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Ethereum (ETH) options max pain and open interest

ETH expiry 24 Sep 2027 08:00 UTC: max pain is $2,000; expiring notional $3.61M; selected-expiry P/C OI 0.47. Bybit and Binance only. Positioning, not a price prediction.

12 expiriesSource: Bybit and Binance public APIs

ETH snapshot: (oldest included observation).

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.

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ETH options expiring Fri 24 Sep 2027, 08:00 UTC

quarterly · in 314d 4h
Max pain Bybit + Binance
$2,000
5.8% above spotindex $1,889.8
Max pain by exchange
Bybit $2,000Binance $2,400
Notional expiring
$3.61M
calls 1,300.6 ETHputs 607.4 ETH
Put/call ratio
0.47
open interest24h volume 0.26

Next expiry (daily) in 4h 18m. Sat 14 Nov, 08:00 UTC · notional $217.12M · max pain $1,950 · put/call (OI) 0.79.

Since 24h ago: max pain 2,200 → 2,000, put/call OI 0.43 → 0.47, notional $3.54M → $3.61M.

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 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 1K 1.5K 2K 2.5K
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 24 Sep 2027 expiry: total option-holder payout by settlement strike
Strike (USD)Payout to holders (USD)
1,000307,463
1,400183,803
1,500152,888
1,600127,680
1,700106,413
1,80085,146
1,90073,884
2,000 (max pain)62,831
2,10066,011
2,20069,772
2,30077,384
2,40085,173
2,50098,924
2,600114,068
2,700133,742
2,800153,704

Open interest by strike, Fri 24 Sep 2027

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
300 200 100 0 100 200 1K 1.6K 1.9K 2.1K 2.3K 2.5K 2.7K 1,000: calls 2.4, puts 290.2 ETH 1,500: calls 18.1, puts 38.9 ETH 1,600: calls 0.1, puts 39.3 ETH 1,800: calls 2.3, puts 97.7 ETH 1,900: calls 2.1, puts 0.0 ETH 2,000: calls 105.5, puts 36.8 ETH 2,100: calls 5.8, puts 0.0 ETH 2,200: calls 7.6, puts 30.9 ETH 2,300: calls 1.8, puts 0.0 ETH 2,400: calls 26.1, puts 33.5 ETH 2,500: calls 3.9, puts 10.0 ETH 2,600: calls 34.3, puts 11.0 ETH 2,700: calls 2.9, puts 0.0 ETH 2,800: calls 31.6, puts 0.0 ETH

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

Chart and table show 14 of 35 source strikes, $1,000–$2,800. Select strikes within ±50% of the index price, then the 60 closest if capped. 14 eligible before the cap; 21 omitted (21 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.

ETH 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 ETH; the chart mirrors puts below the line.

ETH open interest by strike for the Fri 24 Sep 2027 expiry, 08:00 UTC
Strike (USD)Calls (ETH)Puts (ETH)
1,0002.4300290.2000
1,50018.140038.9300
1,6000.100039.3100
1,8002.310097.7400
1,9002.09000
2,000 (max pain)105.530036.8000
2,1005.81000
2,2007.610030.9000
2,3001.77000
2,40026.120033.5000
2,5003.930010
2,60034.300011
2,7002.88000
2,80031.57000

24h volume by strike, Fri 24 Sep 2027

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
100 50 0 50 100 150 1K 1.6K 1.9K 2.1K 2.3K 2.5K 2.7K 1,000: calls 0.2, puts 0.4 ETH 1,500: calls 1.1, puts 3.9 ETH 1,600: calls 4.5, puts 0.0 ETH 1,800: calls 9.0, puts 50.6 ETH 1,900: calls 2.1, puts 0.0 ETH 2,000: calls 123.0, puts 0.0 ETH 2,100: calls 5.7, puts 0.0 ETH 2,200: calls 1.4, puts 2.0 ETH 2,300: calls 0.2, puts 0.0 ETH 2,400: calls 1.6, puts 11.0 ETH 2,500: calls 0.1, puts 10.0 ETH 2,600: calls 3.4, puts 10.0 ETH 2,700: calls 2.9, puts 0.0 ETH 2,800: calls 1.8, puts 0.0 ETH

