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DERIVATIVES · ETH MAX PAIN

Ethereum Options Max Pain: How to Read the Data With Price Context

Ethereum options max pain uses the same method as Bitcoin's, but on smaller strikes, different OI distribution and its own expiries.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

ETH max pain is the settlement price that minimises total intrinsic payout across calls and puts for one expiry. With illustrative OI (calls 1,500/4,200/6,800/3,900 ETH and puts 5,200/6,100/2,400/800 ETH at 2,800/3,000/3,200/3,400), total payout is $2.66M at 2,800, $1.10M at 3,000, $1.60M at 3,200 and $3.94M at 3,400, so max pain is 3,000. Compare it with spot and the BTC max pain for the same date: when both sit far from spot, option positioning differs between the two markets.

Worked calculation

StrikeCall OI (ETH)Put OI (ETH)Payout if settles here
2,8001,5005,200$2.66M
3,0004,2006,100$1.10M (min)
3,2006,8002,400$1.60M
3,4003,900800$3.94M
ETH total payout ($M)ETH total payout ($M): 2,800 2.66 $M; 3,000 1.10 $M; 3,200 1.60 $M; 3,400 3.94 $M.ETH TOTAL PAYOUT ($M)2,8002.66 $M3,0001.10 $M3,2001.60 $M3,4003.94 $M
Illustrative OI; one expiry. Original ChartsPod editorial graphic.

Price context

ObservationReading
Max pain near spotPayouts balanced around price
Max pain below spotHeavy call OI above
Moves day to dayOI repositioning
Differs from BTCDifferent positioning

Using it

Related: Bitcoin Options Max Pain: How to Read the Data With Price Context, Options Open Interest by Strike in Crypto: How to Read the Data With Price Context.

Check eth max pain beside price in ChartsPod.

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Compare it with spot and the BTC max pain for the same date: when both sit far from spot, option positioning differs between the two markets.

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Questions readers ask

Is ETH max pain calculated like BTC's?

Yes, from ETH option OI for one expiry.

Why compare with BTC?

To see if positioning differs.

Is it predictive?

Not reliably; it's descriptive.

Sources and methodology

Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.

  1. Deribit Insights: Maximum pain — max pain from OI at one expiry.
  2. Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.
  3. Deribit API: get_book_summary_by_currency — open interest units, mark_iv, underlying price, estimated delivery price.
  4. ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.

This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.