Bitcoin futures OI $42.6B; $40B options, June 26 expiry

Bitcoin futures open interest across 11 exchanges totaled about $42.6 billion on May 31, 2026, while options open interest across major venues was near $40 billion. Major June expirations, including roughly $8.5 billion tied to the June 26 settlement on one options platform, were pending as Bitcoin traded near $73,600 at 11:30 a.m. ET.

Futures open interest was concentrated on several platforms. Binance held 141,100 BTC of futures OI, about $10.40 billion or 19.1% of the total. CME Group held 102,330 BTC ($7.55 billion, 13.9%). MEXC showed 75,980 BTC ($5.60 billion, 10.3%); Gate listed 65,620 BTC ($4.84 billion, 8.9%); Bybit held 63,860 BTC ($4.71 billion, 8.7%); OKX had 44,310 BTC ($3.27 billion, 6.0%); and decentralized perps exchange Hyperliquid reported 29,730 BTC ($2.19 billion, 4.0%). Total exchange futures OI has fallen from more than $90 billion in early October 2025.

Options open interest across exchanges was near $40 billion. Call contracts made up 59.25% of options OI, equal to about 248,395 BTC, while puts accounted for 40.75%, or about 170,837 BTC. Twenty-four-hour options volume also skewed toward calls, which represented 53.27% of volume (about 9,120 BTC) versus puts at 46.73% (about 8,000 BTC). The June 26 expiry was the largest single settlement date by notional value across the major options venues.

On the largest options platform, roughly $8.5 billion in notional value was tied to the June 26 expiry. The largest open interest position on that venue was a contract paying if Bitcoin reaches $120,000 by December 2026, holding 7,089.4 BTC. Other large positions included a protective contract sized for a drop to $60,000 by December 2026 with 6,509.4 BTC, a contract that pays at $80,000 by July 31, 2026 with 5,769.4 BTC, and a June 26 contract at $90,000 with 5,657.5 BTC.

Max pain calculations for the June 26 expiry varied by venue. One venue’s max pain sat near $77,500–$78,000 for June 26. Another venue showed max pain near $85,000 for June 26 with about $757 million in notional tied to that date. A third venue’s curve was near $74,000 through June 12, climbed to about $78,000 on June 26, and held between $75,500 and $78,000 into late 2026.

Activity in regulated markets remained visible. CME futures open interest was near $7.55 billion. On CME options, put open interest has outpaced calls since November 2025, and that put-heavy posture is concentrated in near-term expirations.

Short-term venue-level changes included a 0.69% drop in Bybit futures OI over 24 hours and a 44.18% fall on BingX. Gate’s futures OI rose 2.08% and OKX gained 0.63% in the same period. KuCoin’s ratio of futures open interest to 24-hour volume read 9.57, the highest among major venues.

Bitcoin traded in a narrow band on May 31, oscillating between about $73,412 and $74,110, with spot near $73,600 at 11:30 a.m. ET. Market participants monitored funding rates, open interest flows and price action in the run-up to the June expirations.