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

Chart and table show 14 of 35 source strikes, $1,000–$2,800. Select strikes within ±50% of the index price, then the 60 closest if capped. 14 eligible before the cap; 21 omitted (21 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 (ETH)Puts (ETH)
1,0000.200.40
1,5001.113.93
1,6004.500.01
1,800950.63
1,9002.090
2,000123.030
2,1005.710
2,2001.402
2,3000.200
2,4001.6111
2,5000.1010
2,6003.4010
2,7002.850
2,8001.780

Open interest change by strike, Fri 24 Sep 2027

ETH · 24h change · calls signed, puts mirrored · stacked by exchange · How to read open interest changes
  • Bybit
  • Binance
  • Index price
75 50 25 0 25 50 75 1K 1.5K 1.7K 1.9K 2.1K 2.3K 2.5K 2.7K 1,000: calls 0.2, puts 0.4 ETH 1,400: calls 0.0, puts 0.0 ETH 1,500: calls 1.1, puts 1.0 ETH 1,600: calls 0.1, puts 0.0 ETH 1,700: calls 0.0, puts 0.0 ETH 1,800: calls 1.0, puts 50.5 ETH 1,900: calls 2.1, puts 0.0 ETH 2,000: calls 52.4, puts 0.0 ETH 2,100: calls 5.7, puts 0.0 ETH 2,200: calls 1.2, puts 1.0 ETH 2,300: calls 0.1, puts 0.0 ETH 2,400: calls 0.2, puts 1.0 ETH 2,500: calls 0.2, puts 0.0 ETH 2,600: calls 3.4, puts 0.0 ETH 2,700: calls 2.9, puts 0.0 ETH 2,800: calls 1.5, 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 2026-11-13 03:00 UTC; Binance 2026-11-13 03:00 UTC

Open interest change by strike table
Strike (USD)Call change (ETH)Put change (ETH)
500.0000
1,0000.200.40
1,40000
1,5001.101.00
1,6000.100.01
1,70000
1,800150.50
1,9002.090
2,00052.430
2,1005.710
2,2001.201
2,3000.100
2,4000.201
2,5000.200
2,6003.400
2,7002.850
2,8001.480
2,9000.100
3,0002.150
3,10000
3,2000.600
3,3000.200
3,40000
3,60000
3,80000
3,90000
4,000420
4,10000
4,20000
4,40000
4,6000.000
4,80000
4,90000
5,40000
5,5004.800
6,000-100.450
6,50000
7,00050

Open interest by expiry

USD notional · calls above the line, puts below
  • Calls
  • Puts
$200M $100M $0 $100M $200M $300M Sat 14 Nov 2026: calls $121.58M, puts $95.54M14 Nov Sun 15 Nov 2026: calls $59.02M, puts $30.08M Mon 16 Nov 2026: calls $52.86M, puts $15.80M16 Nov Fri 20 Nov 2026: calls $100.05M, puts $73.51M Fri 27 Nov 2026: calls $235.09M, puts $98.97M27 Nov Fri 4 Dec 2026: calls $16.64M, puts $20.37M Fri 25 Dec 2026: calls $284.61M, puts $116.51M25 Dec Fri 29 Jan 2027: calls $25.14M, puts $19.14M Fri 26 Mar 2027: calls $35.71M, puts $27.40M26 Mar Fri 25 Jun 2027: calls $6.42M, puts $3.26M Fri 24 Sep 2027: calls $2.46M, puts $1.15M24 Sep

