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Ethereum (ETH) options max pain and open interest

Ethereum 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.

$98.23M of ETH options on Bybit and Binance expire Mon 19 Oct at 08:00 UTC; max pain is $2,440, 0.5% above spot ($2,427.3). Across all 11 listed expiries there is $1.37B of open interest, with a put/call ratio of 0.63 (more calls than puts open); the 24h volume put/call ratio is 0.73.

11 expiriesSource: Bybit and Binance public APIsAs of 15:00 UTC

ETH 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.

ETH options expiring Mon 19 Oct 2026, 08:00 UTC

daily · in 1d 16h
Max pain Bybit + Binance
$2,440
0.5% above spotindex $2,427.3
Max pain by exchange
Bybit $2,450Binance $2,425
Notional expiring
$98.23M
calls 26,123.5 ETHputs 14,341.9 ETH
Put/call ratio
0.55
open interest24h volume 0.53

This expiry on: IV smile · chain · gamma · delta OI

Max pain curve, Mon 19 Oct

total value of open options if ETH settled at each strike · lowest point = max pain · How max pain is calculated
  • Payout to option holders
  • Max pain
  • Index price
$0 $2M $4M $6M $8M 2.2K 2.3K 2.4K 2.5K 2.6K 2.7K
Max pain curve by strike table

Estimated intrinsic value paid to all option holders if ETH 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.

ETH max pain curve for the Mon 19 Oct expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
2,1503,107,520
2,2002,426,859
2,2501,810,675
2,3001,214,295
2,340794,925
2,360595,244
2,380410,434
2,390322,772
2,400235,717
2,410164,235
2,42098,051
2,42569,341
2,43061,889
2,440 (max pain)58,242
2,45060,708
2,46074,467
2,47092,399
2,475103,284
2,480138,431
2,490250,013
2,500365,021
2,510544,841
2,520727,947
2,525823,085
2,5401,123,188
2,5501,327,387
2,5701,760,370
2,6002,428,920
2,6503,668,830
2,7004,921,071
2,7506,225,257

Open interest by strike, Mon 19 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
5K 2.5K 0 2.5K 5K 7.5K 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: calls 0.0, puts 728.7 ETH 2,200: calls 0.0, puts 1,289.6 ETH 2,250: calls 0.0, puts 396.1 ETH 2,300: calls 1.6, puts 1,441.7 ETH 2,340: calls 0.5, puts 499.7 ETH 2,360: calls 14.1, puts 729.5 ETH 2,380: calls 0.1, puts 474.1 ETH 2,390: calls 0.0, puts 60.8 ETH 2,400: calls 329.1, puts 1,228.1 ETH 2,410: calls 111.4, puts 418.5 ETH 2,420: calls 221.8, puts 654.5 ETH 2,425: calls 329.8, puts 3,922.0 ETH 2,430: calls 341.7, puts 783.8 ETH 2,440: calls 126.7, puts 484.6 ETH 2,450: calls 540.7, puts 588.7 ETH 2,460: calls 256.3, puts 160.9 ETH 2,470: calls 202.6, puts 181.1 ETH 2,475: calls 4,690.6, puts 162.0 ETH 2,480: calls 4,078.3, puts 50.5 ETH 2,490: calls 339.4, puts 3.1 ETH 2,500: calls 6,398.5, puts 82.8 ETH 2,510: calls 328.5, puts 0.0 ETH 2,520: calls 717.1, puts 0.0 ETH 2,525: calls 979.1, puts 0.0 ETH 2,540: calls 413.1, puts 0.0 ETH 2,550: calls 1,229.3, puts 0.0 ETH 2,570: calls 635.8, puts 0.0 ETH 2,600: calls 2,512.1, puts 1.1 ETH 2,650: calls 246.6, puts 0.0 ETH 2,700: calls 1,038.9, puts 0.0 ETH 2,750: calls 39.8, puts 0.0 ETH

