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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.

$175.69M of BTC options on Bybit and Binance expire Fri 27 Nov at 08:00 UTC; max pain is $82,000, 2.9% below spot ($84,435.9). Across all 12 listed expiries there is $2.77B of open interest, with a put/call ratio of 1.15 (more puts than calls open); the 24h volume put/call ratio is 0.86.

12 expiriesSource: Bybit and Binance public APIsAs of 11:50 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 27 Nov 2026, 08:00 UTC

monthly · in 58d 20h
Max pain Bybit + Binance
$82,000
2.9% below spotindex $84,435.9
Max pain by exchange
Bybit $82,000Binance $82,000
Notional expiring
$175.69M
calls 1,056.8 BTCputs 1,023.9 BTC
Put/call ratio
0.97
open interest24h volume 1.30

Max pain curve, Fri 27 Nov

total value of open options if BTC settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $10M $20M $30M 60K 80K 100K 120K

Open interest by strike, Fri 27 Nov

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
200 100 0 100 200 58K 70K 77K 83K 89K 95K 104K 115K 58,000: calls 0.0, puts 58.3 BTC 60,000: calls 2.3, puts 104.0 BTC 62,000: calls 23.0, puts 64.6 BTC 64,000: calls 4.0, puts 57.9 BTC 66,000: calls 0.1, puts 68.9 BTC 68,000: calls 0.1, puts 58.5 BTC 70,000: calls 6.8, puts 68.5 BTC 72,000: calls 2.8, puts 72.0 BTC 73,000: calls 0.9, puts 18.6 BTC 74,000: calls 0.0, puts 43.8 BTC 75,000: calls 4.8, puts 9.9 BTC 76,000: calls 12.5, puts 54.5 BTC 77,000: calls 10.5, puts 42.5 BTC 78,000: calls 30.8, puts 32.1 BTC 79,000: calls 22.3, puts 47.3 BTC 80,000: calls 23.3, puts 27.2 BTC 81,000: calls 16.5, puts 19.1 BTC 82,000: calls 18.7, puts 39.0 BTC 83,000: calls 16.5, puts 20.1 BTC 84,000: calls 12.9, puts 10.9 BTC 85,000: calls 64.4, puts 24.6 BTC 86,000: calls 4.7, puts 19.0 BTC 87,000: calls 35.0, puts 35.2 BTC 88,000: calls 16.6, puts 6.8 BTC 89,000: calls 23.4, puts 7.2 BTC 90,000: calls 42.4, puts 0.8 BTC 91,000: calls 13.8, puts 2.4 BTC 92,000: calls 21.1, puts 0.7 BTC 93,000: calls 17.7, puts 0.0 BTC 94,000: calls 52.1, puts 1.3 BTC 95,000: calls 1.5, puts 0.0 BTC 96,000: calls 16.1, puts 2.3 BTC 97,000: calls 5.1, puts 0.0 BTC 98,000: calls 34.5, puts 0.0 BTC 100,000: calls 157.6, puts 3.4 BTC 102,000: calls 30.3, puts 0.0 BTC 104,000: calls 31.0, puts 2.0 BTC 105,000: calls 26.1, puts 0.7 BTC 106,000: calls 4.3, puts 0.0 BTC 108,000: calls 31.9, puts 0.0 BTC 110,000: calls 68.5, puts 0.0 BTC 112,000: calls 10.3, puts 0.0 BTC 115,000: calls 62.3, puts 0.0 BTC 120,000: calls 48.6, 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
$600M $400M $200M $0 $200M $400M Wed 30 Sep 2026: calls $210.75M, puts $109.78M30 Sep Thu 1 Oct 2026: calls $35.44M, puts $36.27M Fri 2 Oct 2026: calls $291.38M, puts $253.16M2 Oct Fri 9 Oct 2026: calls $78.11M, puts $133.08M Fri 16 Oct 2026: calls $34.64M, puts $44.90M16 Oct Fri 30 Oct 2026: calls $289.79M, puts $438.59M Fri 6 Nov 2026: calls $16.18M, puts $23.50M6 Nov Fri 27 Nov 2026: calls $89.23M, puts $86.46M Fri 25 Dec 2026: calls $195.68M, puts $311.35M25 Dec Fri 26 Mar 2027: calls $38.25M, puts $36.99M Fri 25 Jun 2027: calls $11.09M, puts $7.97M25 Jun Fri 24 Sep 2027: calls $0, puts $7,599

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 30 Sep daily$320.54M$83,7500.520.60
Thu 1 Oct daily$71.71M$83,5001.021.81
Fri 2 Oct weekly$544.53M$82,0000.870.85
Fri 9 Oct weekly$211.19M$84,0001.701.23
Fri 16 Oct weekly$79.54M$84,0001.301.25
Fri 30 Oct monthly$728.38M$80,0001.511.32
Fri 6 Nov weekly$39.68M$81,0001.452.82
Fri 27 Nov monthly$175.69M$82,0000.971.30
Fri 25 Dec quarterly$507.03M$80,0001.590.94
Fri 26 Mar 2027 quarterly$75.25M$61,0000.970.41
Fri 25 Jun 2027 quarterly$19.07M$60,0000.721.72
Fri 24 Sep 2027 quarterly$7,599$60,000——

Max pain history, Fri 27 Nov expiry

hourly, last 30 days
  • Max pain 82,000
77,500 80,000 82,500 85,000 87,500

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 1.15
  • Put/call 24h volume 0.85
0.80 0.90 1.00 1.10 1.20 1.30

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.