Bitcoin (BTC) options max pain and open interest
Bitcoin 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.
$85.91M of BTC options on Bybit and Binance expire Thu 15 Oct at 08:00 UTC; max pain is $83,000, 0.7% below spot ($83,590.8). Across all 11 listed expiries there is $3.33B of open interest, with a put/call ratio of 1.20 (more puts than calls open); the 24h volume put/call ratio is 0.80.
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.
BTC options expiring Thu 15 Oct 2026, 08:00 UTC
daily · in 1d 21hMax pain curve, Thu 15 Oct
total value of open options if BTC settled at each strike · lowest point = max pain- Payout to option holders
- Max pain
- Index price
Open interest by strike, Thu 15 Oct
BTC · calls above the line, puts below · stacked by exchange- Bybit
- Binance
- Max pain
- Index price
Axis in BTC (open interest in coins). Upper bars: calls; lower bars: puts.
Open interest by expiry
USD notional · calls above the line, puts below- Calls
- Puts
BTC options expiry calendar
notional expiring per date, 08:00 UTC- Wed 14 Oct 2026 daily · 21h 57m$329.36M
- Thu 15 Oct 2026 daily · 1d 21h$85.91M
- Fri 16 Oct 2026 weekly · 2d 21h$507.79M
- Fri 23 Oct 2026 weekly · 9d 21h$195.76M
- Fri 30 Oct 2026 monthly · 16d 21h$1.14B
- Fri 6 Nov 2026 weekly · 23d 21h$123.27M
- Fri 27 Nov 2026 monthly · 44d 21h$246.61M
- Fri 25 Dec 2026 quarterly · 72d 21h$576.63M
- Fri 26 Mar 2027 quarterly · 163d 21h$108.22M
- Fri 25 Jun 2027 quarterly · 254d 21h$21.64M
- Fri 24 Sep 2027 quarterly · 345d 21h$232K
Put/call ratio and max pain by expiry
Bybit + Binance| Expiry | Notional | Max pain | P/C OI | P/C vol |
|---|---|---|---|---|
| Wed 14 Oct daily | $329.36M | $83,500 | 0.65 | 0.68 |
| Thu 15 Oct daily | $85.91M | $83,000 | 0.77 | 0.90 |
| Fri 16 Oct weekly | $507.79M | $83,500 | 0.68 | 0.52 |
| Fri 23 Oct weekly | $195.76M | $84,000 | 1.13 | 1.13 |
| Fri 30 Oct monthly | $1.14B | $82,000 | 1.77 | 1.30 |
| Fri 6 Nov weekly | $123.27M | $83,000 | 1.57 | 2.11 |
| Fri 27 Nov monthly | $246.61M | $83,000 | 1.02 | 1.18 |
| Fri 25 Dec quarterly | $576.63M | $82,000 | 1.58 | 1.79 |
| Fri 26 Mar 2027 quarterly | $108.22M | $64,000 | 0.91 | 1.01 |
| Fri 25 Jun 2027 quarterly | $21.64M | $66,000 | 0.88 | 3.65 |
| Fri 24 Sep 2027 quarterly | $232K | $80,000 | 0.77 | 1.07 |
Max pain history, Thu 15 Oct expiry
hourly, last 30 days- Max pain 83,000
Put/call ratio history
all expiries, hourly, last 30 days · dashed line = 1.0- Put/call OI 1.21
- Put/call 24h volume 0.80
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 (or 24h volume) by call open interest: above 1 more puts are open. Notional is open interest in BTC times the index price. Snapshots every 5 minutes from each exchange's public API; history is hourly. Not financial advice.
Bitcoin 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 options expire?
Bitcoin 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.