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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.

$155.38M of ETH options on Bybit and Binance expire Fri 23 Oct at 08:00 UTC; max pain is $2,500, 3.5% above spot ($2,414.5). 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 Fri 23 Oct 2026, 08:00 UTC

weekly · in 5d 16h · default: Next Friday expiry with ≥ $10M open interest
Max pain Bybit + Binance
$2,500
3.5% above spotindex $2,414.5
Max pain by exchange
Bybit $2,500Binance $2,500
Notional expiring
$155.38M
calls 34,966.8 ETHputs 29,386.1 ETH
Put/call ratio
0.84
open interest24h volume 0.91

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

Max pain curve, Fri 23 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 $5M $10M $15M $20M $25M 2K 2.25K 2.5K 2.75K 3K 3.25K
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 Fri 23 Oct expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
1,90012,937,698
2,00010,136,109
2,0508,804,321
2,1007,475,966
2,1506,296,919
2,2005,128,052
2,2254,591,311
2,2504,059,555
2,2753,563,091
2,3003,080,189
2,3252,660,929
2,3502,286,476
2,3751,952,744
2,4001,664,261
2,4251,456,880
2,4501,285,884
2,4751,198,709
2,500 (max pain)1,153,278
2,5251,213,552
2,5501,337,411
2,5751,540,944
2,6001,775,637
2,6252,135,439
2,6502,518,660
2,7003,421,244
2,7504,492,527
2,8005,677,015
2,8506,948,353
2,9008,281,838
2,9509,695,853
3,00011,138,272
3,10014,154,338
3,20017,199,304
3,30020,542,246
3,40023,930,658

Open interest by strike, Fri 23 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
4K 2K 0 2K 4K 1.9K 2.2K 2.33K 2.45K 2.58K 2.75K 3K 1,900: calls 0.1, puts 1,370.1 ETH 2,000: calls 6.2, puts 1,373.9 ETH 2,050: calls 0.0, puts 68.7 ETH 2,100: calls 20.2, puts 2,966.0 ETH 2,150: calls 0.0, puts 203.6 ETH 2,200: calls 30.2, puts 1,877.4 ETH 2,225: calls 0.0, puts 199.4 ETH 2,250: calls 0.5, puts 1,411.1 ETH 2,275: calls 0.0, puts 542.5 ETH 2,300: calls 65.8, puts 2,479.9 ETH 2,325: calls 128.7, puts 1,663.6 ETH 2,350: calls 242.7, puts 1,386.2 ETH 2,375: calls 679.0, puts 1,130.9 ETH 2,400: calls 713.1, puts 2,530.9 ETH 2,425: calls 812.6, puts 642.8 ETH 2,450: calls 1,534.4, puts 1,818.4 ETH 2,475: calls 1,291.6, puts 378.2 ETH 2,500: calls 2,769.4, puts 1,458.8 ETH 2,525: calls 2,093.7, puts 449.8 ETH 2,550: calls 1,907.5, puts 1,279.5 ETH 2,575: calls 1,109.2, puts 137.3 ETH 2,600: calls 3,274.9, puts 1,729.4 ETH 2,625: calls 919.9, puts 16.9 ETH 2,650: calls 1,900.2, puts 822.6 ETH 2,700: calls 2,585.9, puts 788.0 ETH 2,750: calls 1,860.6, puts 403.5 ETH 2,800: calls 1,570.2, puts 166.8 ETH 2,850: calls 1,194.6, puts 48.3 ETH 2,900: calls 1,595.5, puts 15.1 ETH 2,950: calls 566.0, puts 2.1 ETH 3,000: calls 1,308.3, puts 4.0 ETH 3,100: calls 289.0, puts 0.0 ETH 3,200: calls 2,979.8, puts 0.0 ETH 3,300: calls 434.7, puts 20.0 ETH 3,400: calls 1,082.4, puts 0.2 ETH