24h volume by expiry

USD notional traded · calls above the line, puts below
  • Calls
  • Puts
$400M $200M $0 $200M $400M Sat 14 Nov 2026: calls $325.41M, puts $263.49M14 Nov Sun 15 Nov 2026: calls $127.43M, puts $63.49M Mon 16 Nov 2026: calls $98.10M, puts $40.55M16 Nov Tue 17 Nov 2026: calls $0, puts $0 Fri 20 Nov 2026: calls $92.25M, puts $52.65M20 Nov Fri 27 Nov 2026: calls $64.61M, puts $29.32M Fri 4 Dec 2026: calls $17.74M, puts $26.70M4 Dec Fri 25 Dec 2026: calls $22.95M, puts $18.65M Fri 29 Jan 2027: calls $9.22M, puts $9.76M29 Jan Fri 26 Mar 2027: calls $10.03M, puts $9.25M Fri 25 Jun 2027: calls $670K, puts $36K25 Jun Fri 24 Sep 2027: calls $668K, puts $173K
24h volume by expiry table
ExpiryCalls (USD)Puts (USD)Total (USD)
Sat 14 Nov 2026$325.41M$263.49M$588.90M
Sun 15 Nov 2026$127.43M$63.49M$190.92M
Mon 16 Nov 2026$98.10M$40.55M$138.65M
Tue 17 Nov 2026$0$0$0
Fri 20 Nov 2026$92.25M$52.65M$144.90M
Fri 27 Nov 2026$64.61M$29.32M$93.92M
Fri 4 Dec 2026$17.74M$26.70M$44.44M
Fri 25 Dec 2026$22.95M$18.65M$41.60M
Fri 29 Jan 2027$9.22M$9.76M$18.98M
Fri 26 Mar 2027$10.03M$9.25M$19.29M
Fri 25 Jun 2027$670K$36K$707K
Fri 24 Sep 2027$668K$173K$841K

Each instrument's rolling 24h volume in ETH times its forward price. Includes recorded volume when open interest is incomplete; missing forward prices are unavailable, not zero.

ETH options open interest history

USD notional, all expiries · end of each UTC day · stacked by exchange · last 90 days
  • Bybit
  • Binance
$0 $500M $1B $1.5B $2B 29 Sep 7 Oct 15 Oct 23 Oct 31 Oct 8 Nov Tue 29 Sep 2026: $1.32B (Bybit $754.29M, Binance $569.23M) Wed 30 Sep 2026: $1.46B (Bybit $785.22M, Binance $672.14M) Thu 1 Oct 2026: $1.52B (Bybit $877.34M, Binance $645.75M) Fri 2 Oct 2026: $1.54B (Bybit $874.37M, Binance $666.94M) Sat 3 Oct 2026: $1.49B (Bybit $851.82M, Binance $637.35M) Sun 4 Oct 2026: $1.46B (Bybit $837.31M, Binance $620.76M) Mon 5 Oct 2026: $1.57B (Bybit $868.92M, Binance $699.23M) Tue 6 Oct 2026: $1.61B (Bybit $917.93M, Binance $696.14M) Wed 7 Oct 2026: $1.66B (Bybit $927.80M, Binance $730.35M) Fri 9 Oct 2026: $1.47B (Bybit $805.11M, Binance $660.82M) Sat 10 Oct 2026: $1.34B (Bybit $753.45M, Binance $587.97M) Sun 11 Oct 2026: $1.33B (Bybit $734.73M, Binance $598.42M) Mon 12 Oct 2026: $1.39B (Bybit $754.69M, Binance $633.47M) Tue 13 Oct 2026: $1.42B (Bybit $786.16M, Binance $637.81M) Wed 14 Oct 2026: $1.48B (Bybit $800.25M, Binance $679.56M) Thu 15 Oct 2026: $1.66B (Bybit $921.48M, Binance $735.25M) Fri 16 Oct 2026: $1.54B (Bybit $879.59M, Binance $661.53M) Sat 17 Oct 2026: $1.42B (Bybit $824.53M, Binance $591.64M) Sun 18 Oct 2026: $1.47B (Bybit $857.26M, Binance $617.17M) Mon 19 Oct 2026: $1.53B (Bybit $839.57M, Binance $686.77M) Tue 20 Oct 2026: $1.63B (Bybit $895.29M, Binance $738.15M) Wed 21 Oct 2026: $1.71B (Bybit $926.63M, Binance $783.49M) Thu 22 Oct 2026: $1.70B (Bybit $913.97M, Binance $783.49M) Fri 23 Oct 2026: $1.54B (Bybit $862.31M, Binance $674.23M) Sat 24 Oct 2026: $1.50B (Bybit $828.22M, Binance $671.59M) Sun 25 Oct 2026: $1.47B (Bybit $802.13M, Binance $668.38M) Mon 26 Oct 2026: $1.45B (Bybit $816.58M, Binance $632.96M) Tue 27 Oct 2026: $1.55B (Bybit $868.81M, Binance $677.18M) Wed 28 Oct 2026: $1.61B (Bybit $888.93M, Binance $718.79M) Thu 29 Oct 2026: $1.70B (Bybit $934.27M, Binance $768.52M) Fri 30 Oct 2026: $1.54B (Bybit $862.17M, Binance $681.90M) Sat 31 Oct 2026: $1.44B (Bybit $801.53M, Binance $637.31M) Sun 1 Nov 2026: $1.35B (Bybit $763.20M, Binance $586.59M) Mon 2 Nov 2026: $1.39B (Bybit $782.32M, Binance $607.81M) Tue 3 Nov 2026: $1.39B (Bybit $785.33M, Binance $605.64M) Wed 4 Nov 2026: $1.65B (Bybit $914.29M, Binance $738.46M) Thu 5 Nov 2026: $1.59B (Bybit $901.36M, Binance $689.84M) Fri 6 Nov 2026: $1.40B (Bybit $712.05M, Binance $686.95M) Sat 7 Nov 2026: $1.30B (Bybit $657.90M, Binance $640.38M) Sun 8 Nov 2026: $1.26B (Bybit $680.29M, Binance $579.37M) Mon 9 Nov 2026: $1.38B (Bybit $737.90M, Binance $638.53M) Tue 10 Nov 2026: $1.41B (Bybit $782.03M, Binance $630.97M) Wed 11 Nov 2026: $1.46B (Bybit $789.20M, Binance $673.56M) Thu 12 Nov 2026: $1.47B (Bybit $807.57M, Binance $658.90M) Fri 13 Nov 2026: $1.43B (Bybit $774.95M, Binance $654.75M) Sat 14 Nov 2026: $1.44B (Bybit $787.98M, Binance $653.48M)

