Ethereum (ETH) Options

Ethereum (ETH) is trading at $2,495 with $5B of options open interest across Deribit and Derive: $3B in calls and $2B in puts, a put/call ratio of 0.57, call-heavy, which usually reads as a market positioned for upside. The largest expiry is 25SEP26 with $2B open and a max pain of $2,150. Front-month at-the-money implied volatility is 39.0%, and the term structure is upward-sloping, so the market charges more for longer-dated protection. Data refreshes every five minutes from public venue APIs.

Price

$2,495

Total OI

$5B

Put/Call (OI)

0.57

ATM IV (front)

39.0%

Open interest, max pain and ATM IV by expiry

Max pain is the expiry price that minimizes total payout to option holders, weighted by open interest. Click an expiry for the full chain.

Expiry	Days	Calls OI	Puts OI	Put/Call	Max pain	ATM IV	Strikes	Venues
8SEP26	1	$42M	$27M	0.65	$2,480	32.2%	36	DeribitDerive
9SEP26	2	$15M	$10M	0.63	$2,500	39.0%	33	DeribitDerive
10SEP26	3	$3M	$7M	2.36	$2,520	42.0%	31	DeribitDerive
11SEP26	4	$119M	$143M	1.20	$2,450	43.7%	33	DeribitDerive
18SEP26	11	$103M	$52M	0.50	$2,500	48.4%	19	DeribitDerive
25SEP26	18	$1B	$770M	0.64	$2,150	49.1%	85	DeribitDerive
30OCT26	53	$160M	$119M	0.74	$2,300	50.9%	42	DeribitDerive
27NOV26	81	$22M	$11M	0.51	$2,500	51.9%	41	DeribitDerive
25DEC26	109	$935M	$367M	0.39	$2,200	52.1%	47	DeribitDerive
26MAR27	200	$261M	$102M	0.39	$2,000	54.3%	43	DeribitDerive
25JUN27	291	$106M	$69M	0.65	$2,000	55.4%	41	DeribitDerive

Largest strikes by open interest

Across all expiries. Big call strikes above spot are where dealers are short gamma into a rally.

Strike	Calls OI	Puts OI	vs spot
1900	$49M	$92M	-23.8%
2000	$117M	$123M	-19.8%
2100	$28M	$138M	-15.8%
2200	$178M	$101M	-11.8%
2300	$83M	$82M	-7.8%
2400	$116M	$70M	-3.8%
2500	$202M	$37M	0.2%
2600	$122M	$36M	4.2%
2800	$185M	$14M	12.2%
3000	$188M	$24M	20.2%
3200	$271M	$4M	28.3%
3500	$150M	$5M	40.3%

Recent block trades

Prints over $50k on Derive and Deribit, last 24h, priced against Deribit's mark. Full tape.

Venue	Contract	Side	Size	Price	vs mark
Deribit	25SEP26 3000 C	sell	487	$11.95	+$0.10
Deribit	25SEP26 2900 C	buy	100	$17.43	$-0.26
Deribit	25SEP26 2800 C	sell	572	$27.38	+$0.14
Deribit	25SEP26 2800 C	sell	236	$27.38	+$0.14
Deribit	25SEP26 2800 C	sell	487	$27.38	+$0.14
Deribit	25SEP26 2800 C	buy	44	$27.38	+$0.14
Deribit	25SEP26 2800 C	buy	100	$27.38	+$0.14
Deribit	25SEP26 2800 C	buy	270	$27.38	+$0.14
Deribit	25SEP26 2800 C	buy	101	$27.38	+$0.14
Deribit	18SEP26 2900 C	buy	77	$8.46	+$0.17
Derive	30OCT26 3200 C	sell	25	$35.21	$-1.71
Derive	30OCT26 2800 C	buy	25	$93.37	$-0.91
Deribit	8SEP26 2560 C	sell	39	$1.99	$-0.21
Deribit	8SEP26 2420 P	sell	52	$1.49	+$0.02
Deribit	8SEP26 2620 C	buy	61	$0.75	+$0.22