Options Market
What it shows
Current state and history of the options market for major cryptocurrencies (BTC, ETH). The widget displays aggregate Open Interest (OI), trading volume, Put/Call ratios (by OI and volume), and the structure of open positions across expiry dates. OI and volume are quoted in the base coin (BTC/ETH) exactly as the exchange reports them, so figures carry a coin unit rather than a dollar sign.
How to read it
An extremely low Put/Call ratio often points to an overheated market (greed), while a high ratio might signal capitulation or mass hedging. Analyzing expiry dates reveals where liquidity is concentrated across upcoming months.
Parameters
- Put/Call Ratio
- The ratio of Put options to Call options.
- Positive reading: Low Put/Call (e.g. 0.5) indicates optimism – dominance of Calls (betting on price rise).
- Negative reading: High Put/Call (e.g. >1.0) points to fear or hedging against downside (dominance of Puts).
- Neutral reading: The 1.0 level marks Put/Call balance. The OI-based P/C describes open positions (slower), the volume-based one today's flow (faster, noisier).
- Open Interest & Volume (24h)
- OI is the total of open option contracts, volume the last-24h turnover; both in the base coin (BTC/ETH), as the exchange reports them.
- Neutral reading: Rising OI = capital flowing into the options market; the size alone says nothing about direction.
- Expiry breakdown
- Put/Call OI and volume split by expiry date. Shows which maturities hold the most liquidity and hedging.
- Neutral reading: Large OI at a single date marks an important settlement, as such dates have historically seen choppier action.
Example
BTC shows a P/C by OI of 0.62 while the P/C by volume jumped to 1.15. Open positions still lean to Calls, but today's turnover was dominated by Puts (hedges being added). Historically such a split was an early sign of growing caution. Context, not a forecast.