Strike Open Interest & Pain Distribution
Comparing Call (Green) vs. Put (Red) open interest across strikes
Strike Price Exposure Table
Granular breakdown of open interest per strike for selected expiry
| Strike Price ($) | Call Open Interest (BTC) | Put Open Interest (BTC) | Total Exposure |
|---|---|---|---|
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Frequently Asked Questions
Expert answers regarding Bitcoin options theory, hedging mechanics, and Max Pain settlement.
What is Bitcoin Options Max Pain?
Max Pain is the strike price where the maximum number of options (both calls and puts) expire worthless. This point inflicts the greatest financial loss on option buyers while favoring institutional option writers (market makers).
Why does Bitcoin price gravitate toward Max Pain at expiry?
Large option writers hedge their delta exposure dynamically by buying or selling spot and futures as the price moves. As expiration approaches, these large-scale hedging flows naturally exert gravitational pull on the spot price toward the heaviest open interest concentration.
How is Max Pain calculated from open interest?
The engine tests each active strike price as a hypothetical settlement price. It calculates total cash payouts required for all in-the-money options at that price level. The strike yielding the lowest total payout is crowned as the Max Pain strike.