Max pain for every Bitcoin options expiry: the settlement price at which the open options would pay their holders the least. Open interest from Deribit, OKX, Bybit and Binance, added together, in a snapshot refreshed about every 15 minutes.
Updated: · Open interest from Deribit, OKX, Bybit and Binance · refreshed about every 15 minutes
Index price (Deribit)
$68,096
Next expiry
Nov 14, 2026, 08:00 UTC · in 6 hours
Max pain, next expiry
$70,000 (+2.8%)
Max pain, month-end expiry (Nov 27, 2026)
$77,000 (+13.1%)
Max pain, quarterly expiry (Dec 25, 2026)
$75,000 (+10.1%)
Open interest, every expiry
$30.34B · 253.15K BTC calls, 192.4K BTC puts
Put/call open interest ratio
0.76
The next expiry settles on November 14, 2026 at 08:00 UTC, in 6 hours. Its max pain is $70,000, +2.8% from the index at $68,096; $985.12M of open interest expires with it.
If this expiry settled at today’s index, its options would pay their holders $8.81M; at max pain, $5.61M.
BTC max pain by expiry
Every BTC options expiry still open, soonest first: max pain over the open interest on Deribit, OKX, Bybit and Binance, and its distance from the index at $68,096. Notional is open interest at the index. Dates with a section below are links.
Calls hold 8.37K BTC of open interest and puts 6.1K BTC; put/call 0.73. Max pain is $70,000, +2.8% from the index, and $985.12M of open interest settles on November 14, 2026 at 08:00 UTC.
Call open interestPut open interestPayout to holders at each settlement price (own scale)Max painIndex
The strikes shown hold about the middle 96% of this expiry’s open interest, within half and twice the index; the tables list the exact figures.
By exchange
Each exchange’s own max pain for November 14, 2026, beside the total. Exchanges list different strikes and hold different open interest, so their figures differ.
Exchange
Max pain
Calls (BTC)
Puts (BTC)
Share of open interest
Deribit
$71,000
2.1K
1.95K
28%
OKX
$70,000
2.08K
1.68K
26%
Bybit
$69,500
1.94K
1.61K
25%
Binance
$69,250
2.25K
859
21%
All exchanges
$70,000
8.37K
6.1K
100%
Largest strikes
The 3 strikes with the most call and the most put open interest in this expiry.
Most call open interest
Strike
Open interest (BTC)
Notional
vs index
$72,000
792
$53.95M
+5.7%
$70,000
682
$46.43M
+2.8%
$71,000
600
$40.87M
+4.3%
Most put open interest
Strike
Open interest (BTC)
Notional
vs index
$66,000
810
$55.18M
−3.1%
$68,000
588
$40.04M
−0.1%
$69,000
551
$37.51M
+1.3%
BTC max pain for November 20, 2026 (weekly)
Next Friday expiry.
Calls hold 22.84K BTC of open interest and puts 14.34K BTC; put/call 0.63. Max pain is $73,000, +7.2% from the index, and $2.53B of open interest settles on November 20, 2026 at 08:00 UTC.
Call open interestPut open interestPayout to holders at each settlement price (own scale)Max painIndex
The strikes shown hold about the middle 96% of this expiry’s open interest, within half and twice the index; the tables list the exact figures.
By exchange
Each exchange’s own max pain for November 20, 2026, beside the total. Exchanges list different strikes and hold different open interest, so their figures differ.
Exchange
Max pain
Calls (BTC)
Puts (BTC)
Share of open interest
Deribit
$73,000
17.3K
9.4K
72%
OKX
$74,000
2.85K
2.79K
15%
Bybit
$74,000
1.43K
1.22K
7%
Binance
$74,000
1.25K
927
6%
All exchanges
$73,000
22.84K
14.34K
100%
Largest strikes
The 3 strikes with the most call and the most put open interest in this expiry.
Most call open interest
Strike
Open interest (BTC)
Notional
vs index
$76,000
3.43K
$233.39M
+11.6%
$73,000
3.14K
$213.74M
+7.2%
$74,000
2.81K
$191.47M
+8.7%
Most put open interest
Strike
Open interest (BTC)
Notional
vs index
$70,000
3.22K
$219.49M
+2.8%
$72,000
1.38K
$93.64M
+5.7%
$65,000
1.26K
$86.05M
−4.5%
BTC max pain for November 27, 2026 (monthly)
Next month-end expiry.
Calls hold 57.08K BTC of open interest and puts 50.72K BTC; put/call 0.89. Max pain is $77,000, +13.1% from the index, and $7.34B of open interest settles on November 27, 2026 at 08:00 UTC.
Call open interestPut open interestPayout to holders at each settlement price (own scale)Max painIndex
The strikes shown hold about the middle 96% of this expiry’s open interest, within half and twice the index; the tables list the exact figures.
By exchange
Each exchange’s own max pain for November 27, 2026, beside the total. Exchanges list different strikes and hold different open interest, so their figures differ.
Exchange
Max pain
Calls (BTC)
Puts (BTC)
Share of open interest
Deribit
$77,000
46.93K
40.3K
81%
OKX
$78,000
3.71K
4.71K
8%
Bybit
$77,000
2.14K
2.2K
4%
Binance
$77,000
4.3K
3.53K
7%
All exchanges
$77,000
57.08K
50.72K
100%
Largest strikes
The 3 strikes with the most call and the most put open interest in this expiry.
