Bitcoin (BTC) options vega open interest by expiry
Unsigned model vega of Bitcoin options open interest by expiry, calls and puts, on public exchanges: the USD change in the value of the outstanding contracts for +1 volatility point. A model estimate from Black-76 and each option's mark implied volatility, not traded flow.
Model estimate for BTC options on Bybit: the open interest's unsigned vega totals $662K per volatility point (calls $337K, puts $325K). The Fri 25 Dec 2026 expiry carries the most, $206K per volatility point.
Model estimate. Vega here is Black-76 sensitivity of open interest to implied volatility, counted unsigned for calls and puts. Exchanges do not reveal who owns each side, so there is no dealer net vega, and model sensitivities of open positions are not traded flow. Not trading advice.
Coverage. Covers options listed on Bybit 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. Source snapshots every 5 minutes from public exchange APIs.
BTC vega open interest, all included expiries (model estimate)
unsigned · USD per +1 volatility pointVega open interest by expiry (model estimate)
unsigned · USD per +1 volatility point · times UTC| Expiry (08:00 UTC) | Calls vega | Puts vega | Total vega | Share of total | Options | Observed (UTC) |
|---|---|---|---|---|---|---|
| Sat 17 Oct 2026 in 19h 53m | $7,098 | $5,735 | $13K | 1.9% | 60 | 2026-10-16 12:01 UTC |
| Sun 18 Oct 2026 in 1d 19h | $3,322 | $2,352 | $5,673 | 0.9% | 54 | 2026-10-16 12:01 UTC |
| Mon 19 Oct 2026 in 2d 19h | $11K | $1,143 | $12K | 1.8% | 48 | 2026-10-16 12:01 UTC |
| Fri 23 Oct 2026 in 6d 19h | $21K | $15K | $36K | 5.4% | 58 | 2026-10-16 12:01 UTC |
| Fri 30 Oct 2026 in 13d 19h | $69K | $69K | $138K | 20.8% | 92 | 2026-10-16 12:01 UTC |
| Fri 6 Nov 2026 in 20d 19h | $31K | $31K | $62K | 9.3% | 58 | 2026-10-16 12:01 UTC |
| Fri 27 Nov 2026 in 41d 19h | $40K | $42K | $82K | 12.4% | 60 | 2026-10-16 12:01 UTC |
| Fri 25 Dec 2026 in 69d 19h | $98K | $108K | $206K | 31.2% | 74 | 2026-10-16 12:01 UTC |
| Fri 26 Mar 2027 in 160d 19h | $46K | $37K | $84K | 12.7% | 74 | 2026-10-16 12:01 UTC |
| Fri 25 Jun 2027 in 251d 19h | $10K | $13K | $23K | 3.5% | 56 | 2026-10-16 12:01 UTC |
| Fri 24 Sep 2027 in 342d 19h | $451 | $486 | $937 | 0.1% | 52 | 2026-10-16 12:01 UTC |
Nearest 32 expiries at most (11 of 11 shown); totals and shares cover every included expiry. Source snapshots 2026-10-16 12:01 UTC to 2026-10-16 12:01 UTC.
How it is estimated. For each option, vega = F × φ(d1) × √T × 0.01 × open interest in BTC, with d1 = (ln(F/K) + σ²T/2) / (σ√T), the exchange's mark implied volatility σ, forward F, strike K and T in 365-day years (Black-76, rates at zero). The unit is USD per +1 volatility percentage point (for example 50% to 51% IV), not per 1% relative change. Calls and puts have equal vega at the same inputs and both count positive. Included: 686 options. Left out: 0 within one hour of expiry, 0 in expiries with missing open interest at an exchange, 0 with snapshots over 20 minutes old or ahead of the clock, 0 without a positive mark IV, forward or strike or with invalid open interest. Not financial advice.
Bitcoin options vega open interest FAQ
What is vega-weighted open interest?
Vega is how much an option's value changes when implied volatility rises by one percentage point. Multiplying each option's Black-76 vega (from the exchange's mark implied volatility, forward, strike and time to expiry, rates at zero) by its open interest gives the USD sensitivity of the outstanding contracts to volatility. It is a model estimate, not a measurement.
Why is it unsigned?
Exchanges publish open interest but not who holds each side, so this page does not guess whether dealers or customers are long. Calls and puts are both counted positive; there is no net dealer vega here.
Is this vega traded?
No. The figures describe the sensitivity of open positions, not trades. Option trades and premiums are not recorded, so traded vega cannot be reconstructed.
Which exchanges are covered?
Bitcoin options on Bybit only, from their public APIs every 5 minutes. Deribit, the largest crypto options exchange, is not included. Expiries less than one hour away, expiries where an exchange gave no open interest, snapshots older than 20 minutes and options without a usable mark IV or forward are left out and counted.
Is this trading advice?
No. Vega-weighted open interest here is a model estimate for information only.