Crypto Options Basics: Open Interest, Put/Call Ratio and Max Pain

4 min read · updated 14 November 2026

A short introduction to Bitcoin and Ether options: calls and puts, open interest, the put/call ratio, max pain and the DVOL volatility index.

An option is a contract that gives the right, but not the obligation, to buy or sell an asset at a set price on or before a set date. Most crypto options trade on Deribit, and the options page shows its Bitcoin and Ether data.

Calls and puts

• A call gains value when the price rises above its strike price.
• A put gains value when the price falls below its strike price.

Open interest

Open interest is the number of option contracts that are still open. On Deribit one contract covers one BTC or one ETH. Multiplying by the current price gives a dollar value. Large open interest at one expiry date means many positions settle at the same time.

Put/call ratio

Divide open interest in puts by open interest in calls. A ratio below 1 means more calls are open. A ratio above 1 means more puts, which often reflects demand for protection against falls. Like funding rates, it shows positioning, not direction.

Max pain

Max pain is the settlement price at which all open options for one expiry would pay their holders the least. Some traders believe prices drift toward it before expiry. The evidence for that is weak. This site shows it because many people look for it, not because it predicts anything.

DVOL

DVOL is Deribit's volatility index. It shows the 30 day implied volatility priced into options, as an annual percentage. A DVOL of 50 means options are priced for moves of about 50% a year, or roughly 2.6% a day. Higher readings mean traders expect bigger moves.

This guide is general information, not financial advice.