Scan with your phone to get the appBitcoin options: expiry, max pain, put/call ratio
Every Friday at 08:00 UTC, BTC options expire on Deribit, the largest crypto options exchange; month-end and quarter-end expiries often reach billions of dollars. This page shows which expiries are big, the "max pain" price, and whether put buyers or call buyers dominate.
Deribit index price: $67,273.95 · Total open interest, all expiries: $23.88B · Overall put/call: 0.73
Next expiry
Saturday, 11/14, 15:00 UTC+7 · in 5 hours
- Open interest value
- $272.28M
- Max pain price
- $71,000 (+5.5% vs current price)
- Put/call ratio
- 0.93
- Implied volatility (IV)
- 46.0%
The two sides are fairly balanced.
Largest expiry in the next 35 days
Friday, 11/27, 15:00 UTC+7 · in 13 days 5 hours
- Open interest value
- $5.87B
- Max pain price
- $77,000 (+14.4% vs current price)
- Put/call ratio
- 0.86
- Implied volatility (IV)
- 38.7%
The two sides are fairly balanced.
Strikes with the most contracts — expiry Friday, 11/27
Open interest value by strike price. Large call strikes above the price are often seen as resistance, large put strikes below as support.
Calls
Puts
Upcoming expiries
| Expiry | Value | Max pain | P/C |
|---|---|---|---|
| Saturday, 11/14 | $272.28M | $71,000 | 0.93 |
| Sunday, 11/15 | $170.16M | $70,000 | 0.73 |
| Monday, 11/16 | $134.76M | $70,500 | 1.68 |
| Tuesday, 11/17 | $26.11M | $69,000 | 1.59 |
| Friday, 11/20 | $1.80B | $73,000 | 0.54 |
| Friday, 11/27 | $5.87B | $77,000 | 0.86 |
| Friday, 12/04 | $244.88M | $70,000 | 0.44 |
| Friday, 12/25 | $9.64B | $75,000 | 0.71 |
| Friday, 01/29/2027 | $614.58M | $76,000 | 1.04 |
| Friday, 03/26/2027 | $3.12B | $76,000 | 0.65 |
| Friday, 06/25/2027 | $1.32B | $76,000 | 0.78 |
| Friday, 09/24/2027 | $660.15M | $84,000 | 0.69 |
How to read the numbers
Options are contracts that give the buyer the right (not the obligation) to buy — call — or sell — put — BTC at a set price (the strike) on the expiry date. Traders use calls to bet on a rise, and puts to bet on a fall or to insure the BTC they hold.
Put/call ratio: put contracts divided by calls. 1.2 or higher: many traders hedging against a drop; below 0.7: sentiment leans bullish; in between: the two sides are fairly balanced.
Max pain price: the price at which, if BTC expires exactly there, option buyers receive the least in total (option sellers benefit most). Some believe the price tends to be "pulled" toward max pain before expiry — in practice this does not always hold, so treat it only as a reference level.
IV (implied volatility): the price swing the options market is "pricing in", annualized, taken at the strike closest to the current price. A spike in IV usually means the market is fearful.
Source: Deribit (public API), updated every 10 minutes; 1 contract = 1 BTC. Only options on Deribit are counted; OKX, Bybit, Binance and CME are not included. What are options and max pain? · Futures funding and OI →