Max pain for every Ethereum 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)
$1,921
Next expiry
Nov 14, 2026, 08:00 UTC · in 6 hours
Max pain, next expiry
$1,975 (+2.8%)
Max pain, month-end expiry (Nov 27, 2026)
$2,300 (+19.8%)
Max pain, quarterly expiry (Dec 25, 2026)
$2,200 (+14.5%)
Open interest, every expiry
$5.40B · 1.78M ETH calls, 1.03M ETH puts
Put/call open interest ratio
0.58
The next expiry settles on November 14, 2026 at 08:00 UTC, in 6 hours. Its max pain is $1,975, +2.8% from the index at $1,921; $427.10M of open interest expires with it.
If this expiry settled at today’s index, its options would pay their holders $2.03M; at max pain, $1.43M.
ETH max pain by expiry
Every ETH 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 $1,921. Notional is open interest at the index. Dates with a section below are links.
Calls hold 129.71K ETH of open interest and puts 92.67K ETH; put/call 0.71. Max pain is $1,975, +2.8% from the index, and $427.10M 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 (ETH)
Puts (ETH)
Share of open interest
Deribit
$1,980
33.8K
21.11K
25%
OKX
$1,950
33.93K
20.54K
24%
Bybit
$1,960
29.93K
21.22K
23%
Binance
$1,975
32.05K
29.8K
28%
All exchanges
$1,975
129.71K
92.67K
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 (ETH)
Notional
vs index
$2,000
13.52K
$25.97M
+4.1%
$2,040
8.7K
$16.71M
+6.2%
$2,080
7.02K
$13.48M
+8.3%
Most put open interest
Strike
Open interest (ETH)
Notional
vs index
$1,800
17.4K
$33.43M
−6.3%
$1,900
12.7K
$24.39M
−1.1%
$1,850
11.91K
$22.87M
−3.7%
ETH max pain for November 20, 2026 (weekly)
Next Friday expiry.
Calls hold 117.89K ETH of open interest and puts 131.87K ETH; put/call 1.12. Max pain is $2,100, +9.3% from the index, and $479.71M 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 (ETH)
Puts (ETH)
Share of open interest
Deribit
$2,150
44.67K
76.13K
48%
OKX
$2,150
21.43K
16.98K
15%
Bybit
$2,100
27.96K
23.6K
21%
Binance
$2,050
23.84K
15.15K
16%
All exchanges
$2,100
117.89K
131.87K
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 (ETH)
Notional
vs index
$2,350
12.55K
$24.10M
+22.4%
$2,200
11.18K
$21.48M
+14.5%
$2,500
9.12K
$17.52M
+30.2%
Most put open interest
Strike
Open interest (ETH)
Notional
vs index
$1,800
46.59K
$89.49M
−6.3%
$1,900
19.84K
$38.11M
−1.1%
$2,000
8.51K
$16.35M
+4.1%
ETH max pain for November 27, 2026 (monthly)
Next month-end expiry.
Calls hold 348.29K ETH of open interest and puts 185.84K ETH; put/call 0.53. Max pain is $2,300, +19.8% from the index, and $1.03B 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 (ETH)
Puts (ETH)
Share of open interest
Deribit
$2,300
181.73K
90.31K
51%
OKX
$2,350
42.28K
43.28K
16%
Bybit
$2,200
78.39K
33.36K
21%
Binance
$2,250
45.88K
18.89K
12%
All exchanges
$2,300
348.29K
185.84K
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 (ETH)
Notional
vs index
$3,000
39.48K
$75.82M
+56.2%
$2,500
21.54K
$41.36M
+30.2%
$3,600
18.63K
$35.78M
+87.4%
Most put open interest
Strike
Open interest (ETH)
Notional
vs index
$1,800
16.62K
$31.92M
−6.3%
$2,000
15.75K
$30.25M
+4.1%
$2,200
15.06K
$28.92M
+14.5%
ETH max pain for December 25, 2026 (quarterly)
Next quarterly expiry.
Calls hold 674.66K ETH of open interest and puts 294.51K ETH; put/call 0.44. Max pain is $2,200, +14.5% from the index, and $1.86B 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 (ETH)
Puts (ETH)
Share of open interest
Deribit
$2,200
470.47K
187.86K
68%
OKX
$2,300
53.54K
45.3K
10%
Bybit
$2,300
89.67K
33.59K
13%
Binance
$2,300
60.98K
27.75K
9%
All exchanges
$2,200
674.66K
294.51K
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 (ETH)
Notional
vs index
$3,200
74.66K
$143.39M
+66.6%
$2,200
55.6K
$106.79M
+14.5%
$2,600
51.86K
$99.61M
+35.4%
Most put open interest
Strike
Open interest (ETH)
Notional
vs index
$1,500
34.79K
$66.82M
−21.9%
$1,000
24.72K
$47.49M
−47.9%
$1,600
20.55K
$39.48M
−16.7%
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 ETH 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 ETH max pain
What is max pain in Ethereum options?
Max pain is the settlement price at which the open ETH options of one expiry would pay their holders the least in total. As of Nov 14, 2026, 02:15 UTC, the next expiry (November 14, 2026) has its max pain at $1,975, +2.8% from the index at $1,921, over the open interest on Deribit, OKX, Bybit and Binance.
When do Ethereum options expire?
On Deribit, OKX, Bybit and Binance, ETH 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 ETH 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 $1,980, against $1,975 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.
