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Ethereum (ETH) options max pain and open interest

Ethereum 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.

$124.84M of ETH options on Bybit and Binance expire Fri 9 Oct at 08:00 UTC; max pain is $2,700, 1.2% below spot ($2,732.8). Across all 12 listed expiries there is $1.27B of open interest, with a put/call ratio of 0.75 (more calls than puts open); the 24h volume put/call ratio is 1.11.

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.

ETH options expiring Fri 9 Oct 2026, 08:00 UTC

weekly · in 9d 20h
Max pain Bybit + Binance
$2,700
1.2% below spotindex $2,732.8
Max pain by exchange
Bybit $2,650Binance $2,700
Notional expiring
$124.84M
calls 23,253.1 ETHputs 22,431.1 ETH
Put/call ratio
0.96
open interest24h volume 0.90

Max pain curve, Fri 9 Oct

total value of open options if ETH settled at each strike · lowest point = max pain
  • Payout to option holders
  • Max pain
  • Index price
$0 $5M $10M $15M 2K 2.5K 3K 3.5K

Open interest by strike, Fri 9 Oct

ETH · calls above the line, puts below · stacked by exchange
  • Bybit
  • Binance
  • Max pain
  • Index price
4K 2K 0 2K 4K 6K 1.8K 2.2K 2.4K 2.6K 2.8K 3K 3.4K 1,800: calls 0.0, puts 514.5 ETH 1,900: calls 20.0, puts 694.1 ETH 2,000: calls 0.2, puts 1,924.1 ETH 2,100: calls 0.0, puts 1,519.1 ETH 2,200: calls 0.1, puts 1,098.9 ETH 2,250: calls 0.0, puts 1,168.9 ETH 2,300: calls 30.6, puts 2,348.8 ETH 2,350: calls 30.2, puts 788.9 ETH 2,400: calls 107.3, puts 1,845.3 ETH 2,450: calls 288.1, puts 1,647.0 ETH 2,500: calls 154.2, puts 2,722.7 ETH 2,550: calls 188.6, puts 1,611.4 ETH 2,600: calls 459.5, puts 999.6 ETH 2,650: calls 698.0, puts 1,226.9 ETH 2,700: calls 1,377.9, puts 1,122.2 ETH 2,750: calls 1,345.4, puts 689.1 ETH 2,800: calls 1,145.4, puts 392.3 ETH 2,850: calls 1,487.9, puts 91.5 ETH 2,900: calls 2,441.4, puts 22.2 ETH 2,950: calls 1,439.7, puts 1.0 ETH 3,000: calls 1,922.4, puts 2.6 ETH 3,100: calls 2,287.4, puts 0.2 ETH 3,200: calls 5,782.0, puts 0.0 ETH 3,300: calls 268.2, puts 0.0 ETH 3,400: calls 1,395.7, puts 0.0 ETH 3,500: calls 382.9, puts 0.0 ETH

Axis in ETH (open interest in coins). Upper bars: calls; lower bars: puts.

Open interest by expiry

USD notional · calls above the line, puts below
  • Calls
  • Puts
$200M $100M $0 $100M $200M $300M Wed 30 Sep 2026: calls $76.79M, puts $74.72M30 Sep Thu 1 Oct 2026: calls $20.85M, puts $21.26M Fri 2 Oct 2026: calls $133.84M, puts $122.25M2 Oct Fri 9 Oct 2026: calls $63.55M, puts $61.30M Fri 16 Oct 2026: calls $20.56M, puts $20.16M16 Oct Fri 30 Oct 2026: calls $112.89M, puts $110.31M Fri 6 Nov 2026: calls $17.34M, puts $14.18M6 Nov Fri 27 Nov 2026: calls $42.87M, puts $37.20M Fri 25 Dec 2026: calls $210.87M, puts $71.95M25 Dec Fri 26 Mar 2027: calls $21.13M, puts $5.95M Fri 25 Jun 2027: calls $5.74M, puts $3.85M25 Jun Fri 24 Sep 2027: calls $1,503, puts $5,411

ETH 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$151.51M$2,7000.971.04
Thu 1 Oct daily$42.11M$2,7001.020.97
Fri 2 Oct weekly$256.09M$2,6500.911.61
Fri 9 Oct weekly$124.84M$2,7000.960.90
Fri 16 Oct weekly$40.72M$2,7000.980.81
Fri 30 Oct monthly$223.21M$2,5000.981.43
Fri 6 Nov weekly$31.52M$2,6000.826.97
Fri 27 Nov monthly$80.07M$2,6000.871.12
Fri 25 Dec quarterly$282.82M$2,4000.341.38
Fri 26 Mar 2027 quarterly$27.09M$2,0000.280.13
Fri 25 Jun 2027 quarterly$9.59M$2,4000.670.20
Fri 24 Sep 2027 quarterly$6,914$2,8003.601.72

Max pain history, Fri 9 Oct expiry

hourly, last 30 days
  • Max pain 2,700
2,500 2,600 2,700 2,800 2,900

Put/call ratio history

all expiries, hourly, last 30 days · dashed line = 1.0
  • Put/call OI 0.74
  • Put/call 24h volume 1.11
0.60 0.80 1.00 1.20

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 ETH times the index price. Snapshots every 5 minutes from each exchange's public API; history is hourly. Not financial advice.

Ethereum 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 Ethereum options expire?

Ethereum 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.