BTC & ETH Options Max Pain, Put/Call and Expiries

Crypto options: max pain, put/call ratio and expiries

Bitcoin and Ethereum options on Bybit and Binance: max pain for the next major expiry, the put/call ratio of open interest and 24h volume, total open interest and what expires this Friday. Snapshots from the exchanges' public APIs every 5 minutes.

$792.88M of BTC and ETH options on Bybit and Binance expire this Friday, Fri 2 Oct at 08:00 UTC. BTC max pain for the Fri 2 Oct expiry is $82,000, 2.4% below spot. ETH max pain for the Fri 2 Oct expiry is $2,650, 2.3% below spot.

Source: Bybit and Binance public APIsExpiries at 08:00 UTCAs of 10:40 UTC

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.

Bitcoin (BTC) options

Bybit + Binance · spot $84,041.8

Next Friday expiry with ≥ $10M open interest

Fri 2 Oct

08:00 UTC · in 2d 21hweekly · $542.06M

Max pain Fri 2 Oct

$82,000

2.4% below spotBybit $82,500Binance $82,000

Put/call ratio all expiries

1.16

open interest24h volume 0.87

Open interest

$2.73B

12 expiriesthis Friday $542.06M

BTC max pain by expiry, open interest by strike and the expiry calendar →

Ethereum (ETH) options

Bybit + Binance · spot $2,712.1

Next Friday expiry with ≥ $10M open interest

Fri 2 Oct

08:00 UTC · in 2d 21hweekly · $250.82M

Max pain Fri 2 Oct

$2,650

2.3% below spotBybit $2,625Binance $2,650

Put/call ratio all expiries

0.74

open interest24h volume 1.09

Open interest

$1.25B

12 expiriesthis Friday $250.82M

ETH max pain by expiry, open interest by strike and the expiry calendar →

How to read it. 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. The put/call ratio is put open interest (or 24h volume) divided by call open interest: above 1 more puts are open than calls. "This Friday" is the notional of options expiring at 08:00 UTC on the coming Friday, often the week's largest expiry. Notional is open interest in coins times the index price. Not financial advice.

Crypto 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 Bitcoin and Ethereum options expire?

Bitcoin and 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.