Bitcoin futures OI $61.9B; options cluster near $80,000

Bitcoin futures open interest across all exchanges reached $61.9 billion on May 14. Bitcoin traded near $81,500 per coin at 3 p.m. ET the same day. Deribit’s June 26 options expiry held $14.52 billion in notional value, the largest single options event on the calendar.

Total futures open interest stood at about 759,550 BTC. Binance held the largest single-exchange share with 144,730 BTC, equivalent to roughly $11.79 billion or 19.05% of global futures open interest. The CME futures book accounted for 119,240 BTC, about $9.72 billion and 15.69% of total market open interest. The CME also showed the highest open-interest-to-24-hour-volume ratio at 2.0071.

Across exchanges, aggregate futures open interest rose 1.61% over 24 hours and increased 3.72% in the prior four-hour window. Exchange-level activity varied: BingX recorded a one-day open-interest gain of 17.81%, while KuCoin posted a one-day decline of 17.25%.

Options open interest and trading volume skewed toward calls. Global options open interest measured about 272,502 BTC in calls versus 204,099 BTC in puts, a roughly 57% to 43% split. Twenty-four-hour options volume showed about 58,825 BTC in calls (about 70% of volume) and 25,212 BTC in puts (about 30%). Deribit’s Dec. 25, 2026 $120,000 call held the top open interest position at 6,980.8 BTC. A May 29 $75,000 put ranked fourth with 6,226.2 BTC of open interest.

Short-term expiries show concentrations near the $78,000–$81,000 range. OKX’s max pain curve placed May 15 near $80,000, dipped to about $75,000 for May 29, and returned near $80,000 for June 26; notional on OKX’s May 29 expiry reached $1.24 billion. Deribit’s max pain curve sits near $80,500 for May 15, about $75,000 for May 29, and close to $80,000 for June 26. Binance’s profile peaked near $85,000 for the June 5 expiry before easing toward $78,000 at longer expiries.

CME options open interest by expiration peaked near 70,000 contracts in late 2025 and then fell during the market correction. The current CME book concentrates roughly 10,000 contracts in near-term buckets, with most activity in the one- to two-month window. Puts exceeded calls on the CME through much of the first quarter of 2026 while bitcoin traded between roughly $65,000 and $85,000.

Combined exchange-level derivatives exposure fell below $30 billion in early 2026 and rebuilt to about $62 billion by May 14. Total options open interest has recovered toward the $40 billion range from a mid-2024 floor near $14.68 billion. Significant notional is scheduled to expire at strikes near $80,000 in the weeks and months ahead.