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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.

$99.26M of ETH options on Bybit and Binance expire Mon 19 Oct at 08:00 UTC; max pain is $2,440, 1.2% above spot ($2,411.6). 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 0.71.

11 expiriesSource: Bybit and Binance public APIsAs of 15:50 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
1.2% above spotindex $2,411.6
Max pain by exchange
Bybit $2,450Binance $2,425
Notional expiring
$99.26M
calls 26,324.1 ETHputs 14,832.9 ETH
Put/call ratio
0.56
open interest24h volume 0.55

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)
2,1503,224,336
2,2002,519,128
2,2501,878,171
2,3001,257,082
2,340820,321
2,360612,134
2,380418,878
2,390326,977
2,400235,686
2,410164,164
2,42098,048
2,42569,430
2,43062,103
2,440 (max pain)58,739
2,45061,502
2,46075,784
2,47094,229
2,475105,372
2,480140,777
2,490252,907
2,500368,462
2,510548,698
2,520732,733
2,525828,336
2,5401,129,833
2,5501,335,097
2,5701,772,140
2,6002,446,646
2,6503,696,485
2,7004,958,654
2,7506,272,769

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 1,285.0 ETH 2,250: calls 0.0, puts 397.4 ETH 2,300: calls 1.6, puts 1,501.2 ETH 2,340: calls 0.5, puts 509.2 ETH 2,360: calls 14.1, puts 732.4 ETH 2,380: calls 0.1, puts 472.7 ETH 2,390: calls 0.0, puts 60.9 ETH 2,400: calls 328.6, puts 1,648.3 ETH 2,410: calls 119.5, puts 421.2 ETH 2,420: calls 237.7, puts 650.2 ETH 2,425: calls 329.0, puts 3,929.2 ETH 2,430: calls 345.7, puts 783.4 ETH 2,440: calls 127.4, puts 485.2 ETH 2,450: calls 563.3, puts 588.7 ETH 2,460: calls 256.3, puts 159.9 ETH 2,470: calls 203.2, puts 181.1 ETH 2,475: calls 4,690.2, puts 162.0 ETH 2,480: calls 4,082.8, puts 49.2 ETH 2,490: calls 339.4, puts 3.1 ETH 2,500: calls 6,385.4, puts 82.8 ETH 2,510: calls 379.9, 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 426.6, puts 0.0 ETH 2,550: calls 1,325.8, puts 0.0 ETH 2,570: calls 631.4, 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 41.8, 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 0 5K 10K 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: calls 0.0, puts 885.9 ETH 2,200: calls 0.0, puts 1,516.8 ETH 2,250: calls 0.0, puts 472.1 ETH 2,300: calls 3.7, puts 1,905.2 ETH 2,340: calls 1.0, puts 754.2 ETH 2,360: calls 28.0, puts 724.1 ETH 2,380: calls 0.2, puts 1,029.3 ETH 2,390: calls 0.2, puts 262.4 ETH 2,400: calls 432.2, puts 3,213.8 ETH 2,410: calls 181.3, puts 1,194.3 ETH 2,420: calls 461.2, puts 1,096.4 ETH 2,425: calls 826.3, puts 1,233.7 ETH 2,430: calls 782.8, puts 687.0 ETH 2,440: calls 884.1, puts 136.8 ETH 2,450: calls 1,227.6, puts 123.6 ETH 2,460: calls 625.8, puts 36.8 ETH 2,470: calls 439.6, puts 4.9 ETH 2,475: calls 1,262.5, puts 447.6 ETH 2,480: calls 525.2, puts 6.2 ETH 2,490: calls 236.3, puts 0.0 ETH 2,500: calls 3,579.3, puts 57.5 ETH 2,510: calls 388.7, puts 0.0 ETH 2,520: calls 369.1, puts 0.0 ETH 2,525: calls 433.5, puts 0.0 ETH 2,540: calls 395.0, puts 0.0 ETH 2,550: calls 1,616.5, puts 0.0 ETH 2,570: calls 832.7, puts 0.0 ETH 2,600: calls 2,418.8, puts 0.1 ETH 2,650: calls 68.9, puts 0.0 ETH 2,700: calls 1,205.2, puts 0.0 ETH 2,750: calls 9,373.1, 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)
2,1500885.90
2,20001,516.81
2,2500472.08
2,3003.701,905.21
2,3401754.20
2,36028724.10
2,3800.201,029.30
2,3900.20262.40
2,400432.233,213.78
2,410181.301,194.30
2,420461.201,096.40
2,425826.291,233.69
2,430782.80687
2,440884.10136.80
2,4501,227.60123.60
2,460625.8036.80
2,470439.604.90
2,4751,262.46447.57
2,480525.206.20
2,490236.300
2,5003,579.3357.47
2,510388.700
2,520369.100
2,525433.460.01
2,5403950
2,5501,616.490
2,570832.700
2,6002,418.780.10
2,65068.900
2,7001,205.160
2,7509,373.100

