BTC 25DEC26 Options Chain

BTC options expiring 25DEC26, 109 days out, with the forward at $80,455. Open interest is $6B in calls and $3B in puts, put/call 0.56, and max pain is $72,000. At-the-money implied volatility is 39.3%. Where a strike is listed on both venues the cheaper ask and richer bid are visible side by side; the arb scanner flags any gap that exceeds fees. Strikes shown are within 60% of the forward. All BTC expiries.

Chain

Derive bid / ask (IV) · Deribit bid / ask (IV) · open interest in contracts, both venues combined.

Call OI	Derive call	Deribit call	Strike	Deribit put	Derive put	Put OI
0	–	$35460 / $36060 59%	45000	$230 / $290 59%	–	19
1	– / – 55%	$30540 / $31180 53%	50000	$375 / $380 53%	$380 / $440 55%	103
0	–	$28620 / $29240 51%	52000	$450 / $460 51%	–	13
0	–	$26760 / $27380 50%	54000	$540 / $565 50%	–	4
0	– / – 51%	$25760 / $26380 49%	55000	$590 / $620 49%	$589 / $631 51%	23
0	–	$24820 / $25440 48%	56000	$650 / $685 48%	–	2
0	–	$22960 / $23600 47%	58000	$785 / $830 47%	–	3
5	$17605 / – 47%	$21140 / $21780 45%	60000	$960 / $1020 45%	$942 / $1015 47%	64
10	–	$19380 / $19980 44%	62000	$1160 / $1240 44%	–	8
12	–	$17640 / $18260 43%	64000	$1440 / $1520 43%	–	15
30	$16464 / $17291 43%	$16820 / $17400 43%	65000	$1580 / $1680 43%	$1569 / $1648 43%	34
11	–	$15980 / $16560 42%	66000	$1760 / $1840 42%	–	13
6	–	$14400 / $14980 41%	68000	$2160 / $2240 41%	–	15
20	$12715 / $13264 41%	$12900 / $13440 41%	70000	$2640 / $2720 41%	$2614 / $2703 41%	18
0	–	$11480 / $12060 40%	72000	$3220 / $3320 40%	–	2
1	–	$10200 / $10720 40%	74000	$3900 / $4000 40%	–	2
30	$9499 / $9798 39%	$9580 / $10100 40%	75000	$4280 / $4360 40%	$4219 / $4313 39%	12
16	–	$8980 / $9460 40%	76000	$4680 / $4760 40%	–	6
5	–	$7960 / $8100 39%	78000	$5560 / $5640 39%	–	11
30	$6914 / $6997 38%	$6980 / $7100 39%	80000	$6560 / $6640 39%	$6491 / $6596 38%	27
3	–	$6080 / $6200 39%	82000	$7640 / $7760 39%	–	10
1	–	$5280 / $5400 39%	84000	$8820 / $8940 39%	–	5
7	$4868 / $4930 38%	$4920 / $5040 39%	85000	$9460 / $9560 39%	$9341 / $9496 38%	5
1	–	$4580 / $4680 39%	86000	$10120 / $10240 39%	–	5
1	–	$3960 / $4040 39%	88000	$11320 / $11800 39%	–	10
4	$3373 / $3466 39%	$3420 / $3520 39%	90000	$12760 / $13300 39%	$12676 / $13031 39%	0
1	–	$2960 / $3040 39%	92000	$14280 / $14840 39%	–	0
0	–	$2560 / $2640 40%	94000	$15840 / $16460 40%	–	0
37	$2328 / $2417 40%	$2380 / $2440 40%	95000	$16660 / $17280 40%	$16438 / $17027 40%	0
1	–	$2220 / $2280 40%	96000	$17480 / $18120 40%	–	0
0	–	$1920 / $2000 40%	98000	$19180 / $19780 40%	–	0
812	$1630 / $1714 41%	$1660 / $1720 40%	100000	$20940 / $21580 40%	$20526 / $21433 41%	0
1	–	$1460 / $1520 41%	102000	$22740 / $23340 41%	–	0
1	–	$1260 / $1320 41%	104000	$24500 / $25160 41%	–	0
4	$1172 / $1249 43%	$1180 / $1240 41%	105000	$25420 / $26060 41%	$24444 / $26992 43%	0
0	–	$1100 / $1160 42%	106000	$26340 / $27000 42%	–	0
2	–	$980 / $1040 42%	108000	$28300 / $28860 42%	–	0
9	$859 / $927 44%	$865 / $920 43%	110000	$30080 / $30740 43%	$28788 / $31954 44%	0
29	$643 / $700 45%	$645 / $700 44%	115000	$34920 / $35540 44%	– / – 45%	0
18	$492 / $551 46%	$495 / $550 45%	120000	$39760 / $40360 45%	– / – 46%	0
751	$387 / $443 48%	$390 / $440 46%	125000	$44680 / $45260 46%	– / – 48%	0
0	$306 / $362 49%	$310 / $355 48%	130000	$49600 / $50220 48%	– / – 49%	0
0	$248 / $297 50%	$250 / $290 49%	135000	$54520 / $55160 49%	– / – 50%	0
0	$204 / $256 51%	$205 / $250 50%	140000	$59460 / $60060 50%	– / – 51%	0
0	$163 / $219 52%	–	145000	–	– / – 52%	0