BTC 25DEC26 Options Chain

BTC options expiring 25DEC26, 109 days out, with the forward at $80,478. Open interest is $6B in calls and $3B in puts, put/call 0.56, and max pain is $72,000. At-the-money implied volatility is 39.2%. Where a strike is listed on both venues the cheaper ask and richer bid are visible side by side; the arb scanner flags any gap that exceeds fees. Strikes shown are within 60% of the forward. All BTC expiries.

Chain

Derive bid / ask (IV) · Deribit bid / ask (IV) · open interest in contracts, both venues combined.

Call OI	Derive call	Deribit call	Strike	Deribit put	Derive put	Put OI
0	–	$35460 / $36100 58%	45000	$230 / $290 58%	–	19
1	– / – 55%	$30580 / $31240 53%	50000	$375 / $380 53%	$362 / $392 55%	103
0	–	$28660 / $29300 51%	52000	$445 / $465 51%	–	13
0	–	$26760 / $27400 49%	54000	$530 / $570 49%	–	4
0	– / – 51%	$25800 / $26440 49%	55000	$585 / $620 49%	$576 / $634 51%	23
0	–	$24860 / $25520 48%	56000	$640 / $680 48%	–	2
0	–	$23000 / $23640 46%	58000	$775 / $820 46%	–	3
5	$17580 / – 47%	$21180 / $21820 45%	60000	$945 / $990 45%	$915 / $1001 47%	64
10	–	$19400 / $20020 44%	62000	$1140 / $1200 44%	–	7
12	–	$17660 / $18280 43%	64000	$1420 / $1480 43%	–	15
30	$16301 / $17966 43%	$16820 / $17420 42%	65000	$1560 / $1640 42%	$1548 / $1636 43%	34
11	–	$16000 / $16600 42%	66000	$1740 / $1800 42%	–	13
6	–	$14360 / $14980 41%	68000	$2140 / $2240 41%	–	15
20	$12708 / $13257 41%	$12820 / $13440 41%	70000	$2620 / $2720 41%	$2579 / $2668 41%	18
0	–	$11480 / $12040 40%	72000	$3200 / $3280 40%	–	2
1	–	$10100 / $10680 40%	74000	$3860 / $3960 40%	–	2
30	$9486 / $9786 39%	$9580 / $10040 39%	75000	$4240 / $4360 39%	$4174 / $4272 39%	12
16	–	$8900 / $9440 39%	76000	$4640 / $4760 39%	–	6
5	–	$7880 / $8100 39%	78000	$5520 / $5640 39%	–	11
30	$6910 / $7067 38%	$6980 / $7100 39%	80000	$6500 / $6640 39%	$6462 / $6567 38%	27
3	–	$6060 / $6200 39%	82000	$7580 / $7760 39%	–	10
1	–	$5260 / $5400 39%	84000	$8780 / $8960 39%	–	5
7	$4852 / $4957 38%	$4900 / $5040 39%	85000	$9400 / $9600 39%	$9279 / $9453 38%	5
1	–	$4560 / $4680 39%	86000	$10060 / $10240 39%	–	5
1	–	$3940 / $4040 39%	88000	$11280 / $11780 39%	–	10
4	$3359 / $3455 39%	$3400 / $3520 39%	90000	$12760 / $13240 39%	$12627 / $12988 39%	0
1	–	$2940 / $3040 39%	92000	$14260 / $14820 39%	–	0
0	–	$2540 / $2640 39%	94000	$15840 / $16400 39%	–	0
37	$2334 / $2422 40%	$2360 / $2440 40%	95000	$16660 / $17220 40%	$16413 / $17008 40%	0
1	–	$2200 / $2280 40%	96000	$17480 / $18040 40%	–	0
0	–	$1900 / $1960 40%	98000	$19200 / $19760 40%	–	0
812	$1620 / $1708 41%	$1660 / $1720 40%	100000	$20940 / $21500 40%	$20486 / $21392 41%	0
1	–	$1440 / $1520 41%	102000	$22720 / $23300 41%	–	0
1	–	$1260 / $1320 41%	104000	$24500 / $25100 41%	–	0
4	$1153 / $1232 43%	$1180 / $1240 41%	105000	$25420 / $26020 41%	$24444 / $27009 43%	0
0	–	$1100 / $1160 41%	106000	$26340 / $26940 41%	–	0
2	–	$975 / $1040 42%	108000	$28240 / $28820 42%	–	0
9	$844 / $914 44%	$860 / $910 42%	110000	$30080 / $30700 42%	$28929 / $31961 44%	0
29	$633 / $707 45%	$640 / $690 44%	115000	$34900 / $35480 44%	– / – 45%	0
18	$487 / $556 46%	$490 / $540 45%	120000	$39740 / $40320 45%	– / – 46%	0
751	$376 / $449 47%	$380 / $430 46%	125000	$44580 / $45220 46%	– / – 47%	0
0	$302 / $358 48%	$305 / $350 47%	130000	$49500 / $50140 47%	– / – 48%	0
0	$241 / $292 50%	$245 / $290 49%	135000	$54440 / $55060 49%	– / – 50%	0
0	$196 / $279 51%	$200 / $250 50%	140000	$59420 / $60020 50%	– / – 51%	0
0	– / – 51%	–	145000	–	– / – 51%	0