Bitcoin & Ethereum Options

What is the put/call ratio (PCR)?

The put/call ratio divides put open interest (or trading volume) by call open interest (or volume). A PCR above 1 means more outstanding puts than calls — often read as hedging demand or bearish positioning; a low PCR (e.g. below 0.7) signals call-heavy, bullish positioning. This page shows both the OI-based and the 24h-volume-based ratio.

What is the max pain price?

Max pain is the settlement price at which the total intrinsic value paid out to all option buyers is minimized — the price where option holders collectively "hurt" the most. For every candidate strike S we compute Σ call OI × max(S−K, 0) + Σ put OI × max(K−S, 0) and pick the S with the smallest payout. CoinBoss calculates it for the nearest major expiry (the closest expiry holding at least 5% of total open interest).

What is notional open interest?

Open interest on Deribit is quoted in coins (1 contract = 1 BTC or 1 ETH). Notional OI converts it to US dollars by multiplying contracts by the underlying price, making strikes and expiries directly comparable. It measures the total value controlled by outstanding option contracts, not the premium paid for them.

Where does the data come from and how often is it updated?

All data comes from the Deribit public API and covers every listed BTC and ETH option. CoinBoss takes a full snapshot every 10 minutes and archives hourly history. Deribit hosts the large majority of global crypto options open interest, so the picture is representative of the whole market.