1 of 47 days is left blank: an exchange's open interest was missing or incomplete that day, so the total would be understated.

ETH options open interest by exchange table
Day (UTC)BybitBinanceTotal
2026-11-14$787.98M$653.48M$1.44B
2026-11-13$774.95M$654.75M$1.43B
2026-11-12$807.57M$658.90M$1.47B
2026-11-11$789.20M$673.56M$1.46B
2026-11-10$782.03M$630.97M$1.41B
2026-11-09$737.90M$638.53M$1.38B
2026-11-08$680.29M$579.37M$1.26B
2026-11-07$657.90M$640.38M$1.30B
2026-11-06$712.05M$686.95M$1.40B
2026-11-05$901.36M$689.84M$1.59B
2026-11-04$914.29M$738.46M$1.65B
2026-11-03$785.33M$605.64M$1.39B
2026-11-02$782.32M$607.81M$1.39B
2026-11-01$763.20M$586.59M$1.35B
2026-10-31$801.53M$637.31M$1.44B
2026-10-30$862.17M$681.90M$1.54B
2026-10-29$934.27M$768.52M$1.70B
2026-10-28$888.93M$718.79M$1.61B
2026-10-27$868.81M$677.18M$1.55B
2026-10-26$816.58M$632.96M$1.45B
2026-10-25$802.13M$668.38M$1.47B
2026-10-24$828.22M$671.59M$1.50B
2026-10-23$862.31M$674.23M$1.54B
2026-10-22$913.97M$783.49M$1.70B
2026-10-21$926.63M$783.49M$1.71B
2026-10-20$895.29M$738.15M$1.63B
2026-10-19$839.57M$686.77M$1.53B
2026-10-18$857.26M$617.17M$1.47B
2026-10-17$824.53M$591.64M$1.42B
2026-10-16$879.59M$661.53M$1.54B
2026-10-15$921.48M$735.25M$1.66B
2026-10-14$800.25M$679.56M$1.48B
2026-10-13$786.16M$637.81M$1.42B
2026-10-12$754.69M$633.47M$1.39B
2026-10-11$734.73M$598.42M$1.33B
2026-10-10$753.45M$587.97M$1.34B
2026-10-09$805.11M$660.82M$1.47B
2026-10-08———
2026-10-07$927.80M$730.35M$1.66B
2026-10-06$917.93M$696.14M$1.61B
2026-10-05$868.92M$699.23M$1.57B
2026-10-04$837.31M$620.76M$1.46B
2026-10-03$851.82M$637.35M$1.49B
2026-10-02$874.37M$666.94M$1.54B
2026-10-01$877.34M$645.75M$1.52B
2026-09-30$785.22M$672.14M$1.46B
2026-09-29$754.29M$569.23M$1.32B

