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
14189
14865
29054
1.05
07.10.2026
1.8 d
7996
2347
10343
0.29
08.10.2026
2.8 d
1117
2956
4073
2.65
09.10.2026
3.8 d
52191
36552
88743
0.70
16.10.2026
10.8 d
13963
42450
56413
3.04
23.10.2026
17.8 d
2118
2017
4135
0.95
30.10.2026
24.8 d
125025
107556
232581
0.86
27.11.2026
52.8 d
68175
24415
92590
0.36
25.12.2026
80.8 d
381298
155926
537224
0.41
26.03.2027
171.8 d
123319
48761
172080
0.40
25.06.2027
262.8 d
45491
33198
78689
0.73
24.09.2027
353.8 d
7855
4978
12833
0.63
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.