Options Bitcoin
Market BTC options in real time. Put/Call Ratio, Max Pain level, implied volatility (IV) and open interest by strikes - data mainly from Deribit.
Open interest at strikes (nearest expiration)
Largest expirations
| Date | OI Calls | OI Puts | Max Pain |
|---|---|---|---|
| 28 мар 2026 | $82,000 | 142,500 BTC | Актив |
| 25 апр 2026 | $85,000 | 98,200 BTC | Ожидание |
| 27 июн 2026 | $90,000 | 67,800 BTC | Ожидание |
How to use market data BTC options?
Options market Bitcoin — is a decentralized "insurance" system where traders buy the right to buy (call) or sell (put) BTC at a fixed price on a specific date. Open interest by strike, Put/Call Ratio, and Max Pain provide unique insight into which price levels are considered "key" by major market participants.
Max Pain — the price at which the majority of option holders (based on total volume) will lose the maximum amount at expiration. Max Pain theory suggests that the market is often "attracted" to this level before the expiration date—market makers hedge positions to minimize payouts. Every last Friday of the month, the market BTC contracts expire Deribit for billions of dollars.
In March 2021, when open interest Bitcoin-options on Deribit When the market exceeded $12 billion, market analysts observed unusually high demand for put options with strike prices 20-30% below the market. This preceded the 60% correction in May of that same year. The options market often anticipates movements before the futures market.
Key Metrics of the Options Market BTC
Put/Call Ratio
The ratio of open interest in put options to call options. Above 1, hedgers predominate (bearish sentiment). Below 0.7, calls are overweight (bullish sentiment). Extreme values often precede reversals.
Implied Volatility (IV)
Implied volatility built into the option price High IV = the market is expecting a big move. Low IV = before a major movement. IV Crush - a sharp fall IV after an important event (for example, after passing FOMC).
Max Pain Level
The price at which the total payout for all options is minimal for their buyers. Market makers hedge the delta, which creates "gravity" toward the Max Pain level closer to expiration.
Skew
The difference between IV Puts and calls. Positive skew (puts are more expensive) = the market is more wary of a fall. Negative skew (calls are more expensive) = the market is betting on a rise and paying a premium for call options.