Bitcoin & Ethereum Options on Deribit: Max Pain, Put/Call, Open Interest
The distribution of open option contracts on Deribit: max pain per expiry date, put versus call comparison based on open interest, and open interest at each strike price. All of it describes current positioning, not the next price direction. Not financial advice.
Fetching a summary of all Bitcoin option contracts from Deribit…
Source: Deribit (public API) · loaded in your browser. One request per currency, cached in tab memory for 5 minutes and never routed through CryptoHalley servers. Not financial advice.
FAQ
- What is max pain?
- Max pain is the price at which the value of outstanding options is smallest at expiry. How it's calculated: for each strike price, sum the intrinsic value of all open calls and puts if price landed there, then take the strike with the smallest total. This figure describes the distribution of open positions — not a price target and not a forecast.
- What is the put/call ratio here based on?
- On open interest, i.e. the number of contracts still open, not daily trading volume. That's why it moves much more slowly than the volume-based put/call ratio often quoted elsewhere. A ratio above 1 means more puts are open than calls, and vice versa.
- Why only Deribit?
- Because Deribit opens its public API without keys and without cross-origin restrictions, so your browser can read it directly without an intermediary server. The consequence, stated honestly: every number on this page covers only contracts on Deribit, not the entire crypto options market.
- What unit is open interest in, and how is notional value calculated?
- Open interest is counted in contracts, and one option contract on Deribit equals one Bitcoin or one Ethereum. The notional value on the cards is open interest times the Deribit index price at the time the data was fetched, so it moves with price even when the contract count doesn't change.