Crypto Options Data
The volatility market's view of Bitcoin — implied volatility term structure, max pain per expiry, put/call ratios and how IV has moved over the past weeks.
0.685
Put/Call Ratio (OI)
volume PCR 1.633
$80,000
Max Pain (Front Expiry)
expiry Nov 6, 26
BTC ATM Implied Volatility — Term Structure
Index price $77,601.41
At-the-money IV per listed expiry. An upward slope means the market prices more volatility further out; an inverted front end signals near-term event risk.
Max Pain by Expiry
The strike where option buyers lose the most at settlement
| Expiry | Max Pain | vs Index | Call OI | Put OI | Total OI |
|---|---|---|---|---|---|
| Oct 31, 26 | $80,000 | +3.1% | $243.14M | $265.34M | $508.48M |
| Nov 1, 26 | $79,500 | +2.4% | $56.52M | $176.07M | $232.58M |
| Nov 2, 26 | $79,000 | +1.8% | $37.31M | $71.82M | $109.13M |
| Nov 3, 26 | $77,500 | -0.1% | $2.07M | $1.54M | $3.61M |
| Nov 6, 26 | $80,000 | +3.1% | $829.15M | $457.74M | $1.29B |
| Nov 13, 26 | $80,000 | +3.1% | $212.82M | $359.73M | $572.55M |
| Nov 20, 26 | $79,000 | +1.8% | $39.26M | $40.63M | $79.90M |
| Nov 27, 26 | $81,000 | +4.4% | $2.15B | $1.40B | $3.55B |
| Dec 25, 26 | $75,000 | -3.4% | $6.39B | $4.22B | $10.62B |
| Jan 29, 27 | $77,000 | -0.8% | $43.17M | $83.33M | $126.50M |
| Mar 26, 27 | $76,000 | -2.1% | $2.14B | $1.35B | $3.49B |
| Jun 25, 27 | $70,000 | -9.8% | $790.93M | $419.23M | $1.21B |
Options Open Interest by Expiry
Where the notional is concentrated
| Expiry | ATM IV | Strikes Listed | Open Interest |
|---|---|---|---|
| Oct 31, 26 | 41.0% | 29 | $508.48M |
| Nov 1, 26 | 31.3% | 30 | $232.58M |
| Nov 2, 26 | 31.1% | 32 | $109.13M |
| Nov 3, 26 | 33.4% | 25 | $3.61M |
| Nov 6, 26 | 41.5% | 24 | $1.29B |
| Nov 13, 26 | 39.2% | 20 | $572.55M |
| Nov 20, 26 | 37.2% | 18 | $79.90M |
| Nov 27, 26 | 36.6% | 48 | $3.55B |
| Dec 25, 26 | 37.2% | 60 | $10.62B |
| Jan 29, 27 | 36.9% | 44 | $126.50M |
| Mar 26, 27 | 38.0% | 52 | $3.49B |
| Jun 25, 27 | 39.0% | 54 | $1.21B |
| Sep 24, 27 | 39.6% | 45 | $445.26M |
BTC 30-Day ATM IV — History
Daily readings, last 118 days
Rising IV means options are getting more expensive — the market expects larger moves.
Methodology & Sources
- Sources
- Exchange options market data APIs (open interest, volumes and implied volatility surfaces)
- Coverage
- Listed BTC and ETH options on major crypto derivatives venues
- Formulas
- ATM IV is the implied volatility of strikes nearest the index price per expiry; max pain is the strike that minimizes the aggregate payout to option holders at settlement; put/call ratios divide put open interest (or volume) by call open interest (or volume).
- Update frequency
- Refreshes roughly every 2 minutes; the 30-day IV history records one reading per UTC day.
- Units & timezone
- All monetary values are USD. Timestamps and daily buckets use UTC. 24h windows are rolling unless stated otherwise.
- Anomaly handling
- Exchanges that stop reporting are dropped from aggregates rather than carried forward; obvious outliers (bad ticks, decimal errors) are filtered before aggregation.