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BITCOIN · OPTIONS

Read Bitcoin’s options market.

MarketScope

Radar: Deribit instruments with available IV. Separate venue comparisons cover Derive, Deribit, OKX and Binance.

BITCOIN · OPTIONS

Radar: Deribit instruments with available IV. Separate venue comparisons cover Derive, Deribit, OKX and Binance.

Venue desks for the selected expiry

Comparison uses the exact same expiry (08:00 UTC). Exchanges may quote different contract and settlement conventions. Mark IV is a model value, not an executable bid or ask. Open interest units differ by exchange; compare within a venue only.

Exchange

Expiry · UTC

Deribit Available2026-11-12 23:35:46 UTCOKX Available2026-11-12 23:35:42 UTCBinance Available2026-11-12 23:35:47 UTCRefreshes every 2 minutes while visible

Volatility smile

Mark IV by strike · annualized %

IVStrike range

Deribit━━ Calls┄┄ Puts

Hover or focus a point to inspect it. The full data table is below.

Forward price$71,374Selected expiry · not the spot price

25Δ downside skew—Put IV − call IV · vol points

Contracts52Available IV observations · selected expiry

Volatility desk

Term structure, positioning and liquidity by venue

Deribit · 2026-11-20 08:00 UTC

ATM IV38.5 %At forward · annualized7.3 days · annualized IV is not time value

IV reference move to expiry±3,903 USDIV conversion · remaining 7.3 daysF × IV × √(t/365) · F = forward for this expiry $71,374

Put / Call OI1.01Put open interest / call open interestOutstanding contract ratio; not trade direction or support/resistance.

Open interest14,153.5 BTCC 7,036.5 / P 7,117

24h volume6,151.9 BTCSelected expiry · all strikes

Median bid/ask spread5.6 % midTwo-sided quotes 50 / 52

ATM IV term structure & expiry open interest

Days	ATM IV %	OI · BTC	P / C
0.3	42.6	33,467.1	0.49
1.3	41.4	1,979.9	0.72
2.3	35.5	834.2	0.75
3.3	34.9	592.1	3.04
7.3	38.5	14,153.5	1.01
14.3	37.2	81,094.1	0.95
21.3	37.1	107.8	1.4
42.3	38.1	143,563.5	0.71
77.3	38.3	7,074.7	0.84
133.3	39.2	47,961.2	0.7
224.3	40	17,581.3	0.65
315.3	40.3	9,180	0.74

Top 5 strikes by observed open interest

Strike · USD	Call · BTC	Put · BTC	Total · BTC
70,000	11.1	1,953.7	1,964.8
75,000	1,276.3	221.5	1,497.8
72,000	144.8	1,109	1,253.8
74,000	521.2	663.6	1,184.8
78,000	748.8	110.4	859.2

ATM IV averages calls and puts interpolated in log strike within ±10% of the forward. Implied move approximates F × IV × √(days/365), not a forecast or guarantee. OI and volume cover instruments with available IV; incomplete totals show —. Bid/ask observations are snapshot values, not guaranteed fills. OI does not identify dealer positioning.

Explore the observations

Exchange	Strike price · USD	Side	IV %	Δ	Open interest
Deribit	60,000	Calls	63.4	—	0.00
Deribit	60,000	Puts	63.4	—	413.10
Deribit	65,000	Calls	50.5	—	0.00
Deribit	65,000	Puts	50.5	—	444.20
Deribit	66,000	Calls	48.1	—	0.00
Deribit	66,000	Puts	48.1	—	41.90
Deribit	67,000	Calls	45.8	—	0.00
Deribit	67,000	Puts	45.8	—	20.40
Deribit	68,000	Calls	43.7	—	3.00
Deribit	68,000	Puts	43.7	—	337.60
Deribit	69,000	Calls	41.9	—	10.00
Deribit	69,000	Puts	41.9	—	252.00
Deribit	70,000	Calls	40.2	—	11.10
Deribit	70,000	Puts	40.2	—	1,953.70
Deribit	71,000	Calls	38.9	—	77.30
Deribit	71,000	Puts	38.9	—	575.90
Deribit	72,000	Calls	38.0	—	144.80
Deribit	72,000	Puts	38.0	—	1,109.00
Deribit	73,000	Calls	37.3	—	60.90
Deribit	73,000	Puts	37.3	—	186.90
Deribit	74,000	Calls	37.0	—	521.20
Deribit	74,000	Puts	37.0	—	663.60
Deribit	75,000	Calls	37.5	—	1,276.30
Deribit	75,000	Puts	37.5	—	221.50
Deribit	76,000	Calls	37.6	—	360.90
Deribit	76,000	Puts	37.6	—	395.50
Deribit	77,000	Calls	38.5	—	241.60
Deribit	77,000	Puts	38.5	—	163.20
Deribit	78,000	Calls	39.7	—	748.80
Deribit	78,000	Puts	39.7	—	110.40
Deribit	79,000	Calls	41.1	—	288.40
Deribit	79,000	Puts	41.1	—	132.10
Deribit	80,000	Calls	43.2	—	723.60
Deribit	80,000	Puts	43.2	—	50.70
Deribit	81,000	Calls	44.9	—	183.00
Deribit	81,000	Puts	44.9	—	7.50
Deribit	82,000	Calls	46.5	—	444.30
Deribit	82,000	Puts	46.5	—	24.50
Deribit	83,000	Calls	49.0	—	139.70
Deribit	83,000	Puts	49.0	—	0.30
Deribit	84,000	Calls	50.2	—	633.40
Deribit	84,000	Puts	50.2	—	0.00
Deribit	85,000	Calls	52.4	—	496.00
Deribit	85,000	Puts	52.4	—	0.20
Deribit	86,000	Calls	54.0	—	264.20
Deribit	86,000	Puts	54.0	—	12.70
Deribit	88,000	Calls	57.6	—	161.50
Deribit	88,000	Puts	57.6	—	0.00
Deribit	90,000	Calls	61.9	—	135.20
Deribit	90,000	Puts	61.9	—	0.00
Deribit	95,000	Calls	62.0	—	111.30
Deribit	95,000	Puts	62.0	—	0.10