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

24h volume by strike, Mon 19 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
5K 2.5K 0 2.5K 5K 7.5K 10K 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: calls 0.0, puts 956.9 ETH 2,200: calls 0.0, puts 1,361.5 ETH 2,250: calls 0.0, puts 470.8 ETH 2,300: calls 3.7, puts 2,121.9 ETH 2,340: calls 1.0, puts 875.3 ETH 2,360: calls 28.0, puts 747.2 ETH 2,380: calls 0.2, puts 1,039.4 ETH 2,390: calls 0.0, puts 261.5 ETH 2,400: calls 424.6, puts 2,894.8 ETH 2,410: calls 173.2, puts 1,170.4 ETH 2,420: calls 437.2, puts 1,054.3 ETH 2,425: calls 796.6, puts 1,298.6 ETH 2,430: calls 706.7, puts 705.0 ETH 2,440: calls 991.1, puts 142.9 ETH 2,450: calls 1,219.2, puts 253.4 ETH 2,460: calls 743.1, puts 70.7 ETH 2,470: calls 687.8, puts 28.5 ETH 2,475: calls 1,279.5, puts 447.6 ETH 2,480: calls 644.1, puts 10.7 ETH 2,490: calls 340.1, puts 0.0 ETH 2,500: calls 4,220.1, puts 63.5 ETH 2,510: calls 381.6, puts 0.0 ETH 2,520: calls 635.8, puts 0.0 ETH 2,525: calls 484.7, puts 0.0 ETH 2,540: calls 419.8, puts 0.0 ETH 2,550: calls 1,545.0, puts 0.0 ETH 2,570: calls 789.7, puts 0.0 ETH 2,600: calls 2,614.2, puts 1.1 ETH 2,650: calls 72.9, puts 0.0 ETH 2,700: calls 1,215.1, puts 0.0 ETH 2,750: calls 9,369.0, puts 0.0 ETH

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

24h volume by strike table
Strike (USD)Calls (ETH)Puts (ETH)
2,1500956.90
2,20001,361.51
2,2500470.80
2,3003.702,121.90
2,3401875.30
2,36028747.20
2,3800.201,039.40
2,3900261.50
2,400424.622,894.80
2,410173.201,170.40
2,420437.201,054.30
2,425796.591,298.57
2,430706.70705
2,440991.10142.90
2,4501,219.20253.40
2,460743.1070.70
2,470687.8028.50
2,4751,279.50447.57
2,480644.1010.70
2,490340.100
2,5004,220.1363.47
2,510381.600
2,520635.800
2,525484.720.01
2,540419.800
2,5501,544.970
2,570789.700
2,6002,614.191.10
2,65072.900
2,7001,215.060
2,7509,3690

Open interest change by strike, Mon 19 Oct

ETH · 24h change · calls signed, puts mirrored · stacked by exchange · How to read open interest changes
  • Bybit
  • Binance
  • Index price
1.5K 1K 500 0 500 1K 1.5K 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: calls 0.0, puts 708.7 ETH 2,200: calls 0.0, puts 1,116.6 ETH 2,250: calls 0.0, puts 387.7 ETH 2,300: calls 1.6, puts 573.1 ETH 2,340: calls 0.5, puts 211.3 ETH 2,360: calls 14.0, puts 258.2 ETH 2,380: calls 0.1, puts 295.6 ETH 2,390: calls 0.0, puts 60.8 ETH 2,400: calls 328.8, puts 329.0 ETH 2,410: calls 111.4, puts 277.1 ETH 2,420: calls 221.8, puts 157.8 ETH 2,425: calls 329.8, puts 120.4 ETH 2,430: calls 341.6, puts 65.6 ETH 2,440: calls 126.1, puts -9.2 ETH 2,450: calls 417.2, puts -8.5 ETH 2,460: calls -274.2, puts -39.3 ETH 2,470: calls 72.8, puts -26.6 ETH 2,475: calls 188.4, puts -9.9 ETH 2,480: calls 59.4, puts 1.3 ETH 2,490: calls 32.0, puts 0.0 ETH 2,500: calls 823.1, puts 15.6 ETH 2,510: calls 259.0, puts 0.0 ETH 2,520: calls 457.0, puts 0.0 ETH 2,525: calls 100.2, puts 0.0 ETH 2,540: calls 218.3, puts 0.0 ETH 2,550: calls 1,048.2, puts 0.0 ETH 2,570: calls 178.7, puts 0.0 ETH 2,600: calls 986.9, puts 0.1 ETH 2,650: calls 71.1, puts 0.0 ETH 2,700: calls 673.3, puts 0.0 ETH 2,750: calls -366.2, puts 0.0 ETH

Axis in ETH (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 2026-10-16 15:00 UTC; Binance 2026-10-16 15:00 UTC

