Bitcoin Options Expiry: Max Pain, Put/Call Ratio, Strike Distribution
Most Bitcoin options trade on Deribit, with expiries clustered every Friday and at month-end and quarter-end. Settlement takes place at 08:00 UTC on expiry day. This page uses Deribit's public API to collect call and put open interest and notional value by expiry.
Max pain is the price at which option buyers as a whole receive the least at expiry, that is, the price at which option sellers pay out the least. It underlies the hypothesis that price gravitates toward that level as expiry nears, but this does not always hold. A put/call ratio (put ÷ call open interest) above 1 means more downside-protection positions are open.
The distribution by strike shows the price levels where calls and puts are concentrated. This is a reference snapshot, not investment advice.