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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.

$507.03M of BTC options on Bybit and Binance expire Fri 25 Dec at 08:00 UTC; max pain is $80,000, 5.3% below spot ($84,435.8). 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 25 Dec 2026, 08:00 UTC

quarterly · in 86d 20h
Max pain Bybit + Binance
$80,000
5.3% below spotindex $84,435.8
Max pain by exchange
Bybit $80,000Binance $80,000
Notional expiring
$507.03M
calls 2,317.6 BTCputs 3,687.4 BTC
Put/call ratio
1.59
open interest24h volume 0.94

Max pain curve, Fri 25 Dec

total value of open options if BTC settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $20M $40M $60M $80M 60K 80K 100K 120K

Open interest by strike, Fri 25 Dec

BTC · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
800 600 400 200 0 200 400 45K 60K 67K 76K 85K 94K 105K 125K 45,000: calls 18.6, puts 138.1 BTC 50,000: calls 2.3, puts 232.9 BTC 52,000: calls 0.0, puts 19.6 BTC 54,000: calls 13.1, puts 86.7 BTC 55,000: calls 2.7, puts 634.9 BTC 58,000: calls 0.0, puts 30.4 BTC 60,000: calls 12.3, puts 634.9 BTC 62,000: calls 27.2, puts 61.5 BTC 63,000: calls 11.7, puts 39.2 BTC 64,000: calls 25.9, puts 63.6 BTC 65,000: calls 21.6, puts 130.2 BTC 66,000: calls 14.7, puts 41.7 BTC 67,000: calls 7.9, puts 30.9 BTC 68,000: calls 26.9, puts 72.5 BTC 70,000: calls 55.0, puts 232.4 BTC 72,000: calls 50.6, puts 87.7 BTC 74,000: calls 10.0, puts 24.3 BTC 75,000: calls 53.5, puts 44.5 BTC 76,000: calls 24.4, puts 25.3 BTC 77,000: calls 6.9, puts 24.1 BTC 78,000: calls 22.1, puts 21.1 BTC 80,000: calls 76.7, puts 110.9 BTC 82,000: calls 33.8, puts 40.1 BTC 84,000: calls 23.9, puts 13.4 BTC 85,000: calls 208.2, puts 48.8 BTC 86,000: calls 45.8, puts 33.5 BTC 88,000: calls 23.8, puts 30.2 BTC 90,000: calls 131.8, puts 36.5 BTC 91,000: calls 18.8, puts 6.6 BTC 92,000: calls 20.5, puts 6.7 BTC 94,000: calls 38.8, puts 6.5 BTC 95,000: calls 109.8, puts 17.3 BTC 96,000: calls 6.8, puts 0.0 BTC 98,000: calls 28.6, puts 0.0 BTC 100,000: calls 156.1, puts 6.2 BTC 102,000: calls 38.9, puts 0.1 BTC 105,000: calls 90.3, puts 9.1 BTC 106,000: calls 9.8, puts 0.0 BTC 108,000: calls 19.0, puts 0.0 BTC 110,000: calls 103.6, puts 2.7 BTC 115,000: calls 22.3, puts 0.0 BTC 120,000: calls 102.3, puts 0.4 BTC 125,000: calls 55.5, puts 7.8 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 25 Dec expiry

hourly, last 30 days
  • Max pain 80,000
76,000 78,000 80,000 82,000 84,000

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.