Each day is the last hourly snapshot of the UTC day (left blank when that snapshot was partial); notional is open interest in ETH times the index price.

ETH options volume history

USD, 24h to 08:00 UTC each day · stacked by exchange · last 90 days
  • Bybit
  • Binance
$0 $500M $1B $1.5B $2B 29 Sep 7 Oct 15 Oct 23 Oct 31 Oct 8 Nov Tue 29 Sep 2026: $628.45M (Bybit $356.69M, Binance $271.76M) Wed 30 Sep 2026: $839.60M (Bybit $423.99M, Binance $415.62M) Thu 1 Oct 2026: $1.15B (Bybit $552.16M, Binance $599.79M) Fri 2 Oct 2026: $1.12B (Bybit $688.42M, Binance $430.30M) Sat 3 Oct 2026: $1.52B (Bybit $929.25M, Binance $595.45M) Sun 4 Oct 2026: $641.63M (Bybit $464.85M, Binance $176.77M) Mon 5 Oct 2026: $1.06B (Bybit $708.48M, Binance $349.30M) Tue 6 Oct 2026: $1.15B (Bybit $659.59M, Binance $493.60M) Wed 7 Oct 2026: $1.44B (Bybit $850.70M, Binance $593.23M) Fri 9 Oct 2026: $1.64B (Bybit $937.28M, Binance $699.79M) Sat 10 Oct 2026: $1.25B (Bybit $708.17M, Binance $542.66M) Sun 11 Oct 2026: $766.40M (Bybit $461.46M, Binance $304.94M) Mon 12 Oct 2026: $982.56M (Bybit $654.79M, Binance $327.77M) Tue 13 Oct 2026: $1.46B (Bybit $850.94M, Binance $611.62M) Wed 14 Oct 2026: $954.57M (Bybit $602.41M, Binance $352.17M) Thu 15 Oct 2026: $1.56B (Bybit $859.13M, Binance $702.30M) Fri 16 Oct 2026: $1.54B (Bybit $898.13M, Binance $644.96M) Sat 17 Oct 2026: $1.38B (Bybit $868.04M, Binance $512.90M) Sun 18 Oct 2026: $820.29M (Bybit $562.65M, Binance $257.64M) Mon 19 Oct 2026: $1.02B (Bybit $668.07M, Binance $347.74M) Tue 20 Oct 2026: $1.11B (Bybit $627.69M, Binance $486.57M) Wed 21 Oct 2026: $1.23B (Bybit $766.20M, Binance $468.12M) Thu 22 Oct 2026: $1.41B (Bybit $799.56M, Binance $611.00M) Fri 23 Oct 2026: $1.37B (Bybit $791.87M, Binance $577.76M) Sat 24 Oct 2026: $1.06B (Bybit $627.18M, Binance $427.92M) Sun 25 Oct 2026: $899.36M (Bybit $600.61M, Binance $298.75M) Mon 26 Oct 2026: $808.40M (Bybit $535.03M, Binance $273.38M) Tue 27 Oct 2026: $868.18M (Bybit $565.08M, Binance $303.09M) Wed 28 Oct 2026: $935.92M (Bybit $543.45M, Binance $392.47M) Thu 29 Oct 2026: $1.25B (Bybit $731.63M, Binance $514.13M) Fri 30 Oct 2026: $1.83B (Bybit $1.13B, Binance $693.65M) Sat 31 Oct 2026: $1.41B (Bybit $831.15M, Binance $578.60M) Sun 1 Nov 2026: $626.03M (Bybit $420.87M, Binance $205.16M) Mon 2 Nov 2026: $794.51M (Bybit $519.99M, Binance $274.52M) Tue 3 Nov 2026: $1.08B (Bybit $613.23M, Binance $467.25M) Wed 4 Nov 2026: $1.09B (Bybit $647.24M, Binance $439.33M) Thu 5 Nov 2026: $1.34B (Bybit $665.78M, Binance $677.78M) Fri 6 Nov 2026: $1.44B (Bybit $708.94M, Binance $727.51M) Sat 7 Nov 2026: $984.98M (Bybit $441.18M, Binance $543.80M) Sun 8 Nov 2026: $405.76M (Bybit $173.23M, Binance $232.53M) Mon 9 Nov 2026: $914.94M (Bybit $526.03M, Binance $388.91M) Tue 10 Nov 2026: $981.60M (Bybit $467.28M, Binance $514.32M) Wed 11 Nov 2026: $1.21B (Bybit $660.10M, Binance $546.13M) Thu 12 Nov 2026: $871.71M (Bybit $394.66M, Binance $477.05M) Fri 13 Nov 2026: $1.33B (Bybit $660.30M, Binance $672.35M)

