Bitcoin Options
Bitcoin carries the deepest listed options market in crypto — hundreds of live strikes across a dozen expiries on Deribit. This page tracks BTC mark implied volatility per strike and expiry, the ATM term structure, put/call positioning and where open interest concentrates ahead of each settlement. The 30-day IV headline is Deribit's own DVOL index, shown with attribution; every derived number follows the published methodology.
BTC 30d IV (Deribit DVOL)
External Deribit index · 1-min updates
Options volume 24h
Notional · premium in table below
Open interest
870 listed contracts
Put/call volume
By 24h contract volume
Put/call OI
By open-interest notional
Premium volume 24h
Venue-reported traded premium
Next major expiry
$9.60B OI
BTC index price
Deribit index
Term structure — ATM implied volatility
Mark IV at the strike nearest each expiry's forward. An upward slope means longer-dated options price more volatility than short-dated ones; an inverted front end usually reflects near-term event risk. Direction of price is not implied either way.
Volatility by strike — 2026-07-28
Mark IV per strike for the front expiry (≥2 days out), puts in pink, calls in green. This is a strike-based curve, not a 25-delta skew — the venue's bulk feed carries no per-option delta. Method on the methodology page.
Expiries — volume, open interest and put/call
Source: Deribit · Jul 26, 00:16 UTC| Expiry | Days | Call vol (BTC) | Put vol (BTC) | Call OI | Put OI | P/C vol | P/C OI | Notional OI |
|---|---|---|---|---|---|---|---|---|
| 2026-07-26 | 0 | 383.4 | 409.2 | $92.1M | $69.0M | 1.07 | 0.75 | $161.1M |
| 2026-07-27 | 1 | 343.8 | 133.5 | $73.9M | $78.6M | 0.39 | 1.06 | $152.5M |
| 2026-07-28 | 2 | 88.1 | 213.3 | $26.6M | $27.3M | 2.42 | 1.03 | $53.9M |
| 2026-07-29 | 3 | 125.3 | 149.5 | $8.0M | $7.5M | 1.19 | 0.93 | $15.5M |
| 2026-07-31 | 5 | 593 | 485.6 | $7.47B | $2.13B | 0.82 | 0.29 | $9.60B |
| 2026-08-07 | 12 | 152.9 | 162.6 | $1.26B | $169.2M | 1.06 | 0.13 | $1.42B |
| 2026-08-14 | 19 | 130.2 | 18.5 | $103.3M | $30.7M | 0.14 | 0.30 | $133.9M |
| 2026-08-28 | 33 | 42.1 | 195.2 | $1.84B | $964.9M | 4.64 | 0.52 | $2.81B |
| 2026-09-25 | 61 | 377 | 191.1 | $3.88B | $2.23B | 0.51 | 0.58 | $6.11B |
| 2026-12-25 | 152 | 22.6 | 5 | $3.85B | $2.16B | 0.22 | 0.56 | $6.01B |
| 2027-03-26 | 243 | 14.8 | 6.4 | $1.04B | $549.5M | 0.43 | 0.53 | $1.59B |
| 2027-06-25 | 334 | 10.8 | 14.1 | $168.7M | $101.7M | 1.31 | 0.60 | $270.4M |
“—” means no activity or an undefined ratio (zero denominator) — never a hidden zero-fill.
Open interest by strike — calls vs puts
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Editorial TeamEditorial team tracking 100+ perpetual futures venues with live on-chain and exchange data.