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DERIVATIVES · OI BY STRIKE

Options Open Interest by Strike in Crypto: How to Read the Data With Price Context

Open interest by strike shows where option contracts are concentrated for an expiry. Large clusters mark prices where hedging flows can matter.

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

Short answer

Options OI by strike plots calls and puts outstanding at each strike for an expiry (Deribit reports option OI in the underlying coin). Clusters of call OI above spot and put OI below often coincide with prices where dealers' hedging changes as spot approaches. Read it with price and time: a cluster matters more near expiry and when spot is close. OI alone doesn't show who is long or short, so treat dealer-positioning claims as assumptions.

Reading the chart

Illustrative BTC OI by strike (BTC)Illustrative BTC OI by strike (BTC): 56k puts 310 BTC; 58k puts 380 BTC; 60k calls+puts 580 BTC; 62k calls 420 BTC; 64k calls 260 BTC.ILLUSTRATIVE BTC OI BY STRIKE (BTC)56k puts310 BTC58k puts380 BTC60k calls+puts580 BTC62k calls420 BTC64k calls260 BTC
Clusters near spot matter most. Original ChartsPod editorial graphic.
PatternReading
Call cluster above spotPotential resistance via hedging (assumption)
Put cluster belowPotential support via hedging (assumption)
OI rising at a strikeNew positions
Near expiryEffects concentrate

Price context

Before reading strike OIBefore reading strike OI: One expiry or aggregated?; Units (coins); Snapshot time; Spot distance; Who is long unknown.BEFORE READING STRIKE OIOne expiry or aggregated?Units (coins)Snapshot timeSpot distanceWho is long unknown
OI is quantity, not direction. Original ChartsPod editorial graphic.

Using it

Related: Bitcoin Options Max Pain: How to Read the Data With Price Context, Options Put-Call Open-Interest Ratios in Crypto: How to Read the Data With Price Context.

Check oi by strike beside price in ChartsPod.

Open BTC/USDT in ChartsPod

OI alone doesn't show who is long or short, so treat dealer-positioning claims as assumptions.

Test Options Open Interest by Strike in Crypto on a perpetual chart; no account is needed to chart.

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Questions readers ask

What does OI by strike show?

Outstanding contracts at each strike.

Does it show who is long?

No.

When does it matter most?

Near expiry and near spot.

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 Insights: Maximum pain — max pain from OI at one expiry.
  2. Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.
  3. Deribit API: get_book_summary_by_currency — open interest units, mark_iv, underlying price, estimated delivery price.
  4. 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.