Deribit carries the large majority of crypto options open interest and is the only major venue that publishes complete book statistics without a key. Adding smaller venues would mix reported data with scraped estimates.

What does options skew tell me?

Which side of the market is paying up. Skew is the implied vol of the 25-delta put minus the 25-delta call at the same expiry. Positive means puts are dearer and traders are paying for downside protection; negative means calls are dearer, which in crypto usually means a rally is being chased.

Crypto options data

Q: Why is open interest shown in dollars if nobody spent those dollars?

Notional is contracts multiplied by the index price - the exposure the contracts control. The cash that actually changed hands is the premium, reported separately in the most-traded table, and it is a small fraction of notional.

Bitcoin and Ether options live from Deribit: open interest by strike and expiry, implied volatility and skew, the call/put balance and max pain.

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Open interest

Calls--Puts--

24h volume

Calls--Puts--

Implied vol

DVOL24h--30d--

Put / call ratio

OI--24h vol--

Biggest expiry

Open----Max pain--

Open interest by strikeAll expiries · green calls, red puts

Expiry

Notional at each strike: contracts × index price. The lime line is the index; with one expiry chosen, the grey line is that expiry's max pain. Pick the six largest expiries above, or click any bar in the expiry chart or any row in the table below.

Implied volatilityDVOL, Deribit's 30-day volatility index, hourly for 30 days

DVOL is the market's price of a 30-day move, annualised: 40 means options are priced for about ±40% over a year, roughly ±2% a day. It rises when traders pay up for protection or for upside, and it usually falls into big expiries and after them.

Term structure and skewAt-the-money IV by expiry, with the 25-delta put minus call

Upward slope is normal: more time, more uncertainty. A front end above the back end means an event is priced soon. Skew above zero means puts cost more than calls the same distance from spot: the market pays for downside; below zero it pays for upside.

Open interest by expiryCalls stacked on puts

CallsPuts

Every listed expiry with open contracts, in date order. Hover a bar for the split, its implied vol and max pain; click one to see its strikes above.

Call / put balanceShare of open interest and 24h volume

Open interest--

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Calls·----·Puts

Volume (24h)--

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Calls·----·Puts

A put/call ratio near 0.6 is normal for crypto; readings well above 1 mean the book is unusually defensive.

Largest positionsOpen interest rank

Instrument	Side	OI	Notional	IV
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Where the book is heaviest. A large strike here is a level the market has already committed money to. IV is the venue's mark for that contract.

Most traded (24h)Volume rank

Instrument	Side	Contracts	Premium	IV
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Where today's flow went. Premium is the actual dollars that changed hands, not notional.

Every expiryImplied vol, skew, open interest and max pain, in date order

Expiry	In	ATM IV	25Δ skew	Calls OI	Puts OI	Notional	Max pain	Vs index
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ATM IV is the venue's mark at the strike nearest the forward. Skew is the 25-delta put IV minus the 25-delta call IV, in vol points; red means puts are dearer. Max pain is computed from open interest at every strike: a gravity well in quiet weeks, not a target. Click a row to see that expiry's strikes.

About this data

Updated Sep 2026

Figures are shown as the source publishes them, and anything we calculate is explained below. How the data is made Report an error General information, not financial advice.

What this page measures

An option is a right, not an obligation: a call is the right to buy at a set strike price, a put the right to sell. Open interest is every contract currently alive, and it is the closest thing crypto has to a public map of hedges and bets: every line on this page is a position someone paid real premium to hold.

The venue is Deribit, which carries the large majority of all crypto options open interest and, unlike the perp exchanges' liquidation feeds, publishes its order book statistics completely and without a key. That is why this page can say something the liquidations dashboard cannot: nothing here is modelled. Open interest, volume and premium are the venue's own reported figures; the only derived number is max pain, the strike at which the options expiring that day would pay out the least in total.

How to read it

Big strikes are opinions with money behind them: A wall of call open interest at $100K is not a prediction that BTC gets there. It is the strike where the most traders wanted exposure. Walls mark the prices the market argues about.
The put/call ratio is a temperature, not a signal: Crypto options books normally sit call-heavy, with put/call open interest around 0.5 to 0.7. A ratio pushing above 1 means unusual demand for downside protection; a collapse toward 0.4 means greed.
Volume is today, open interest is the accumulation: The most-traded list shows where flow went in the last 24 hours; the largest-positions list shows what the market has built up over months. When the two disagree, positioning is rotating.
Expiry concentration matters: When a huge share of open interest sits in one expiry, that settlement morning (08:00 UTC on Deribit) is a scheduled volatility event, and the days before it tend to pin toward heavy strikes.