1 of 46 days is left blank: an exchange's volume was missing or incomplete that day, so the total would be understated.

ETH options volume by exchange table
Day (UTC)BybitBinanceTotal
2026-11-13$660.30M$672.35M$1.33B
2026-11-12$394.66M$477.05M$871.71M
2026-11-11$660.10M$546.13M$1.21B
2026-11-10$467.28M$514.32M$981.60M
2026-11-09$526.03M$388.91M$914.94M
2026-11-08$173.23M$232.53M$405.76M
2026-11-07$441.18M$543.80M$984.98M
2026-11-06$708.94M$727.51M$1.44B
2026-11-05$665.78M$677.78M$1.34B
2026-11-04$647.24M$439.33M$1.09B
2026-11-03$613.23M$467.25M$1.08B
2026-11-02$519.99M$274.52M$794.51M
2026-11-01$420.87M$205.16M$626.03M
2026-10-31$831.15M$578.60M$1.41B
2026-10-30$1.13B$693.65M$1.83B
2026-10-29$731.63M$514.13M$1.25B
2026-10-28$543.45M$392.47M$935.92M
2026-10-27$565.08M$303.09M$868.18M
2026-10-26$535.03M$273.38M$808.40M
2026-10-25$600.61M$298.75M$899.36M
2026-10-24$627.18M$427.92M$1.06B
2026-10-23$791.87M$577.76M$1.37B
2026-10-22$799.56M$611.00M$1.41B
2026-10-21$766.20M$468.12M$1.23B
2026-10-20$627.69M$486.57M$1.11B
2026-10-19$668.07M$347.74M$1.02B
2026-10-18$562.65M$257.64M$820.29M
2026-10-17$868.04M$512.90M$1.38B
2026-10-16$898.13M$644.96M$1.54B
2026-10-15$859.13M$702.30M$1.56B
2026-10-14$602.41M$352.17M$954.57M
2026-10-13$850.94M$611.62M$1.46B
2026-10-12$654.79M$327.77M$982.56M
2026-10-11$461.46M$304.94M$766.40M
2026-10-10$708.17M$542.66M$1.25B
2026-10-09$937.28M$699.79M$1.64B
2026-10-08———
2026-10-07$850.70M$593.23M$1.44B
2026-10-06$659.59M$493.60M$1.15B
2026-10-05$708.48M$349.30M$1.06B
2026-10-04$464.85M$176.77M$641.63M
2026-10-03$929.25M$595.45M$1.52B
2026-10-02$688.42M$430.30M$1.12B
2026-10-01$552.16M$599.79M$1.15B
2026-09-30$423.99M$415.62M$839.60M
2026-09-29$356.69M$271.76M$628.45M

Each instrument's 24h volume in ETH 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.

