XRP (XRP) Options

Expiries, open interest and quotes across Deribit.

Positioning and volatility context

XRP (XRP) has a reference forward of $1.30 with $66.48M of options open interest across Deribit: $44M in calls and $22M in puts, a put/call ratio of 0.50, more call than put open interest. The largest expiry is 25DEC26 with $42M open and a max pain of $1.50. At-the-money implied volatility for 6NOV26 is 59.4%, and the term structure is inverted, so 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.

Some venue quotes are unavailable; open-interest totals may be incomplete.

Reference forward

$1.30

Total OI

$66.48M

Put/Call (OI)

0.50

ATM IV (6NOV26)

59.4%

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
26OCT26	1	$179K	$106K	0.59	$1.28	48.4%	21	Deribit
27OCT26	2	$0	$26K	—	$1.28	51.5%	13	Deribit
30OCT26	5	$13M	$4M	0.31	$1.40	56.1%	62	Deribit
6NOV26	12	$221K	$10K	0.05	$1.22	59.4%	28	Deribit
27NOV26	33	$5M	$2M	0.34	$1.34	56.8%	45	Deribit
25DEC26	61	$26M	$16M	0.63	$1.50	56.1%	40	Deribit

Largest strikes by open interest

Across all expiries. Open interest does not identify dealer positions or whether they are long or short gamma.

Strike	Calls OI	Puts OI	vs forward
0.9	$27K	$2M	-30.7%
0.95	$26K	$2M	-26.8%
1	$112K	$4M	-22.9%
1.1	$92K	$2M	-15.2%
1.5	$2M	$977K	15.6%
1.55	$3M	$2M	19.4%
1.85	$2M	$46K	42.6%
1.9	$2M	$8K	46.4%
2	$4M	$0	54.1%
2.2	$3M	$0	69.5%
3	$2M	$0	131.2%
3.2	$2M	$0	146.6%

Recent Derive trades

Trade history is incomplete. Derive prints over $50k notional, last 24h, compared with Deribit's current mark. Full tape.

Venue	Contract	Side	Size	Price	vs mark
Trade history is unavailable or incomplete.

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