Options expiries
Bitcoin options expiries
BTC options on Deribit, OKX and Bybit settle at 08:00 UTC. The monthly and quarterly expiries, on the last Friday of the month, carry the most open interest. Each one gets a page three weeks before: open interest by strike, max pain and the move options price, and afterwards where it settled.
| Expiry (08:00 UTC) | Open interest | Max pain | Settled | Status |
|---|---|---|---|---|
| 30 Oct 2026 | 149,417 BTC | 79,000 | — | Upcoming |
How BTC options expiry works
Deribit, OKX and Bybit list daily, weekly, monthly and quarterly options. All of them settle at 08:00 UTC. The settlement price on Deribit is the average of its index over the 30 minutes before 08:00, so a single trade at 07:59 cannot set it. When an expiry settles, its open interest disappears from the market in one step: the positions are paid out in cash and the hedges dealers held against them are no longer needed.
The monthly expiry on the last Friday of the month is usually the largest of the month, and the quarterly ones in March, June, September and December are the largest of the year. That is why each of them gets its own page here, built from the same data every hour until 08:00 UTC and then frozen with the settlement result.
What each expiry page shows
- Open interest by strike on Deribit, OKX and Bybit added together, calls and puts.
- Max pain: the settlement price at which option holders together would collect the least. Max pain for every open expiry, including the daily and weekly ones, is on BTC max pain today.
- Put/call ratio and the largest call and put strikes.
- Expected move: how far at-the-money implied volatility prices BTC to move by 08:00 UTC on expiry day.
- After expiry: Deribit's settlement price and how far it was from max pain and from the expected move.