Open interest change by strike table
Strike (USD)Call change (ETH)Put change (ETH)
2,1500708.70
2,20001,116.59
2,2500387.69
2,3001.59573.07
2,3400.50211.30
2,36014258.20
2,3800.10295.60
2,390060.80
2,400328.85328.99
2,410111.40277.10
2,420221.80157.80
2,425329.82120.38
2,430341.6065.60
2,440126.10-9.20
2,450417.20-8.50
2,460-274.20-39.30
2,47072.80-26.60
2,475188.41-9.87
2,48059.401.30
2,490320
2,500823.1115.63
2,5102590
2,5204570
2,525100.230
2,540218.300
2,5501,048.200
2,570178.700
2,600986.910.10
2,65071.100
2,700673.320
2,750-366.200

Open interest by expiry

USD notional · calls above the line, puts below
  • Calls
  • Puts
$200M $100M $0 $100M $200M $300M Sun 18 Oct 2026: calls $73.07M, puts $56.84M18 Oct Mon 19 Oct 2026: calls $63.41M, puts $34.81M Tue 20 Oct 2026: calls $2.26M, puts $4.28M20 Oct Fri 23 Oct 2026: calls $84.67M, puts $70.99M Fri 30 Oct 2026: calls $203.00M, puts $179.78M30 Oct Fri 6 Nov 2026: calls $85.05M, puts $46.90M Fri 27 Nov 2026: calls $65.98M, puts $40.52M27 Nov Fri 25 Dec 2026: calls $231.78M, puts $77.74M Fri 26 Mar 2027: calls $25.87M, puts $12.02M26 Mar Fri 25 Jun 2027: calls $5.30M, puts $3.57M Fri 24 Sep 2027: calls $430K, puts $318K24 Sep

ETH 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
Sun 18 Oct daily$129.91M$2,4250.780.73
Mon 19 Oct daily$98.23M$2,4400.550.53
Tue 20 Oct daily$6.55M$2,4501.891.76
Fri 23 Oct weekly$155.65M$2,5000.840.88
Fri 30 Oct monthly$382.78M$2,5000.890.97
Fri 6 Nov weekly$131.95M$2,5000.550.75
Fri 27 Nov monthly$106.51M$2,6000.611.10
Fri 25 Dec quarterly$309.52M$2,4000.340.58
Fri 26 Mar 2027 quarterly$37.90M$2,3000.460.61
Fri 25 Jun 2027 quarterly$8.87M$2,4000.670.18
Fri 24 Sep 2027 quarterly$748K$2,6000.740.18

Max pain history, Mon 19 Oct expiry

hourly, last 30 days
  • Max pain 2,440
2,350 2,375 2,400 2,425 2,450 2,475 12:00 18:00 00:00 06:00 12:00

Put/call OI history, Mon 19 Oct expiry

hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.55
0.00 2.00 4.00 6.00 12:00 18:00 00:00 06:00 12:00
Put/call OI history table
Time (UTC)P/C OI
2026-10-16 08:001.93
2026-10-16 09:004.95
2026-10-16 10:000.61
2026-10-16 11:000.47
2026-10-16 12:000.43
2026-10-16 13:000.43
2026-10-16 14:000.47
2026-10-16 15:000.50
2026-10-16 16:000.50
2026-10-16 17:000.50
2026-10-16 18:000.52
2026-10-16 19:000.52
2026-10-16 20:000.52
2026-10-16 21:000.52
2026-10-16 22:000.53
2026-10-16 23:000.52
2026-10-17 00:000.52
2026-10-17 01:000.52
2026-10-17 02:000.52
2026-10-17 03:000.51
2026-10-17 04:000.51
2026-10-17 05:000.51
2026-10-17 06:000.51
2026-10-17 07:000.53
2026-10-17 08:000.55
2026-10-17 09:000.54
2026-10-17 10:000.54
2026-10-17 11:000.55
2026-10-17 12:000.55
2026-10-17 13:000.53
2026-10-17 14:000.56
2026-10-17 15:000.55

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.63
  • Put/call 24h volume 0.73
0.00 0.50 1.00 1.50 2.00 1 Oct 4 Oct 7 Oct 10 Oct 13 Oct 16 Oct

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 ETH times the index price. Snapshots every 5 minutes from each exchange's public API; history is hourly. Not financial advice.

Ethereum 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 Ethereum options expire?

Ethereum 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.