BTC Options Radar · 6 metrics, history, flow & gamma

BTC Options Radar

Deribit · BTC inverse options · Instruments with available IV

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Loading · —

Price of volatility

—30D ATM IV · RV — · gap —7D: ——

7-day reference move

—From 7D IV · no direction forecast7D: ——S × 7D IV × √(7/365) · S = index price $—

Reference price range

—

Reference index $—. S × 7D IV × √(7/365). No probability or price guarantee.

Short-term caution

——7D: ——

Downside hedge premium

—Insufficient data7D: ——

OI concentration strikes

P — / C —— · Selected expiry—Outstanding contracts; not trade direction or support/resistance.Different reference expiry: desk 2026-11-20 08:00 UTC

Expiry in focus

—— · — of covered OI—Settlement TWAP 07:30–08:00 UTC · Expiry 08:00 UTC

Mark IV is a model value. Forward IV and trailing RV describe different periods; their gap is not a trade recommendation. OI does not identify buyer/seller direction or support/resistance.

Checking history…

Volatility history · 30D

Waiting to check RV availability

ATM IV (blue) %: —

Downside hedge history

30D Put IV − Call IV · vol pt: —

Skew percentile in visible window: — · n=0 · — → —

Positive: put IV higher. Negative: call IV higher.

Constant maturity IV & skew

Tenor	ATM IV	IV 24h ago	IV 7 days ago	Put − Call
7D	—	—	—	— vol pt
30D	—	—	—	— vol pt
90D	—	—	—	— vol pt

IV is annualized %. vol pt denotes percentage-point differences in IV. Linear interpolation of total variance between bracketing expiries. ATM uses strikes bracketing the forward. Missing expiry or delta brackets show —.

Historical IV uses a saved observation within one hour of the comparison time. A missing observation or tenor IV shows —.

Positioning & expiry

Expiry	Days remaining	OI · BTC	ATM IV · annualized

Focus ranks OI / √days remaining. OI covers instruments with available IV only. IV is annualized, not the premium’s time value.

Selected expiry OI concentration ·

Call ● / Put ● · BTC

—

Strike USD	Call BTC	Put BTC	Distance from index

Option trades in the last hour

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Direction is the taker side. Opening/closing positions, institutional intent and net capital inflow are unknown. Gross totals above include combo and block legs. Deribit API

Methodology & data quality

RV: sample standard deviation of hourly index log returns × √(365×24). Missing hours are not filled. History uses rolling windows across UTC midnight.

Mark IV differs from executable quotes. Quote coverage and spreads appear in the expiry desk below.

Flow uses taker direction; gamma is unsigned model concentration. Estimated dealer GEX is outside this scope.

Derive · market details

DERIVE · SELF-CUSTODIAL

Derive BTC derivatives

Venue figures come from each exchange. DeFiLlama stays on the protocol card. Self-custody does not establish who can reach the frontend.

Polling

Loading Derive…

COT · futures positioning

CME BTC · Positions by participant

CFTC COT / TFF · Futures only · Weekly · 1 contract = 5 BTC. Not options open interest or GEX.

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Normally Tuesday positions, published Friday. Weekly changes require a report exactly seven days earlier. Net = long − short. Spreading is separate and unavailable for non-reportables. Shorts can include hedges and basis trades; these positions do not establish bearish intent or estimated dealer options inventory.

Source: CFTC official COT

How to read this chart

A higher IV means the option prices in more uncertainty. The curve can be skewed or irregular; it does not predict direction. Solid lines are calls, dashed lines are puts. Points connect observed mark IVs without fitting a theoretical curve.

Comparison uses the exact same expiry (08:00 UTC). Exchanges may quote different contract and settlement conventions. Mark IV is a model value, not an executable bid or ask.

25Δ RR interpolates between nearby delta observations. Deribit uses separately fetched ticker delta and mark IV near 25Δ for the selected expiry. Missing brackets or unavailable data are shown as —, never zero.