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

24h volume by strike, Fri 23 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
2K 1K 0 1K 2K 1.9K 2.2K 2.33K 2.45K 2.58K 2.75K 3K 1,900: calls 0.0, puts 1,033.5 ETH 2,000: calls 1.6, puts 121.2 ETH 2,050: calls 0.0, puts 64.5 ETH 2,100: calls 0.2, puts 786.2 ETH 2,150: calls 0.0, puts 15.9 ETH 2,200: calls 0.1, puts 627.5 ETH 2,225: calls 0.0, puts 79.2 ETH 2,250: calls 1.0, puts 461.1 ETH 2,275: calls 0.0, puts 383.0 ETH 2,300: calls 3.3, puts 1,604.0 ETH 2,325: calls 101.6, puts 709.7 ETH 2,350: calls 209.5, puts 756.0 ETH 2,375: calls 185.3, puts 477.1 ETH 2,400: calls 243.2, puts 1,082.1 ETH 2,425: calls 614.0, puts 727.4 ETH 2,450: calls 1,356.5, puts 605.3 ETH 2,475: calls 922.0, puts 299.3 ETH 2,500: calls 1,504.9, puts 98.2 ETH 2,525: calls 771.1, puts 0.5 ETH 2,550: calls 719.0, puts 0.8 ETH 2,575: calls 261.3, puts 0.0 ETH 2,600: calls 488.3, puts 3.5 ETH 2,625: calls 153.3, puts 0.5 ETH 2,650: calls 161.6, puts 1.4 ETH 2,700: calls 252.3, puts 21.0 ETH 2,750: calls 313.1, puts 15.0 ETH 2,800: calls 141.0, puts 30.0 ETH 2,850: calls 82.3, puts 0.1 ETH 2,900: calls 322.3, puts 15.0 ETH 2,950: calls 143.5, puts 0.0 ETH 3,000: calls 25.7, puts 0.0 ETH 3,100: calls 3.0, puts 0.0 ETH 3,200: calls 1,884.4, puts 0.0 ETH 3,300: calls 1.0, puts 0.0 ETH 3,400: calls 165.7, 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)
1,90001,033.50
2,0001.63121.25
2,050064.52
2,1000.22786.16
2,1500.0215.90
2,2000.10627.50
2,2250.0179.16
2,2501.01461.09
2,2750.01382.95
2,3003.271,604.02
2,325101.57709.65
2,350209.47756
2,375185.28477.10
2,400243.181,082.13
2,425614.05727.39
2,4501,356.53605.28
2,475921.97299.27
2,5001,504.9398.21
2,525771.100.50
2,550719.040.80
2,575261.310
2,600488.303.47
2,625153.260.50
2,650161.641.41
2,700252.3221
2,750313.1115
2,800141.0230
2,85082.280.05
2,900322.2615
2,950143.500
3,00025.680
3,10030
3,2001,884.440
3,30010
3,400165.730

Open interest change by strike, Fri 23 Oct

ETH · 24h change · calls signed, puts mirrored · stacked by exchange · How to read open interest changes
  • Bybit
  • Binance
  • Index price
1K 500 0 500 1K 1.5K 2K 1.9K 2.2K 2.33K 2.45K 2.58K 2.75K 3K 1,900: calls 0.0, puts 517.7 ETH 2,000: calls 0.0, puts 69.7 ETH 2,050: calls 0.0, puts 25.2 ETH 2,100: calls 0.0, puts 285.7 ETH 2,150: calls 0.0, puts 2.0 ETH 2,200: calls 0.1, puts 237.1 ETH 2,225: calls 0.0, puts 61.8 ETH 2,250: calls 0.0, puts 31.0 ETH 2,275: calls 0.0, puts 27.2 ETH 2,300: calls 1.1, puts 662.1 ETH 2,325: calls 0.4, puts 702.3 ETH 2,350: calls 0.0, puts 269.7 ETH 2,375: calls 144.2, puts -41.4 ETH 2,400: calls 2.8, puts 34.9 ETH 2,425: calls 383.4, puts 286.1 ETH 2,450: calls 496.4, puts -124.9 ETH 2,475: calls 529.9, puts 53.5 ETH 2,500: calls 650.5, puts 12.2 ETH 2,525: calls 586.6, puts 0.0 ETH 2,550: calls -18.6, puts 0.0 ETH 2,575: calls -55.4, puts 0.0 ETH 2,600: calls 108.4, puts 0.2 ETH 2,625: calls 111.2, puts 0.0 ETH 2,650: calls -9.2, puts 0.0 ETH 2,700: calls 122.0, puts -1.0 ETH 2,750: calls -42.7, puts -15.0 ETH 2,800: calls 64.8, puts 0.0 ETH 2,850: calls -43.7, puts 0.0 ETH 2,900: calls 96.9, puts 0.0 ETH 2,950: calls 116.8, puts 0.0 ETH 3,000: calls 15.4, puts 0.0 ETH 3,100: calls 1.0, puts 0.0 ETH 3,200: calls 1,607.5, puts 0.0 ETH 3,300: calls 0.0, puts 0.0 ETH 3,400: calls 10.0, 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)
1,9000517.70
2,0000.0169.75
2,050025.22
2,1000285.73
2,15002.04
2,2000.10237.06
2,225061.81
2,250030.97
2,275027.18
2,3001.10662.12
2,3250.40702.33
2,3500269.70
2,375144.15-41.45
2,4002.8234.86
2,425383.41286.08
2,450496.36-124.90
2,475529.9053.46
2,500650.4712.22
2,525586.570
2,550-18.630
2,575-55.370
2,600108.420.20
2,625111.200
2,650-9.160
2,700121.98-1
2,750-42.70-15
2,80064.810
2,850-43.700
2,90096.940
2,950116.800
3,00015.360
3,10010
3,2001,607.530
3,30000
3,400100

