MarketScope

BITCOIN · OPTIONS

Read Bitcoin’s options market.

See the priced-in move, downside hedge premium, concentrated positions and important expiries.

BTC Options Radar

Deribit · BTC inverse options · Instruments with available IV

Explore options →

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Price of volatility

—30D ATM IV · RV — · gap —7D: ——

7-day reference move

—From 7D IV · no direction forecast7D: ——

Reference price range

—

Reference index $—. S × 7D IV × √(7/365). No probability or price guarantee.

Short-term caution

——7D: ——

Downside hedge premium

—Insufficient data7D: ——

OI concentration strikes

P — / C — · Selected expiry—

Expiry in focus

—— · — of covered OI—Settlement TWAP 07:30–08:00 UTC · Expiry 08:00 UTC

Mark IV is a model value. Forward IV and trailing RV describe different periods; their gap is not a trade recommendation. OI does not identify buyer/seller direction or support/resistance.

History: 0 observations · incomplete windows collecting

Volatility history · 30D

ATM IV (blue) / RV (gold) %: —

Downside hedge history

30D Put IV − Call IV · pt: —

Skew percentile in visible window: — · n=0 · — → —

Positive: put IV higher. Negative: call IV higher.

Constant maturity IV & skew

Tenor	ATM IV	−24h IV	−7D IV	Put − Call
7D	—	—	—	—pt
30D	—	—	—	—pt
90D	—	—	—	—pt

Linear interpolation of total variance between bracketing expiries. ATM uses strikes bracketing the forward. Missing expiry or delta brackets show —.

Positioning & expiry

Expiry	OI · BTC	ATM IV

Focus ranks OI / √days remaining. OI covers instruments with available IV only.

Selected expiry OI concentration ·

Call ● / Put ● · BTC

—

Strike USD	Call BTC	Put BTC	Distance from index

Option trades in the last hour

Direction is the taker side. Opening/closing positions, institutional intent and net capital inflow are unknown. Gross totals above include combo and block legs. Deribit API

Methodology & data quality

RV: sample standard deviation of hourly index log returns × √(365×24). Missing hours are not filled. History uses rolling windows across UTC midnight.

Mark IV differs from executable quotes. Quote coverage and spreads appear in the expiry desk below.

Flow uses taker direction; gamma is unsigned model concentration. Estimated dealer GEX is outside this scope.

Exchange

Expiry · UTC

Deribit Delayed2026-09-11 07:54:39 UTCOKX Delayed2026-09-11 07:54:34 UTCBinance Delayed2026-09-11 07:54:40 UTCRefreshes every 2 minutes while visible

Volatility smile

Mark IV by strike · annualized %

IVStrike range

Deribit━━ Calls┄┄ Puts

Hover or focus a point to inspect it. The full data table is below.

Forward price$77,223Selected expiry · not the spot price

25Δ downside skew—Put IV − call IV · vol points

Contracts42Available IV observations · selected expiry

Volatility desk

Term structure, positioning and liquidity by venue

Deribit · 2026-09-18 Delayed

ATM IV39.7 %At forward · annualized

IV reference move to expiry±4,235 USDIV conversion · remaining 7 days

Put / Call OI0.85Put open interest / call open interest

Open interest16,286.2 BTCC 8,790.7 / P 7,495.5

24h volume3,428.7 BTCSelected expiry · all strikes

Median bid/ask spread5.6 % midTwo-sided quotes 42 / 42

ATM IV term structure & expiry open interest

Days	ATM IV %	OI · BTC	P / C
1	44.4	10,102.4	0.22
2	36.1	1,242.2	0.9
3	35.8	1,226.2	1.49
7	39.7	16,286.2	0.85
14	37.7	184,395.7	0.51
21	37.3	342.4	3.97
49	37.4	43,645.4	0.57
77	38.9	5,513.4	0.45
105	39.4	113,333.8	0.57
196	40.1	31,777	0.57
287	41.2	9,881.1	0.51

Top 5 strikes by observed open interest

Strike · USD	Call · BTC	Put · BTC	Total · BTC
72,000	0.3	2,303.9	2,304.2
82,000	1,921.2	33.5	1,954.7
74,000	25.4	1,403	1,428.4
75,000	44.7	1,097.3	1,142
80,000	741.7	136.6	878.3

ATM IV averages calls and puts interpolated in log strike within ±10% of the forward. Implied move approximates F × IV × √(days/365), not a forecast or guarantee. OI and volume cover instruments with available IV; incomplete totals show —. Bid/ask observations are snapshot values, not guaranteed fills. OI does not identify dealer positioning.

