How max pain is calculated
For each strike listed for this expiry, we add up what every open call and put would be worth at expiry if BTC settled exactly at that strike: calls pay the settlement price minus their strike, puts their strike minus the settlement price, times their open interest. Max pain is the strike where that total is smallest. For Fri 30 Oct 2026 it is $79,000, from 65 strikes and 152,504 BTC of open interest across Deribit, OKX and Bybit.
Some traders watch max pain as a level the price drifts towards into expiry, because option sellers gain most there. It is a reading of where open interest sits, not a forecast: large expiries can pull the price near it, but news and leverage often matter more.
Method and sources
From our own ten-minute snapshots of every listed BTC option on Deribit, OKX and Bybit: each contract's open interest, counted in BTC, and each venue's own underlying price for the expiry. Notional is open interest times that price; the put/call ratio is put open interest over call open interest, in BTC. The expiry shown is the next Friday expiry at 08:00 UTC, the venues' weekly settlement; daily expiries are in the calendar. Max pain uses the same rule as our max pain charts. Venues we do not collect are not included.
The figures on this page are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page (licence and reuse).
Questions
When do Bitcoin options expire?
Bitcoin options on Deribit, OKX and Bybit expire at 08:00 UTC. There are daily expiries, weekly ones every Friday, monthly ones on the last Friday of the month and quarterly ones on the last Friday of March, June, September and December.
What is BTC max pain for this week's expiry?
What is max pain?
The settlement price at which the open options of an expiry would pay their holders the least. It is worked out strike by strike from open interest.
Does the price move to max pain?
Sometimes, around large expiries, but not reliably. It shows where open interest sits; it does not predict the price.
What is the put/call ratio?
Open interest in puts divided by open interest in calls. Above 1 means more puts than calls are open, often a sign of hedging; below 1, more calls.
Figures on this page come from CryptoKeyhole's own collection of the public market data of the exchanges named on it, and refresh automatically. Nothing here is investment advice.