According to CryptoComLearn, Bitcoin's derivatives market is flashing mixed signals this Saturday. Open interest (OI) across options and futures is climbing back toward $30 billion, as traders maintain positions on all major exchanges. As of May 2, 2026, Bitcoin trades at $78,418, with call options accounting for 58% of total open interest and put options at 42%, highlighting a divergence in market sentiment.
Futures Open Interest: Binance Leads, CME Gains Momentum
Data from Coinglass shows Binance dominates Bitcoin futures OI with 134,620 BTC (worth $10.55 billion). CME holds 117,320 BTC ($9.20 billion), recording the strongest 24-hour OI increase of +6.16%. Other key exchanges include Gate with 68,860 BTC ($5.40 billion), MEXC with 78,430 BTC ($6.15 billion), and Bybit with 59,890 BTC ($4.70 billion). Notably, BingX saw a sharp 24-hour OI decline of 54.60%, while Kucoin bucked the trend with a 4.32% rise.
Options Market: Max Pain Levels and Whale Activity
On Deribit, the largest single option contract is the May 29 call with a $80,000 strike, holding open interest of 7,493.7 BTC. It is followed by the December 2026 $120,000 call (6,600 BTC) and the June 2026 $90,000 call (6,362.7 BTC). The largest put is the December 2026 $60,000 put (5,298.9 BTC).
Max pain levels vary by exchange. Deribit's near-term max pain for the May 3 expiry is around $78,000, close to the current spot price. Binance's May 29 expiry shows max pain near $75,000, while OKX's May 3 expiry points to just $65,000, indicating differing expectations among trading venues.
Additionally, a newly created wallet withdrew 1,051 BTC (worth $82.35 million) from Binance, coinciding with $630 million in net inflows into US Bitcoin ETFs. This suggests continued accumulation by institutional and large players.
Overall, the options call/put ratio stands at roughly 58:42, but short-term put volume has taken the lead at 53.65%, indicating some hedging activity. With the May 3 expiry approaching, the tug-of-war around max pain levels could influence weekend price action.