BTC · Deribit

BTC OI vs past expiries

Total open interest (calls + puts, all expiries summed) by moneyness — strike ÷ spot-at-the-time — from each Friday's last captured snapshot before the 08:00 UTC cut. That is the book traders held into expiry, not the post-settlement state. BTC archive is a rolling window (le8d slices before mid-August, full book after); ETH from mid-August.
Total OI by moneyness, last — Friday cycles
No completed Friday cycles archived yet for this asset.

Reading this chart

A peak near 1.00 on every line is normal. A peak at 0.92 or 1.08 suggests writers were positioned for a move that week. Taller recent lines mean more contracts open into expiry.

  • Peak at 1.00 every cycle — normal.
  • Peak off-center — directional positioning that week.
  • Taller recent lines — more OI than the recent baseline.

Methodology

Each cycle uses the last chain_snapshots row before 08:00 UTC on that Friday. Recent archive rows cover all expiries; older rows (before mid-August 2026) are ≤8-day slices only — cycles from that era reflect near-dated positioning, not the full term structure. Strikes outside 70–150% moneyness are dropped (same clip as the IV surface pages). See also the expiry countdown for the next cut.

Why moneyness instead of raw strike?

BTC spot moves thousands of dollars between Fridays. Moneyness normalizes so 1.00 always means ATM at that expiry's spot.

Why all expiries, not just the weekly series?

Deribit stores one combined chain per minute. Summing every expiry matches how max pain and PCR are computed elsewhere on this site — one aggregate book shape.

How many cycles are shown?

Up to six completed Fridays with archived data. ETH has fewer early cycles because capture started 2026-08-12.