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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.

$7.55M of ETH options on Bybit and Binance expire Tue 20 Oct at 08:00 UTC; max pain is $2,440, 1.1% above spot ($2,414.6). 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 15:40 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 Tue 20 Oct 2026, 08:00 UTC

daily · in 2d 16h
Max pain Bybit + Binance
$2,440
1.1% above spotindex $2,414.6
Max pain by exchange
Bybit $2,430Binance $2,450
Notional expiring
$7.55M
calls 1,156.5 ETHputs 1,969.1 ETH
Put/call ratio
1.70
open interest24h volume 1.64

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

Max pain curve, Tue 20 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 $100K $200K $300K $400K $500K 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 Tue 20 Oct expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
2,150403,624
2,200310,313
2,250221,285
2,300132,521
2,34074,071
2,35061,681
2,36049,753
2,37532,082
2,38027,373
2,4009,700
2,4107,849
2,4206,833
2,4305,892
2,440 (max pain)5,781
2,4505,883
2,47012,116
2,47513,694
2,49018,582
2,50022,091
2,51026,781
2,52031,773
2,55048,661
2,60081,011
2,650126,359
2,700172,001

Open interest by strike, Tue 20 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
800 600 400 200 0 200 400 2.15K 2.34K 2.38K 2.43K 2.48K 2.52K 2.7K 2,150: calls 0.0, puts 102.9 ETH 2,200: calls 0.0, puts 85.7 ETH 2,250: calls 0.0, puts 5.3 ETH 2,300: calls 0.0, puts 314.0 ETH 2,340: calls 17.1, puts 205.1 ETH 2,350: calls 0.0, puts 46.2 ETH 2,360: calls 0.0, puts 14.8 ETH 2,375: calls 0.0, puts 236.3 ETH 2,380: calls 0.9, puts 57.2 ETH 2,400: calls 0.1, puts 698.5 ETH 2,410: calls 78.0, puts 5.5 ETH 2,420: calls 5.7, puts 1.8 ETH 2,430: calls 19.9, puts 63.0 ETH 2,440: calls 19.5, puts 1.9 ETH 2,450: calls 170.9, puts 130.5 ETH 2,470: calls 4.0, puts 0.0 ETH 2,475: calls 10.2, puts 0.0 ETH 2,490: calls 25.1, puts 0.0 ETH 2,500: calls 118.1, puts 0.0 ETH 2,510: calls 30.2, puts 0.0 ETH 2,520: calls 63.7, puts 0.0 ETH 2,550: calls 83.6, puts 0.5 ETH 2,600: calls 259.9, puts 0.0 ETH 2,650: calls 5.9, puts 0.0 ETH 2,700: calls 243.6, puts 0.0 ETH

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

24h volume by strike, Tue 20 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
1K 750 500 250 0 250 500 2.15K 2.34K 2.38K 2.43K 2.48K 2.52K 2.7K 2,150: calls 0.0, puts 205.8 ETH 2,200: calls 0.0, puts 87.0 ETH 2,250: calls 0.0, puts 7.3 ETH 2,300: calls 0.0, puts 333.5 ETH 2,340: calls 17.1, puts 205.4 ETH 2,350: calls 0.0, puts 59.1 ETH 2,360: calls 0.0, puts 14.8 ETH 2,375: calls 0.0, puts 285.5 ETH 2,380: calls 0.9, puts 109.6 ETH 2,400: calls 1.4, puts 803.2 ETH 2,410: calls 78.2, puts 5.6 ETH 2,420: calls 9.1, puts 2.8 ETH 2,430: calls 22.4, puts 75.0 ETH 2,440: calls 39.9, puts 2.7 ETH 2,450: calls 208.8, puts 133.9 ETH 2,470: calls 6.7, puts 0.0 ETH 2,475: calls 9.4, puts 0.0 ETH 2,490: calls 29.5, puts 0.0 ETH 2,500: calls 118.1, puts 0.0 ETH 2,510: calls 63.7, puts 0.0 ETH 2,520: calls 67.9, puts 0.0 ETH 2,550: calls 86.7, puts 0.5 ETH 2,600: calls 312.2, puts 0.0 ETH 2,650: calls 5.9, puts 0.0 ETH 2,700: calls 343.9, 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)
2,1500205.80
2,200086.95
2,25007.30
2,3000333.49
2,34017.10205.40
2,350059.09
2,360014.80
2,3750285.54
2,3800.90109.60
2,4001.40803.25
2,41078.205.60
2,4209.102.80
2,43022.4075
2,44039.902.70
2,450208.83133.89
2,4706.700
2,4759.380
2,49029.500
2,500118.070
2,51063.700
2,52067.900
2,55086.700.50
2,600312.240
2,6505.900
2,700343.870

Open interest change by strike, Tue 20 Oct

How to read open interest changes

Bybit: expiry listed after 2026-10-16 15:45 UTC.

Binance: expiry listed after 2026-10-16 15:45 UTC.

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 $73.65M, puts $58.28M18 Oct Mon 19 Oct 2026: calls $63.50M, puts $35.75M Tue 20 Oct 2026: calls $2.79M, puts $4.75M20 Oct Fri 23 Oct 2026: calls $84.43M, puts $70.95M Fri 30 Oct 2026: calls $201.93M, puts $178.73M30 Oct Fri 6 Nov 2026: calls $84.73M, puts $46.66M Fri 27 Nov 2026: calls $66.36M, puts $40.30M27 Nov Fri 25 Dec 2026: calls $230.58M, puts $77.33M Fri 26 Mar 2027: calls $25.75M, puts $11.96M26 Mar Fri 25 Jun 2027: calls $5.27M, puts $3.55M Fri 24 Sep 2027: calls $428K, 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$131.93M$2,4250.790.69
Mon 19 Oct daily$99.25M$2,4400.560.55
Tue 20 Oct daily$7.55M$2,4401.701.64
Fri 23 Oct weekly$155.38M$2,5000.840.91
Fri 30 Oct monthly$380.65M$2,5000.891.00
Fri 6 Nov weekly$131.39M$2,5000.550.77
Fri 27 Nov monthly$106.66M$2,6000.611.05
Fri 25 Dec quarterly$307.91M$2,4000.340.51
Fri 26 Mar 2027 quarterly$37.71M$2,3000.460.63
Fri 25 Jun 2027 quarterly$8.82M$2,4000.670.18
Fri 24 Sep 2027 quarterly$744K$2,6000.740.18

Max pain history, Tue 20 Oct expiry

hourly, last 30 days
  • Max pain 2,450
2,420 2,430 2,440 2,450 2,460 12:00

Put/call OI history, Tue 20 Oct expiry

hourly, last 30 days · dashed line = 1.0
  • Put/call OI 1.89
0.50 1.00 1.50 2.00 2.50 12:00
Put/call OI history table
Time (UTC)P/C OI
2026-10-17 09:000.94
2026-10-17 10:001.25
2026-10-17 11:001.17
2026-10-17 12:001.40
2026-10-17 13:002.28
2026-10-17 14:002.18
2026-10-17 15:001.89

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.