ETH 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$217.12M$1,9500.79$588.90M0.81
Sun 15 Nov daily$89.09M$1,9500.51$190.92M0.50
Mon 16 Nov daily$68.66M$1,9500.30$138.65M0.41
Tue 17 Nov dailynew, no open interest yet$0—
Fri 20 Nov weekly$173.56M$2,0750.73$144.90M0.57
Fri 27 Nov monthly$334.06M$2,2500.42$93.92M0.45
Fri 4 Dec weekly$37.01M$2,0001.22$44.44M1.51
Fri 25 Dec quarterly$401.12M$2,3000.41$41.60M0.81
Fri 29 Jan 2027 monthly$44.28M$2,2000.76$18.98M1.06
Fri 26 Mar 2027 quarterly$63.11M$2,3000.77$19.29M0.92
Fri 25 Jun 2027 quarterly$9.68M$2,2000.51$707K0.05
Fri 24 Sep 2027 quarterly$3.61M$2,0000.47$841K0.26

Max pain history, Fri 24 Sep 2027 expiry

hourly, last 30 days
  • Max pain 2,000
1,800 2,000 2,200 2,400 2,600 2,800 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 0.47
0.25 0.50 0.75 1.00 1.25 19 Oct 24 Oct 29 Oct 3 Nov 8 Nov 13 Nov
Put/call OI history table
Time (UTC)P/C OI
2026-10-15 04:000.92
2026-10-15 08:000.79
2026-10-15 12:000.75
2026-10-15 16:000.74
2026-10-15 20:000.74
2026-10-16 00:000.75
2026-10-16 04:000.75
2026-10-16 08:000.75
2026-10-16 12:000.73
2026-10-16 16:000.73
2026-10-16 20:000.73
2026-10-17 00:000.73
2026-10-17 04:000.73
2026-10-17 08:000.73
2026-10-17 12:000.74
2026-10-17 16:000.74
2026-10-17 20:000.73
2026-10-18 00:000.73
2026-10-18 04:000.73
2026-10-18 08:000.73
2026-10-18 12:000.72
2026-10-18 16:000.73
2026-10-18 20:000.72
2026-10-19 00:000.71
2026-10-19 04:000.61
2026-10-19 08:000.61
2026-10-19 12:000.61
2026-10-19 16:000.60
2026-10-19 20:000.60
2026-10-20 00:000.60
2026-10-20 04:000.60
2026-10-20 08:000.60
2026-10-20 12:000.60
2026-10-20 16:000.60
2026-10-20 20:000.60
2026-10-21 00:000.60
2026-10-21 04:000.60
2026-10-21 08:000.60
2026-10-21 12:000.60
2026-10-21 16:000.60
2026-10-21 20:000.60
2026-10-22 00:000.60
2026-10-22 04:000.60
2026-10-22 08:000.62
2026-10-22 12:000.62
2026-10-22 16:000.62
2026-10-22 20:000.62
2026-10-23 00:000.62
2026-10-23 04:000.69
2026-10-23 08:000.69
2026-10-23 12:000.69
2026-10-23 16:000.69
2026-10-23 20:000.68
2026-10-24 00:000.68
2026-10-24 04:000.68
2026-10-24 08:000.68
2026-10-24 12:000.65
2026-10-24 16:000.62
2026-10-24 20:000.62
2026-10-25 00:000.62
2026-10-25 04:000.62
2026-10-25 08:000.62
2026-10-25 12:000.62
2026-10-25 16:000.62
2026-10-25 20:000.62
2026-10-26 00:000.62
2026-10-26 04:000.62
2026-10-26 08:000.62
2026-10-26 12:000.62
2026-10-26 16:000.58
2026-10-26 20:000.58
2026-10-27 00:000.58
2026-10-27 04:000.58
2026-10-27 08:000.58
2026-10-27 12:000.95
2026-10-27 16:000.90
2026-10-27 20:000.90
2026-10-28 00:000.90
2026-10-28 04:000.90
2026-10-28 08:001.00
2026-10-28 12:001.00
2026-10-28 16:001.09
2026-10-28 20:001.09
2026-10-29 00:001.08
2026-10-29 04:000.93
2026-10-29 08:000.82