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 1,112.1 ETH 2,250: calls 0.0, puts 389.0 ETH 2,300: calls 1.6, puts 632.5 ETH 2,340: calls 0.5, puts 220.8 ETH 2,360: calls 14.0, puts 261.1 ETH 2,380: calls 0.1, puts 294.2 ETH 2,390: calls 0.0, puts 60.9 ETH 2,400: calls 328.4, puts 749.2 ETH 2,410: calls 119.5, puts 279.8 ETH 2,420: calls 237.7, puts 153.5 ETH 2,425: calls 329.0, puts 127.6 ETH 2,430: calls 345.6, puts 65.2 ETH 2,440: calls 126.8, puts -8.6 ETH 2,450: calls 439.8, puts -8.5 ETH 2,460: calls -274.2, puts -40.3 ETH 2,470: calls 73.4, puts -26.6 ETH 2,475: calls 188.1, puts -9.9 ETH 2,480: calls 63.9, puts 0.0 ETH 2,490: calls 32.0, puts 0.0 ETH 2,500: calls 809.9, puts 15.6 ETH 2,510: calls 310.4, 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 231.8, puts 0.0 ETH 2,550: calls 1,144.7, puts 0.0 ETH 2,570: calls 174.3, 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 -364.2, 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
2,20001,112.06
2,2500388.97
2,3001.59632.48
2,3400.50220.80
2,36014261.10
2,3800.10294.20
2,390060.90
2,400328.36749.17
2,410119.50279.80
2,420237.70153.50
2,425328.99127.57
2,430345.6065.20
2,440126.80-8.60
2,450439.80-8.50
2,460-274.20-40.30
2,47073.40-26.60
2,475188.06-9.87
2,48063.900
2,490320
2,500809.9415.63
2,510310.400
2,5204570
2,525100.230
2,540231.800
2,5501,144.710
2,570174.300
2,600986.910.10
2,65071.100
2,700673.320
2,750-364.200

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 $75.48M, puts $58.37M18 Oct Mon 19 Oct 2026: calls $63.48M, puts $35.77M Tue 20 Oct 2026: calls $3.63M, puts $4.75M20 Oct Fri 23 Oct 2026: calls $84.44M, puts $70.87M Fri 30 Oct 2026: calls $201.65M, puts $178.50M30 Oct Fri 6 Nov 2026: calls $84.62M, puts $46.60M Fri 27 Nov 2026: calls $66.28M, puts $40.25M27 Nov Fri 25 Dec 2026: calls $230.30M, puts $77.24M Fri 26 Mar 2027: calls $25.72M, puts $11.95M26 Mar Fri 25 Jun 2027: calls $5.27M, puts $3.54M Fri 24 Sep 2027: calls $427K, puts $316K24 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$133.85M$2,4250.770.68
Mon 19 Oct daily$99.26M$2,4400.560.55
Tue 20 Oct daily$8.39M$2,4501.311.24
Fri 23 Oct weekly$155.31M$2,5000.840.90
Fri 30 Oct monthly$380.15M$2,5000.891.01
Fri 6 Nov weekly$131.22M$2,5000.550.77
Fri 27 Nov monthly$106.53M$2,6000.611.05
Fri 25 Dec quarterly$307.54M$2,4000.340.51
Fri 26 Mar 2027 quarterly$37.67M$2,3000.460.63
Fri 25 Jun 2027 quarterly$8.81M$2,4000.670.18
Fri 24 Sep 2027 quarterly$743K$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.