ETH: Options Volume by Moneyness (Deribit)
Shown as its 3 Oct – 1 Nov 2026 sample; the latest readings and full history are included with Plus.
ETH option notional traded on Deribit, stacked by how far each contract's strike was from the price at the trade.
Why use it. Shows whether flow is going to cheap far-out-of-the-money wings or to strikes near the price, where most hedging and volatility trading happens. How to read it. Each band is a moneyness range: in or out of the money by more than 20%, by 5-20%, or within 5% of the price. A widening band of far-out-of-the-money options means traders are buying cheap convexity; a dominant at-the-money band means flow is hedging or trading volatility.
Calculation. Distance out of the money: strike / index price - 1 for calls and 1 - strike / index price for puts, at each trade; within 5% either way counts as at the money. Notional is contracts x the index price at the trade. The open hour and day are labelled partials. Source: every Deribit ETH option trade (the coin-settled contracts) from Deribit's public trade record, complete from the first listed contract, and our own copy of that record for the latest days. OKX and Bybit are not included: their trades are only available from our own capture, which starts on 14 October 2026 13:00 UTC.