Max pain is the strike where option holders lose the most in aggregate — the price that suits sellers. It is not a forecast: price often drifts toward it near expiry, but nothing guarantees that. Data from Deribit, which holds almost all crypto option volume.
Expiries
Expiry
Time left
Calls
Puts
Total
Put/Call
06.10.2026
today
952
1589
2541
1.67
07.10.2026
1.8 d
298
241
539
0.81
08.10.2026
2.8 d
436
182
618
0.42
09.10.2026
3.8 d
9754
11349
21103
1.16
16.10.2026
10.8 d
3622
4100
7722
1.13
23.10.2026
17.8 d
829
1333
2162
1.61
30.10.2026
24.8 d
88286
35387
123673
0.40
27.11.2026
52.8 d
13586
6770
20356
0.50
25.12.2026
80.8 d
74650
45935
120586
0.62
26.03.2027
171.8 d
22858
13205
36063
0.58
25.06.2027
262.8 d
8713
4395
13108
0.50
24.09.2027
353.8 d
1629
1636
3264
1.00
Frequently asked questions
What is max pain in bitcoin options?
The strike at which option holders lose the most in total at expiry, which is the price that suits option sellers best. Price often drifts toward it before a large expiry, but it is not a forecast.
What does the put/call ratio show?
Puts divided by calls by open interest. Below 1 means more calls than puts; above 1 means traders are paying for downside protection.
Why do large expiries matter?
Before a big expiry, market makers hedge their books and price can pin near strikes with large open interest. After expiry that pressure disappears, and volatility often picks up.