XAUT options

Every listed XAUT expiry on Derive: where open interest sits, where max pain lands and how implied volatility changes with time. Pick an expiry for its full chain.

Positioning and volatility context

XAUT spot is $4,055 with $8.7M of options open interest across Derive: $6.64M in calls and $2.06M in puts, a put/call ratio of 0.31, more money in calls than puts. The largest expiry is 25 Dec with $7.12M open and a max pain of $4,000. At-the-money implied volatility for 20 Nov is 23.5%, and the term structure is inverted: near-term volatility is priced above longer-dated, which is typical around events or after a sharp move. Open interest alone does not reveal whether positions were bought or sold.

Spot

$4,055

Index price the venues report

Open interest

$8.7M

$6.64M calls · $2.06M puts

Put/call (OI)

0.31

More money in calls than puts

ATM IV · 20 Nov

23.5%

Term structure is inverted

Open interest by expiry

Dollar value of outstanding calls and puts on each expiry.

Implied volatility term structure

At-the-money IV against days to expiry; inverted right now. Expiries under two days are left out: their IV swings too much to read.

Expiries

Open interest, max pain and ATM IV per expiry. Max pain is the settlement price at which option holders, weighted by open interest, would collect the least; the % beside it is its distance from spot.

Expiry	Left	Calls OI	Puts OI	Total OI	Put/call	Max pain	ATM IV	Strikes	Venues
9 Nov	1d	$0	$0	$0	—	—	17.9%	5	Derive
13 Nov	5d	$122K	$341K	$462K	2.80	$4,200+3.6%	25.4%	15	Derive
20 Nov	12d	$24.6K	$94.6K	$119K	3.84	$4,000−1.4%	23.5%	9	Derive
27 Nov	19d	$515K	$487K	$1M	0.95	$4,100+1.1%	22.5%	20	Derive
25 Declargest	47d	$5.98M	$1.14M	$7.12M	0.19	$4,000−1.4%	21.7%	24	Derive

Largest strikes by open interest

The twelve strikes with the most money open across all expiries, in strike order. Open interest does not say who is long or short.

Strike	vs spot	Calls OI	Puts OI
3,500	−13.7%	$48.4K	$255K
3,600	−11.2%	$6.3K	$178K
3,800	−6.3%	$331K	$227K
3,900	−3.8%	$89.9K	$210K
4,000	−1.4%	$1.74M	$355K
4,100	+1.1%	$862K	$350K
4,200	+3.6%	$512K	$133K
4,400	+8.5%	$875K	$118K
4,500	+11.0%	$501K	$68.6K
4,600	+13.4%	$724K	$68.4K
4,800	+18.4%	$387K	$55K
5,000	+23.3%	$345K	$0

Recent Derive trades

XAUT option trades over $50K notional on Derive in the last 24 hours, newest first. "vs mark" is the price paid minus Deribit's current mark, per contract. Full tape

Derive's trade history didn't load completely, so some trades may be missing.

Time (UTC)	Contract	Side	Size	Price	vs mark
No trades to show: Derive's trade history couldn't be loaded.

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