Bitcoin Options Max Pain: How to Read the Data With Price Context
Max pain is the expiry price at which option holders' total payout is smallest. It's a calculation from open interest, not a forecast.
Short answer
Max pain for one expiry is found by computing, for each candidate settlement price, the total intrinsic value of all calls and puts using open interest, and choosing the price with the smallest total. Example with five BTC strikes: payouts are $2.74M at 56k, $1.26M at 58k, $0.78M at 60k, $1.46M at 62k and $3.16M at 64k, so max pain is 60,000. Read it alongside price and time to expiry; OI shifts daily, and there's no guarantee price moves toward it.
Worked calculation
| Strike | Call OI (BTC) | Put OI (BTC) | Total payout if settles here |
|---|---|---|---|
| 56k | 50 | 310 | $2.74M |
| 58k | 120 | 380 | $1.26M |
| 60k | 300 | 280 | $0.78M (min) |
| 62k | 420 | 90 | $1.46M |
| 64k | 260 | 40 | $3.16M |
Price context
Deribit's own education material describes max pain as calculated from open interest at one expiry. Use it to see where payouts concentrate, and recompute close to expiry since OI changes.
Using it
Related: Ethereum Options Max Pain: How to Read the Data With Price Context, Options Open Interest by Strike in Crypto: How to Read the Data With Price Context.
Check btc max pain beside price in ChartsPod.
Open BTC/USDT in ChartsPodRead it alongside price and time to expiry; OI shifts daily, and there's no guarantee price moves toward it.
Compare Bitcoin Options Max Pain across Binance, Bybit, OKX and Hyperliquid markets.
Open markets in ChartsPodQuestions readers ask
What is max pain?
The settlement price with the smallest total option payout.
Does price move to max pain?
There's no guarantee.
How often should I recompute?
Daily, and close to expiry.
Sources and methodology
Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.
- Deribit Insights: Maximum pain — max pain from OI at one expiry.
- Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.
- Deribit API: get_book_summary_by_currency — open interest units, mark_iv, underlying price, estimated delivery price.
- ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.
This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.
CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.