Bitcoin Weekly Options Expiry: $2.4 Billion, Max Pain $83K
About $2.4 billion in bitcoin options expire at 1:30 PM IST on Friday. Max pain is $83,000 and puts lead calls 1.21 to 1. What it means for Indian traders.
About $2.4 billion (roughly ₹22,800 crore) of bitcoin options on Deribit, the biggest crypto options exchange, expire at 08:00 UTC, or 1:30 PM IST, on Friday 2 October 2026. At about 3:30 AM IST on 1 October (22:00 UTC on 30 September), Friday's contracts covered 28,389 BTC, the max pain price was $83,000 and open puts outnumbered open calls, a put-call ratio of 1.21. Bitcoin was trading near $83,670, so the price was already sitting within 1% of max pain. The live bitcoin price in INR is ₹8,017,329 right now.
Key takeaways
- This is a routine weekly expiry: about $2.4 billion in BTC and about $206 million in ETH, against $30.6 billion of all open bitcoin options on Deribit.
- Bitcoin max pain is $83,000 (about ₹79.7 lakh); ether max pain is $2,620 (about ₹2.52 lakh).
- Open bitcoin positions lean to puts (ratio 1.21), but the last 24 hours of trading leaned to calls (ratio 0.43).
- Ether leans the other way: a put-call ratio of 0.80, with the biggest single bet on a call at $3,000.
- The bigger date is the monthly expiry on Friday 30 October, with about $10.2 billion of bitcoin options open for it.
The numbers for Friday's expiry
These figures come from Deribit's public open interest data, taken at about 22:00 UTC on 30 September. On Deribit one option contract is one coin. Positions keep changing until the moment of expiry, so treat them as a snapshot. Rupee values use ₹96.06 to the dollar.
| Measure | Bitcoin (BTC) | Ether (ETH) |
|---|---|---|
| Contracts open | 28,389 BTC | 76,690 ETH |
| Notional value | ~$2.38 billion (~₹22,800 crore) | ~$206 million (~₹1,975 crore) |
| Calls open / puts open | 12,821 / 15,568 | 42,513 / 34,177 |
| Put-call ratio (open interest) | 1.21 | 0.80 |
| Put-call ratio (last 24 hours of volume) | 0.43 | 0.85 |
| Max pain | $83,000 (~₹79.7 lakh) | $2,620 (~₹2.52 lakh) |
| Spot price at snapshot | ~$83,670 | ~$2,681 |
For scale, the quarterly expiry on 25 September had about $16 billion of bitcoin options due, with max pain at $75,000; we covered it in our quarterly expiry report. Friday's weekly is less than a sixth of that size.
What the put-call ratio is saying
A bitcoin put-call ratio of 1.21 means there are about 1.21 open put contracts for every open call. The largest put positions sit at $80,000 (1,619 BTC), $82,000 (1,612 BTC) and $78,000 (1,560 BTC), so a lot of traders have paid for protection against a drop below $80,000 this week. The largest call positions are at $82,000 (1,620 BTC) and $88,000 (1,546 BTC).
Fresh trading tells a different story. In the 24 hours to the snapshot, about 3,456 BTC of calls changed hands against 1,488 BTC of puts, a volume ratio of 0.43. The two ratios often disagree because open interest shows positions built up over days, while volume shows what traders did today. Our new guide to the put-call ratio in crypto options explains both versions and why a high reading is often read as a contrarian signal. For how positions build and unwind, see open interest in crypto explained.
Ether's book leans to calls. The $3,000 call alone holds 10,525 ETH, nearly 14% of everything open for Friday, even though ether was trading about 11% below that level. The largest put strike is $2,500, with 5,665 ETH.
Why max pain matters less this week
Max pain is the expiry price at which option buyers, taken together, collect the least. If bitcoin settles at $83,000 on Friday, holders of this week's options would receive only about $18 million in total. At $78,000 or $88,000 that rises to roughly $40 million to $44 million. Those sums are small next to bitcoin's daily trading, so any pull towards max pain is weak, and with spot already within 1% of it, the expiry itself is unlikely to move the market much. Bigger drivers this week have been US bond yields near their highest since 2007, which we covered in our report on the yield spike. Our explainer on max pain for Indian investors covers the limits of the idea.
Expiry times for Indian traders
- Deribit, Binance options and Pi42: 1:30 PM IST (08:00 UTC) on Friday.
- Delta Exchange India: 5:30 PM IST (12:00 UTC).
- CoinDCX: check the time shown on each contract.
Ether options on Deribit expire at the same 08:00 UTC as bitcoin. Our ETH options expiry time guide covers each platform and the daily, weekly, monthly and quarterly dates, and the bitcoin options expiry countdown shows the time left live. If you are choosing a platform, compare them in our guide to the best crypto options trading app in India, and read how crypto derivatives are treated for tax before you trade.
What to watch next
After Friday, attention moves to the monthly expiry on Friday 30 October, when about $10.2 billion of bitcoin options and about $550 million of ether options on Deribit are due at current prices. The quarterly expiry on Friday 25 December already has about $10.1 billion in bitcoin and $1.45 billion in ether open. Watch whether the put wall at $80,000 grows as those dates come closer, and follow ether on the live Ethereum price in INR page, where it is ₹257,493 now.
FAQ
What time do bitcoin options expire on 2 October 2026 in India?
On Deribit, Binance options and Pi42 they expire at 1:30 PM IST (08:00 UTC). On Delta Exchange India the expiry is at 5:30 PM IST.
What is the max pain for this week's bitcoin options?
It was $83,000, about ₹79.7 lakh, at 22:00 UTC on 30 September. Max pain moves as traders open and close positions, so check it again on Friday morning.
Is this a big options expiry?
No. About $2.4 billion of bitcoin options are due, against about $16 billion at the quarterly expiry on 25 September. The next large date is the monthly expiry on 30 October.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
