Options Intelligence

Deribit BTC and ETH options open interest by strike and expiry, max pain, and the DVOL implied volatility index.

BTC options on 6 Oct 2026, 20:45 UTC: max pain $86,000 for the 7 Oct 2026 expiry, put/call open interest ratio 0.56 and DVOL 36.3, all on Deribit.

Source: Deribit.

BTC Options

$86,292

Spot price

359K BTC

Total open interest

0.56

Put/call ratio

36.3

DVOL

30-day implied volatility

$86,000

Nearest max pain

expiry 2026-10-07

As of 2026-10-06 20:45 UTC. Deribit. Updates every 15 minutes.

Expiry	Max Pain	OI	P/C Ratio
2026-10-07	$86,000	2K	1.30
2026-10-08	$86,500	2K	0.72
2026-10-09	$84,000	21K	1.13
2026-10-10	$84,500	249	0.73
2026-10-16	$85,000	9K	1.10
2026-10-23	$86,000	3K	1.42
2026-10-30	$78,000	125K	0.40
2026-11-27	$80,000	21K	0.51
2026-12-25	$75,000	122K	0.61
2027-03-26	$74,000	36K	0.57

ETH Options

$2,712

Spot price

1.4M ETH

Total open interest

0.56

Put/call ratio

47.5

DVOL

30-day implied volatility

$2,700

Nearest max pain

expiry 2026-10-07

Expiry	Max Pain	OI	P/C Ratio
2026-10-07	$2,700	36K	0.33
2026-10-08	$2,720	14K	0.79
2026-10-09	$2,700	101K	0.69
2026-10-10	$2,700	2K	1.35
2026-10-16	$2,700	60K	2.71
2026-10-23	$2,750	17K	1.02
2026-10-30	$2,500	234K	0.86
2026-11-27	$2,650	93K	0.36
2026-12-25	$2,200	538K	0.41
2027-03-26	$2,100	172K	0.39

What this data is

Options and volatility

Deribit clears most of the crypto options market, so its order book is the market. This page shows the nearest 10 expiries, updated every 15 minutes: where the calls and puts are stacked, the put/call ratio and max pain. Max pain is the settlement price at which the options open on that expiry would be worth the least in total.

DVOL is Deribit's implied volatility index, the crypto equivalent of the VIX. It's the market's estimate of how much bitcoin or ether will move over the next thirty days, expressed as an annualized percentage. A DVOL of 60 implies a daily move of about 3.1%.

Open interest bunches at round strikes, and the big monthly and quarterly contracts settle on the last Friday of the month at 08:00 UTC.

Source and updates

Source: Deribit
Credit: Deribit.
Updates: Every 15 minutes; DVOL hourly. Last update 2026-10-06 20:45 UTC.
History: 12 June 2026 for strike-level data; DVOL history from March 2021.
Coverage: 1,387 listed BTC and ETH options at the latest update.
Get the data: JSON API and CSV download10 requests a minute without a key, 30 with a free key. Keys come with a free account.

How to read it

A put/call ratio far from its recent range means the crowd is positioned one way: a low ratio leans on calls, a high one on puts.
Compare DVOL with realized volatility over the last month. When implied sits well above realized, options are priced for more movement than the market has shown.
Max pain matters in the final days before a large expiry and almost never before that.

Analysis of what the data shows, not advice. XOOMAR does not recommend buying, selling or holding anything.

Frequently Asked Questions

What is max pain in crypto options?

The strike price where the total intrinsic value of all outstanding options is minimized. In theory, it is the price where market makers lose the least money at expiry.

What is DVOL?

Deribit's volatility index, crypto's version of the VIX. It measures implied volatility from option prices. Higher DVOL means the market expects larger price swings.

How often does this update?

Every 15 minutes. The JSON API is free: 10 requests a minute without a key, 30 with a free key.

Which expiries are shown?

The nearest 10 expiries by date. Deribit lists options from daily to multi-year expirations.

Is there historical DVOL data?

Yes. Hourly DVOL candles back to 2021 are available via the API at /api/markets/options/{currency}/dvol.

Data on this page is provided for informational purposes only and is not financial advice. See our editorial policy.