Ethereum Options
Ethereum's options market prices a different risk profile than Bitcoin's — ETH implied volatility typically runs above BTC's, and the gap between the two is itself a widely watched signal. This page tracks ETH mark IV per strike and expiry, the ATM term structure, put/call positioning and open-interest concentration by strike. The 30-day IV headline is Deribit's own DVOL index, shown with attribution; every derived number follows the published methodology.
ETH 30d IV (Deribit DVOL)
External Deribit index · 1-min updates
Options volume 24h
Notional · premium in table below
Open interest
680 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
$828.9M OI
ETH 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 (ETH) | Put vol (ETH) | Call OI | Put OI | P/C vol | P/C OI | Notional OI |
|---|---|---|---|---|---|---|---|---|
| 2026-07-26 | 0 | 2,892 | 1,907 | $19.6M | $15.7M | 0.66 | 0.80 | $35.4M |
| 2026-07-27 | 1 | 1,469 | 824 | $9.2M | $14.3M | 0.56 | 1.55 | $23.5M |
| 2026-07-28 | 2 | 910 | 541 | $6.3M | $5.3M | 0.59 | 0.85 | $11.6M |
| 2026-07-29 | 3 | 296 | 1,156 | $535K | $2.1M | 3.91 | 3.91 | $2.6M |
| 2026-07-31 | 5 | 5,751 | 4,069 | $514.5M | $286.4M | 0.71 | 0.56 | $800.9M |
| 2026-08-07 | 12 | 1,629 | 107 | $112.6M | $64.7M | 0.07 | 0.58 | $177.3M |
| 2026-08-14 | 19 | 414 | 162 | $4.4M | $5.9M | 0.39 | 1.35 | $10.3M |
| 2026-08-28 | 33 | 965 | 494 | $207.4M | $131.1M | 0.51 | 0.63 | $338.5M |
| 2026-09-25 | 61 | 1,170 | 3,423 | $521.2M | $212.9M | 2.93 | 0.41 | $734.1M |
| 2026-12-25 | 152 | 6,611 | 39 | $591.1M | $237.8M | 0.01 | 0.40 | $828.9M |
| 2027-03-26 | 243 | 17 | 1 | $132.6M | $65.0M | 0.06 | 0.49 | $197.5M |
| 2027-06-25 | 334 | 299 | 5 | $34.6M | $27.9M | 0.02 | 0.81 | $62.4M |
“—” 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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