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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.

$195.76M of BTC options on Bybit and Binance expire Fri 23 Oct at 08:00 UTC; max pain is $84,000, 0.5% above 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.

11 expiriesSource: Bybit and Binance public APIsAs of 09:57 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.

BTC options expiring Fri 23 Oct 2026, 08:00 UTC

weekly · in 9d 21h
Max pain Bybit + Binance
$84,000
0.5% above spotindex $83,590.8
Max pain by exchange
Bybit $84,000Binance $85,000
Notional expiring
$195.76M
calls 1,098.2 BTCputs 1,243.6 BTC
Put/call ratio
1.13
open interest24h volume 1.13

Max pain curve, Fri 23 Oct

total value of open options if BTC settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $5M $10M $15M $20M 70K 80K 90K 100K

Open interest by strike, Fri 23 Oct

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
200 100 0 100 200 70K 78K 82K 85K 88K 94K 100K 70,000: calls 0.2, puts 183.1 BTC 72,000: calls 0.0, puts 58.0 BTC 74,000: calls 0.3, puts 114.2 BTC 76,000: calls 0.4, puts 192.5 BTC 78,000: calls 0.6, puts 150.9 BTC 79,000: calls 0.0, puts 62.7 BTC 80,000: calls 13.0, puts 95.0 BTC 81,000: calls 26.9, puts 78.3 BTC 82,000: calls 35.6, puts 71.2 BTC 83,000: calls 49.5, puts 55.7 BTC 83,500: calls 2.0, puts 0.0 BTC 84,000: calls 50.5, puts 31.8 BTC 85,000: calls 74.2, puts 38.6 BTC 85,500: calls 0.1, puts 0.0 BTC 86,000: calls 110.3, puts 38.2 BTC 87,000: calls 83.6, puts 38.0 BTC 88,000: calls 115.8, puts 25.0 BTC 89,000: calls 61.2, puts 6.4 BTC 90,000: calls 126.1, puts 4.0 BTC 92,000: calls 97.5, puts 0.0 BTC 94,000: calls 22.7, puts 0.0 BTC 95,000: calls 45.6, puts 0.0 BTC 96,000: calls 38.7, puts 0.0 BTC 98,000: calls 7.8, puts 0.0 BTC 100,000: calls 122.6, puts 0.0 BTC 104,000: calls 12.9, puts 0.0 BTC

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
$750M $500M $250M $0 $250M $500M Wed 14 Oct 2026: calls $199.97M, puts $129.39M14 Oct Thu 15 Oct 2026: calls $48.59M, puts $37.32M Fri 16 Oct 2026: calls $302.94M, puts $204.85M16 Oct Fri 23 Oct 2026: calls $91.80M, puts $103.96M Fri 30 Oct 2026: calls $411.00M, puts $727.54M30 Oct Fri 6 Nov 2026: calls $47.91M, puts $75.36M Fri 27 Nov 2026: calls $122.33M, puts $124.28M27 Nov Fri 25 Dec 2026: calls $223.27M, puts $353.36M Fri 26 Mar 2027: calls $56.75M, puts $51.47M26 Mar Fri 25 Jun 2027: calls $11.48M, puts $10.16M Fri 24 Sep 2027: calls $131K, puts $101K24 Sep

BTC 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
Wed 14 Oct daily$329.36M$83,5000.650.68
Thu 15 Oct daily$85.91M$83,0000.770.90
Fri 16 Oct weekly$507.79M$83,5000.680.52
Fri 23 Oct weekly$195.76M$84,0001.131.13
Fri 30 Oct monthly$1.14B$82,0001.771.30
Fri 6 Nov weekly$123.27M$83,0001.572.11
Fri 27 Nov monthly$246.61M$83,0001.021.18
Fri 25 Dec quarterly$576.63M$82,0001.581.79
Fri 26 Mar 2027 quarterly$108.22M$64,0000.911.01
Fri 25 Jun 2027 quarterly$21.64M$66,0000.883.65
Fri 24 Sep 2027 quarterly$232K$80,0000.771.07

Max pain history, Fri 23 Oct expiry

hourly, last 30 days
  • Max pain 84,000
75,000 80,000 85,000 90,000 2 Oct 4 Oct 6 Oct 8 Oct 10 Oct 12 Oct

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
0.60 0.80 1.00 1.20 1.40 1.60 30 Sep 2 Oct 4 Oct 6 Oct 8 Oct 10 Oct 12 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 (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.