Most call open interest
Strike
Open interest (BTC)
Notional
vs index
$90,000
5.39K
$367.14M
+32.2%
$85,000
3.01K
$205.30M
+24.8%
$88,000
2.91K
$198.01M
+29.2%
Most put open interest
Strike
Open interest (BTC)
Notional
vs index
$58,000
4.48K
$305.04M
−14.8%
$68,000
4.43K
$301.71M
−0.1%
$70,000
4.09K
$278.63M
+2.8%
BTC max pain for December 25, 2026 (quarterly)
Next quarterly expiry.
Calls hold 96.67K BTC of open interest and puts 69.46K BTC; put/call 0.72. Max pain is $75,000, +10.1% from the index, and $11.31B of open interest settles on December 25, 2026 at 08:00 UTC.
Call open interestPut open interestPayout to holders at each settlement price (own scale)Max painIndex
The strikes shown hold about the middle 96% of this expiry’s open interest, within half and twice the index; the tables list the exact figures.
By exchange
Each exchange’s own max pain for December 25, 2026, beside the total. Exchanges list different strikes and hold different open interest, so their figures differ.
Exchange
Max pain
Calls (BTC)
Puts (BTC)
Share of open interest
Deribit
$75,000
84.08K
59.28K
86%
OKX
$76,000
7.04K
5.12K
7%
Bybit
$80,000
2.65K
2.54K
3%
Binance
$80,000
2.91K
2.53K
3%
All exchanges
$75,000
96.67K
69.46K
100%
Largest strikes
The 3 strikes with the most call and the most put open interest in this expiry.
Most call open interest
Strike
Open interest (BTC)
Notional
vs index
$80,000
8.5K
$579.01M
+17.5%
$100,000
8.13K
$553.42M
+46.9%
$90,000
7.53K
$512.90M
+32.2%
Most put open interest
Strike
Open interest (BTC)
Notional
vs index
$60,000
7.28K
$496.02M
−11.9%
$40,000
5.96K
$405.54M
−41.3%
$70,000
4.47K
$304.12M
+2.8%
How max pain is worked out
Max pain is worked out for each expiry. Each listed strike is taken in turn as the settlement price: every open call below it pays its holder the difference, and so does every open put above it. The strike at which the open options would pay the least in total is max pain. The line in each chart is that total at every strike.
Open interest is counted in BTC on every exchange and added across Deribit, OKX, Bybit and Binance; dollar figures are coins × the Deribit index. All four exchanges settle at 08:00 UTC, so expiries are matched by date. An exchange’s own max pain differs from the total because it lists other strikes and holds only part of the open interest; the table under each key expiry shows both.
The figures are refreshed about every 15 minutes, and an expiry that settles leaves the page at once. Without a current read from Deribit, the largest of the four, the page shows no numbers rather than a misleading total; an exchange that does not answer is named and left out.
What max pain does not tell you
Max pain is a reading of where open interest sits, not a forecast. Open interest does not say who bought and who sold, and the price often settles far from max pain. Market information, not investment advice.
Questions about BTC max pain
What is max pain in Bitcoin options?
Max pain is the settlement price at which the open BTC options of one expiry would pay their holders the least in total. As of Nov 14, 2026, 02:13 UTC, the next expiry (November 14, 2026) has its max pain at $70,000, +2.8% from the index at $68,096, over the open interest on Deribit, OKX, Bybit and Binance.
When do Bitcoin options expire?
On Deribit, OKX, Bybit and Binance, BTC options expire at 08:00 UTC on their expiry date. There are daily expiries, weekly ones on Fridays, monthly ones on the last Friday of the month and quarterly ones on the last Friday of March, June, September and December. The next month-end expiry is November 27, 2026 and the next quarterly is December 25, 2026.
Does the BTC price move toward max pain before expiry?
There is no rule that it does. Max pain is a reading of where open interest sits, not a forecast: open interest does not say who bought and who sold, hedging can push the price either way, and the price often settles far from max pain. Market information, not investment advice.
Why is this different from an exchange’s own max pain?
This page adds up the open interest on Deribit, OKX, Bybit and Binance; an exchange’s own page counts only its own. For the November 14, 2026 expiry, Deribit alone puts max pain at $71,000, against $70,000 for all of them together. The table under each key expiry lists every exchange’s figure.
How often is this page updated?
The open interest is read about every 15 minutes, and the time of the read is at the top of the page. An expiry that settles leaves the page at once. If Deribit does not answer, the page shows no numbers until it does; another exchange that does not answer is named and left out of the totals.
Is this free, and where is the live data?
This page is free to read, with no account. The live options chain, volatility, Greeks and the Options Levels lines on the chart are in the AlertaChart app’s Options workspace, part of the Pro and Elite plans. Eligible new subscribers on iOS or Android may see a free trial of up to 7 days on some plans; web purchases do not include a trial.
The live options chain, volatility, Greeks and the Options Levels lines on the chart (max pain, call and put walls, gamma flip) are part of the Pro and Elite plans. AlertaChart puts stocks, forex, commodities, indices and crypto on one chart. Eligible new subscribers on iOS or Android may see a free trial of up to 7 days on some plans; web purchases do not include a trial.