2026-10-29 12:000.48
2026-10-29 16:000.54
2026-10-29 20:000.54
2026-10-30 00:000.55
2026-10-30 04:000.49
2026-10-30 08:000.49
2026-10-30 12:000.48
2026-10-30 16:000.48
2026-10-30 20:000.48
2026-10-31 00:000.48
2026-10-31 04:000.48
2026-10-31 08:000.48
2026-10-31 12:000.48
2026-10-31 16:000.48
2026-10-31 20:000.48
2026-11-01 00:000.48
2026-11-01 04:000.48
2026-11-01 08:000.48
2026-11-01 12:000.48
2026-11-01 16:000.48
2026-11-01 20:000.48
2026-11-02 00:000.48
2026-11-02 04:000.48
2026-11-02 08:000.48
2026-11-02 12:000.48
2026-11-02 16:000.48
2026-11-02 20:000.48
2026-11-03 00:000.48
2026-11-03 04:000.49
2026-11-03 08:000.49
2026-11-03 12:000.49
2026-11-03 16:000.49
2026-11-03 20:000.49
2026-11-04 00:000.49
2026-11-04 04:000.49
2026-11-04 08:000.49
2026-11-04 12:000.46
2026-11-04 16:000.46
2026-11-04 20:000.46
2026-11-05 00:000.45
2026-11-05 04:000.45
2026-11-05 08:000.45
2026-11-05 12:000.45
2026-11-05 16:000.46
2026-11-05 20:000.46
2026-11-06 00:000.46
2026-11-06 04:000.46
2026-11-06 08:000.46
2026-11-06 12:000.46
2026-11-06 16:000.46
2026-11-06 20:000.46
2026-11-07 00:000.46
2026-11-07 04:000.46
2026-11-07 08:000.46
2026-11-07 12:000.46
2026-11-07 16:000.46
2026-11-07 20:000.46
2026-11-08 00:000.46
2026-11-08 04:000.46
2026-11-08 08:000.46
2026-11-08 12:000.46
2026-11-08 16:000.46
2026-11-08 20:000.42
2026-11-09 00:000.43
2026-11-09 04:000.43
2026-11-09 08:000.43
2026-11-09 12:000.41
2026-11-09 16:000.41
2026-11-09 20:000.41
2026-11-10 00:000.41
2026-11-10 04:000.40
2026-11-10 08:000.40
2026-11-10 12:000.40
2026-11-10 16:000.38
2026-11-10 20:000.39
2026-11-11 00:000.41
2026-11-11 04:000.41
2026-11-11 08:000.41
2026-11-11 12:000.41
2026-11-11 16:000.41
2026-11-11 20:000.41
2026-11-12 00:000.42
2026-11-12 04:000.40
2026-11-12 08:000.40
2026-11-12 12:000.40
2026-11-12 16:000.44
2026-11-12 20:000.44
2026-11-13 00:000.44
2026-11-13 04:000.43
2026-11-13 08:000.44
2026-11-13 12:000.44
2026-11-13 16:000.43
2026-11-13 20:000.43
2026-11-14 00:000.47
2026-11-14 03:000.47

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.53
  • Put/call 24h volume 0.66
0.00 0.50 1.00 1.50 2.00 19 Oct 24 Oct 29 Oct 3 Nov 8 Nov 13 Nov

All expiries. Across all 12 listed expiries there is $1.44B of open interest, with a put/call ratio of 0.53 (more calls than puts open); the 24h volume put/call ratio is 0.67.

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. The next daily expiry is Sat 14 Nov 2026 08:00 UTC ($217.12M open interest); the next weekly expiry is Fri 20 Nov 2026 08:00 UTC ($173.56M open interest); the next monthly expiry is Fri 27 Nov 2026 08:00 UTC ($334.06M open interest); the next quarterly expiry is Fri 25 Dec 2026 08:00 UTC ($401.12M 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.