Bitcoin derivatives markets are flashing mixed signals this Saturday, with total options open interest climbing back toward the $30 billion mark as option and futures traders maintain their positions across major exchanges. The price of bitcoin currently stands at $78,418, representing a recovery from the lows seen in late January and February when open interest dipped below $25 billion alongside a price decline pushing bitcoin below $70,000.
Exchange Open Interest Landscape: Binance Leads, CME Posts Strong Gains
According to data from Coinglass, Binance tops all exchanges in BTC futures open interest with 134,620 BTC worth $10.55 billion. CME follows with 117,320 BTC valued at $9.20 billion, and notably recorded the strongest 24-hour gain of 6.16% on May 2. Gate holds 68,860 BTC ($5.40 billion), MEXC holds 78,430 BTC ($6.15 billion), and Bybit holds 59,890 BTC ($4.70 billion). Most other exchanges saw slight declines over the same period, with a notable exception of BingX, whose open interest plunged 54.60% in 24 hours, while KuCoin bucked the trend with a 4.32% increase.
Options Market: Calls Dominate, Deribit’s $80K Call Holds Largest Open Interest
On the options side, call options outpace puts in open interest. Total call open interest stands at 241,222.88 BTC compared to 169,755.09 BTC for puts, giving a call/put ratio of approximately 58.69% to 41.31%. However, in 24-hour trading volume, puts took the lead at 53.65% versus 46.35% for calls, indicating near-term hedging activity by traders. On Deribit, the most actively traded option is the call contract giving buyers the right to purchase bitcoin at $80,000 before May 29, with open interest of 7,493.7 BTC. It is followed by a December 2026 call targeting $120,000 (6,600 BTC) and a June 2026 call at a $90,000 strike (6,362.7 BTC). On the bearish side, the largest put is the December 2026 contract that pays off if bitcoin falls to $60,000, holding 5,298.9 BTC in open interest.
CME options open interest, sorted by expiry, shows that contracts due in one to two months dominate the structure. A CryptoQuant chart covering mid-2025 to early May 2026 reveals a sharp contraction from the November 2025 peaks when total CME options open interest approached 70,000 contracts. Current levels range between 8,000 and 14,000 contracts per expiry cycle. CME’s put vs. call analysis, also recorded by CryptoQuant, shows that puts consistently surpassed calls in U.S. dollar terms during February and March 2026 before stabilizing. Call interest began recovering in April, though both categories remain well below late-2025 highs.
Max Pain Analysis: Price Near Deribit’s $78,000 Level
Max pain levels vary by exchange as the May 3 expiry approaches. Deribit’s current max pain sits near $78,000, with longer-dated expiries showing a downward curve toward $69,000 and below for the March 2027 contract. The June 2026 expiry shows the largest notional value on Deribit at around $9 billion. Binance max pain data shows a different curve. The May 29 expiry carries a max pain level near $75,000 and the largest notional bar, while the June 26 contract sits at about $75,000 max pain as well. The September 25 expiry trends toward $84,000 before the curve declines again. OKX’s May 3 max pain stands at approximately $65,000, one of the most bullish near-term readings across exchanges. Its March 2027 contract shows a sharp rise in notional value with max pain climbing back toward $78,000.
With bitcoin trading at $78,418, it sits above the short-term max pain levels on Binance and OKX but essentially in line with Deribit’s reading. Options traders managing exposure near expiry could be a hidden force shaping price action over the weekend.