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.
0.558
Put/Call Ratio (OI)
volume PCR 0.392
$72,000
Max Pain (Front Expiry)
expiry Sep 25, 26
BTC ATM Implied Volatility — Term Structure
Index price $77,248.74
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 |
|---|---|---|---|---|---|
| Sep 13, 26 | $77,500 | +0.3% | $106.35M | $107.59M | $213.95M |
| Sep 14, 26 | $77,000 | -0.3% | $78.67M | $122.53M | $201.20M |
| Sep 15, 26 | $77,000 | -0.3% | $44.67M | $49.65M | $94.32M |
| Sep 16, 26 | $77,000 | -0.3% | $14.47M | $7.84M | $22.31M |
| Sep 18, 26 | $78,000 | +1.0% | $732.64M | $592.90M | $1.33B |
| Sep 25, 26 | $72,000 | -6.8% | $9.45B | $4.86B | $14.31B |
| Oct 2, 26 | $78,000 | +1.0% | $37.47M | $26.92M | $64.38M |
| Oct 30, 26 | $72,000 | -6.8% | $2.18B | $1.26B | $3.44B |
| Nov 27, 26 | $79,000 | +2.3% | $314.05M | $142.52M | $456.57M |
| Dec 25, 26 | $72,000 | -6.8% | $5.66B | $3.23B | $8.88B |
| Mar 26, 27 | $70,000 | -9.4% | $1.61B | $912.56M | $2.52B |
| Jun 25, 27 | $60,000 | -22.3% | $526.57M | $267.67M | $794.24M |
Options Open Interest by Expiry
Where the notional is concentrated
| Expiry | ATM IV | Strikes Listed | Open Interest |
|---|---|---|---|
| Sep 13, 26 | 13.6% | 29 | $213.95M |
| Sep 14, 26 | 21.4% | 27 | $201.20M |
| Sep 15, 26 | 27.6% | 28 | $94.32M |
| Sep 16, 26 | 30.4% | 25 | $22.31M |
| Sep 18, 26 | 35.0% | 22 | $1.33B |
| Sep 25, 26 | 34.6% | 66 | $14.31B |
| Oct 2, 26 | 35.1% | 18 | $64.38M |
| Oct 30, 26 | 35.9% | 53 | $3.44B |
| Nov 27, 26 | 37.8% | 45 | $456.57M |
| Dec 25, 26 | 38.4% | 59 | $8.88B |
| Mar 26, 27 | 39.4% | 51 | $2.52B |
| Jun 25, 27 | 40.8% | 50 | $794.24M |
BTC 30-Day ATM IV — History
Daily readings, last 70 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.