Bitcoin derivatives markets are sending mixed signals as open interest (OI) in options climbs back toward $30 billion, with calls dominating puts at 58% vs 42%. As of May 2, 2026, Bitcoin is trading at $78,418, hovering near key expiration levels.
Open Interest Recovers Across Exchanges
Data from Coinglass shows total Bitcoin options OI at approximately $30 billion, rebounding from lows below $25 billion in late January and February, when BTC dipped under $70,000. Among futures, Binance leads with 134,620 BTC ($10.55B) in open interest, followed by CME with 117,320 BTC ($9.20B). Gate and MEXC hold 68,860 BTC and 78,430 BTC respectively. CME posted the strongest 24-hour OI gain at 6.16%, while BingX saw a sharp 54.60% decline. Kucoin bucked the trend with a 4.32% increase.
Call Options Lead Volume, but Put Hedging Surges
Options data reveals total call OI of 241,222.88 BTC vs put OI of 169,755.09 BTC, yielding a call/put ratio of 58.69%:41.31%. However, 24-hour trading volume tells a different story: puts accounted for 53.65% of turnover, indicating near-term hedging activity. On Deribit, the most actively traded contract is the May 29 call at $80,000, with OI of 7,493.7 BTC. The next largest are the December 2026 $120,000 call (6,600 BTC) and the June 2026 $90,000 call (6,362.7 BTC). The largest put contract is the December 2026 $60,000 put, holding 5,298.9 BTC.
Max Pain Nears Current Price
With the May 3 expiry approaching, Deribit's max pain level sits at $78,000, very close to the current spot price of $78,418. Longer-dated expiries show a downward max pain curve, with the March 2027 contract around $69,000. Binance's max pain for the May 29 expiry is approximately $75,000, while OKX's May 3 max pain is just $65,000, reflecting a more bullish short-term outlook. Analysts suggest that options traders' positioning near expiry could act as a hidden force shaping weekend price action.
Overall, the Bitcoin options market displays a recovery in OI alongside divergent signals: call dominance in volume but put preference in near-term trading, with max pain levels aligning closely with the current price. Traders should brace for potential volatility as the May 3 expiry approaches.