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, Fri 23 Oct expiry

hourly, last 30 days
  • Max pain 2,500
2,400 2,500 2,600 2,700 2,800 2,900 4 Oct 7 Oct 10 Oct 13 Oct 16 Oct

Put/call OI history, Fri 23 Oct expiry

hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.84
0.00 5.00 10.00 15.00 4 Oct 7 Oct 10 Oct 13 Oct 16 Oct
Put/call OI history table
Time (UTC)P/C OI
2026-10-01 10:0010.52
2026-10-01 13:009.38
2026-10-01 16:003.20
2026-10-01 19:002.30
2026-10-01 22:002.93
2026-10-02 01:003.20
2026-10-02 04:002.28
2026-10-02 07:002.34
2026-10-02 10:002.57
2026-10-02 13:001.95
2026-10-02 16:001.24
2026-10-02 19:001.04
2026-10-02 22:001.09
2026-10-03 01:001.20
2026-10-03 04:001.24
2026-10-03 07:001.19
2026-10-03 10:001.05
2026-10-03 13:001.04
2026-10-03 16:001.02
2026-10-03 19:001.01
2026-10-03 22:001.00
2026-10-04 01:000.96
2026-10-04 04:000.98
2026-10-04 07:000.98
2026-10-04 10:000.99
2026-10-04 13:001.00
2026-10-04 16:000.98
2026-10-04 19:000.98
2026-10-04 22:000.97
2026-10-05 01:001.00
2026-10-05 04:000.98
2026-10-05 07:000.92
2026-10-05 10:000.82
2026-10-05 13:000.85
2026-10-05 16:000.88
2026-10-05 19:001.00
2026-10-05 22:001.02
2026-10-06 01:001.06
2026-10-06 04:001.09
2026-10-06 07:001.13
2026-10-06 10:001.22
2026-10-06 13:001.20
2026-10-06 16:001.19
2026-10-06 19:001.20
2026-10-06 22:001.20
2026-10-07 01:001.19
2026-10-07 04:001.11
2026-10-07 07:001.17
2026-10-07 10:001.13
2026-10-07 13:001.15
2026-10-07 16:001.15
2026-10-07 19:001.02
2026-10-09 01:000.83
2026-10-09 04:000.82
2026-10-09 07:000.83
2026-10-09 10:000.78
2026-10-09 13:000.80
2026-10-09 16:000.81
2026-10-09 19:000.82
2026-10-09 22:000.81
2026-10-10 01:000.81
2026-10-10 04:000.80
2026-10-10 07:000.81
2026-10-10 10:000.79
2026-10-10 13:000.79
2026-10-10 16:000.80
2026-10-10 19:000.80
2026-10-10 22:000.84
2026-10-11 01:000.84
2026-10-11 04:000.84
2026-10-11 07:000.84
2026-10-11 10:000.84
2026-10-11 13:000.84
2026-10-11 16:000.89
2026-10-11 19:000.92
2026-10-11 22:000.93
2026-10-12 01:000.93
2026-10-12 04:000.94
2026-10-12 07:000.97
2026-10-12 10:000.97
2026-10-12 13:000.98
2026-10-12 16:001.00
2026-10-12 19:000.94
2026-10-12 22:000.94
2026-10-13 01:000.92
2026-10-13 04:000.92
2026-10-13 07:000.99
2026-10-13 10:001.00
2026-10-13 13:000.99
2026-10-13 16:001.01
2026-10-13 19:001.00
2026-10-13 22:001.00
2026-10-14 01:001.01
2026-10-14 04:001.04
2026-10-14 07:001.05
2026-10-14 10:001.09
2026-10-14 13:001.03
2026-10-14 16:000.96
2026-10-14 19:000.94
2026-10-14 22:000.94
2026-10-15 01:000.92
2026-10-15 04:000.85
2026-10-15 07:000.85
2026-10-15 10:000.82
2026-10-15 13:000.86
2026-10-15 16:000.89
2026-10-15 19:000.87
2026-10-15 22:000.86
2026-10-16 01:000.89
2026-10-16 04:000.87
2026-10-16 07:000.88
2026-10-16 10:000.89
2026-10-16 13:000.88
2026-10-16 16:000.87
2026-10-16 19:000.84
2026-10-16 22:000.87
2026-10-17 01:000.86
2026-10-17 04:000.86
2026-10-17 07:000.86
2026-10-17 10:000.87
2026-10-17 13:000.84
2026-10-17 15:000.84

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.