Implied volatility, skew and the term structure

An option's price is mostly a price for movement. Strip out the time and the distance to the strike and what is left is implied volatility: the size of move, annualised, that the premium is paying for. DVOL is Deribit's index of it, built from the whole BTC or ETH option surface at a constant 30 days out, so it can be compared from one day to the next. It is the market's own forecast of how much the coin will move, and it is usually wrong by less than anyone else's.

The level: Bitcoin's DVOL has spent most of its life between 40 and 80; readings in the 30s mean a market that expects little, readings above 90 mean one that has been hit. The 30-day range on the tile above says where today sits in that.
The term structure is at-the-money implied vol at each expiry, in date order. In a calm market it slopes up: more time, more room for something to happen. When the front end sits above the back end, the market is pricing an event before the near expiry and expects calm after it.
Skew compares a put and a call the same distance from spot, here at 25 delta. Puts dearer than calls, a positive skew, is the market paying for downside protection and is the usual state in equities. Crypto swings both ways: a negative skew, calls dearer, means the crowd is paying for upside, which is what a chase looks like in the options book.

What max pain means

At expiry, every option settles against the index. For any settlement price you can add up exactly what all outstanding calls and puts would pay out. Max pain is the price that minimises that payout, the settlement at which option holders collectively collect the least and option writers keep the most premium.

The honest version of the theory: no mechanism forces price to max pain, but the hedging maths leans that way. Dealers who are short options buy as price falls toward heavy strikes and sell as it rises through them, which dampens moves near large open interest. In quiet weeks that shows up as price pinning near max pain into big expiries. In a trending market the effect is overwhelmed and max pain is just a number that gets further away every day. Treat the column above accordingly.

What it cannot tell you

Open interest has no direction: A call bought as a bet and a call sold against holdings look identical in the data. Size tells you where the market's attention is, not which way it leans.
It is one venue: Deribit is most of the market, but the CME, Binance and OKX books settle their own expiries and are not on this page.
Notional overstates what is at risk: The dollars actually spent are the premiums, a small fraction of notional. A $30B open interest figure is exposure, not cash.
Max pain is not a forecast: It describes where settlement would hurt holders most today; it moves as positions change and loses all pull in a trend.

Not investment advice

This page describes how the options book is positioned, not what to do about it. Options can expire worthless and selling them can lose more than the premium collected. A map of other people's strikes is not a reason to pick one yourself.

Questions

Is this real data or modelled?

Real. Deribit publishes open interest, volume and premium for every listed option through its public API, and this page aggregates those figures without adjustment. The one computed number is max pain, which is plain arithmetic on the published open interest. This makes the options page the mirror image of our liquidations dashboard, where exchanges publish nothing complete and everything must be modelled.

How often does it update?

Once, when you load the page: a single snapshot of the full options book, timestamped in the status line under the headline. Reload for a fresh one. Options positioning moves in hours and days, not seconds, so a snapshot is the honest cadence: streaming it would add motion, not information.

Why Deribit only?

Because it is most of the market and all of the transparency. Deribit carries the large majority of crypto options open interest, and it is the only major venue that publishes its complete book statistics without a key or cross-origin restrictions. Adding the smaller venues would change the totals by a modest fraction while forcing the page to mix reported data with scraped estimates, which is precisely what it avoids doing.

What does the put/call ratio actually tell me?

Demand for protection versus demand for upside. Crypto books are structurally call-heavy, so the useful reading is relative: a ratio drifting from 0.5 toward 1.0 means traders are paying up for downside insurance; a ratio compressing toward 0.4 means they have stopped hedging. It says nothing about direction on its own: heavy puts can mean fear, or just large holders hedging spot they have no intention of selling.

What is DVOL?

Deribit's implied volatility index for BTC and ETH, the crypto equivalent of the VIX. It is computed from the prices of the whole option surface at a constant 30 days to expiry and quoted as an annualised percentage. A DVOL of 50 means options are priced for the coin to move about 50% over a year, which works out to roughly 2.6% a day. It measures what traders are paying for movement, not which way they expect it.

What does skew tell me?

Which side of the market is paying up. Skew here is the implied vol of the 25-delta put minus the 25-delta call at the same expiry. Positive means puts are dearer, so traders are paying for protection against a fall. Negative means calls are dearer, which in crypto usually means a rally is being chased. It is a temperature reading, not a signal, and it says nothing about size: a fund hedging a large spot position moves it without any view.

Is max pain a price target?

No. It is the settlement price at which option holders collectively lose the most, and in quiet markets dealer hedging can pin price near it into a big expiry. That is a tendency, not a mechanism, and in a trending market it disappears entirely. Use it to time attention around big expiries, not to place a trade at a number.

Why is open interest shown in dollars if nobody spent those dollars?

Because strikes are in dollars and comparing books in coin terms hides how big the bet is at today's prices. The notional figure is contracts multiplied by the index, the exposure the contracts control. The actual cash that changed hands is the premium, which the most-traded table reports separately, and it is a small fraction of notional.