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DERIVATIVES · BLOCK TRADES

Options Block Trades in Crypto: How to Read the Data With Price Context

Block trades are large options trades negotiated off the order book and then reported. They show size and structure, but direction needs care.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Deribit's trade data includes block_trade_id (and leg count) when a trade was part of a block, and combo identifiers for multi-leg trades. Blocks show where large participants traded, but each leg's 'direction' field is the taker's side of that leg, and multi-leg blocks (spreads, risk reversals) must be read as a whole. Read blocks with price and IV: a large call spread bought before a rally says something different from a covered-call sale.

Reading a block

FieldMeaning
block_trade_idTrade was part of a block
block_trade_leg_countNumber of legs
combo_idMulti-leg structure
directionTaker side per leg
ivImplied vol at trade
Example block (illustrative)Example block (illustrative): Leg 1 — Buy 500 × 65k call; Leg 2 — Sell 500 × 75k call; Structure — Call spread; Net — Debit paid; Read — Bounded upside view.Leg 1Buy 500 × 65k callLeg 2Sell 500 × 75k callStructureCall spreadNetDebit paidReadBounded upside view
Read legs together. Original ChartsPod editorial graphic.

Price context

Block checksBlock checks: All legs grouped; Structure named; Net premium; IV at trade; Price and IV afterwards.BLOCK CHECKSAll legs groupedStructure namedNet premiumIV at tradePrice and IV afterwards
One leg alone misleads. Original ChartsPod editorial graphic.

Using it

Related: Options Taker-Premium Flows in Crypto: How to Read the Data With Price Context, Crypto Options Trade Data: Null vs Zero - Handle Missing Fields Correctly.

Check block trades beside price in ChartsPod.

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Read blocks with price and IV: a large call spread bought before a rally says something different from a covered-call sale.

Compare Options Block Trades in Crypto across Binance, Bybit, OKX and Hyperliquid markets.

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Questions readers ask

What is a block trade?

A large negotiated trade reported to the exchange.

How do I identify one?

block_trade_id in Deribit trade data.

Can I read direction from one leg?

Read all legs together.

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.

  1. Deribit API: get_last_trades_by_instrument — taker direction, iv, block_trade_id, combo fields.
  2. 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.