23:000.64
2026-11-09 03:000.63
2026-11-09 07:000.65
2026-11-09 11:000.65
2026-11-09 15:000.65
2026-11-09 19:000.64
2026-11-09 23:000.64
2026-11-10 03:000.64
2026-11-10 07:000.65
2026-11-10 11:000.74
2026-11-10 15:000.74
2026-11-10 19:000.70
2026-11-10 23:000.70
2026-11-11 03:000.70
2026-11-11 07:000.70
2026-11-11 11:000.69
2026-11-11 15:000.70
2026-11-11 19:000.70
2026-11-11 23:000.70
2026-11-12 03:000.70
2026-11-12 07:000.70
2026-11-12 11:000.71
2026-11-12 15:000.68
2026-11-12 19:000.69
2026-11-12 23:000.67
2026-11-13 03:000.67
2026-11-13 07:000.62
2026-11-13 11:000.69
2026-11-13 14:000.76

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 $2.80B 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 ($361.03M open interest); the next weekly expiry is Fri 20 Nov 2026 08:00 UTC ($317.68M open interest); the next monthly expiry is Fri 27 Nov 2026 08:00 UTC ($818.78M open interest); the next quarterly expiry is Fri 25 Dec 2026 08:00 UTC ($725.31M 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.