Explore the observations

Open interest units differ by exchange; compare within a venue only.

Exchange	Strike price · USD	Side	IV %	Δ	Open interest
Deribit	65,000	Calls	60.3	—	0.00
Deribit	65,000	Puts	60.3	—	185.20
Deribit	68,000	Calls	53.6	—	3.20
Deribit	68,000	Puts	53.6	—	222.10
Deribit	69,000	Calls	51.1	—	0.00
Deribit	69,000	Puts	51.1	—	47.70
Deribit	70,000	Calls	48.3	—	0.00
Deribit	70,000	Puts	48.3	—	308.80
Deribit	72,000	Calls	44.1	—	0.30
Deribit	72,000	Puts	44.1	—	2,303.90
Deribit	74,000	Calls	41.8	—	25.40
Deribit	74,000	Puts	41.8	—	1,403.00
Deribit	75,000	Calls	41.0	—	44.70
Deribit	75,000	Puts	41.0	—	1,097.30
Deribit	76,000	Calls	40.1	—	19.10
Deribit	76,000	Puts	40.1	—	423.40
Deribit	77,000	Calls	39.7	—	195.00
Deribit	77,000	Puts	39.7	—	647.30
Deribit	78,000	Calls	39.6	—	248.10
Deribit	78,000	Puts	39.6	—	372.80
Deribit	79,000	Calls	39.7	—	459.80
Deribit	79,000	Puts	39.7	—	270.00
Deribit	80,000	Calls	40.1	—	741.70
Deribit	80,000	Puts	40.1	—	136.60
Deribit	81,000	Calls	40.7	—	756.50
Deribit	81,000	Puts	40.7	—	40.40
Deribit	82,000	Calls	41.4	—	1,921.20
Deribit	82,000	Puts	41.4	—	33.50
Deribit	83,000	Calls	42.2	—	666.80
Deribit	83,000	Puts	42.2	—	2.00
Deribit	84,000	Calls	43.2	—	611.50
Deribit	84,000	Puts	43.2	—	0.10
Deribit	85,000	Calls	44.3	—	870.10
Deribit	85,000	Puts	44.3	—	1.20
Deribit	86,000	Calls	45.2	—	689.50
Deribit	86,000	Puts	45.2	—	0.10
Deribit	88,000	Calls	48.1	—	648.70
Deribit	88,000	Puts	48.1	—	0.00
Deribit	90,000	Calls	53.1	—	727.70
Deribit	90,000	Puts	53.1	—	0.00
Deribit	95,000	Calls	58.4	—	161.40
Deribit	95,000	Puts	58.4	—	0.10

CME BTC · Positions by participant

CFTC COT / TFF · Futures only · Weekly · 1 contract = 5 BTC. Not options open interest or GEX.

Loading COT data…

Normally Tuesday positions, published Friday. Weekly changes require a report exactly seven days earlier. Net = long − short. Spreading is separate and unavailable for non-reportables. Shorts can include hedges and basis trades; these positions do not establish bearish intent or estimated dealer options inventory.

Source: CFTC official COT

How to read this chart

A higher IV means the option prices in more uncertainty. The curve can be skewed or irregular; it does not predict direction. Solid lines are calls, dashed lines are puts. Points connect observed mark IVs without fitting a theoretical curve.

Comparison uses the exact same expiry (08:00 UTC). Exchanges may quote different contract and settlement conventions. Mark IV is a model value, not an executable bid or ask.

25Δ RR interpolates between nearby delta observations. Deribit uses separately fetched ticker delta and mark IV near 25Δ for the selected expiry. Missing brackets or unavailable data are shown as —, never zero.