BTC and ETH levels
Price against this week's option levels — walls, max pain and gamma flip of the nearest weekly expiry. For IBIT and ETHA the ETF's option levels are converted into bitcoin and ether prices.
All levels in words
Snapshot 2026-11-08 08:59 UTC. BTC $75,916; Fri 13 Nov expiry: call wall 81,000, put wall 74,000, max pain 78,000, gamma flip 76,453; options-implied 1σ range 72,289–79,345. ETH $2,239; Fri 13 Nov expiry: call wall 2,500, put wall 2,000, max pain 2,250, gamma flip 2,325; options-implied 1σ range 2,097–2,373. IBIT option levels in BTC terms (Fri 13 Nov expiry, converted at the Fri 6 Nov close, 1 IBIT = 0.000565 BTC): call wall 79,629, put wall 75,205, max pain 76,975, gamma flip 74,344. ETHA option levels in ETH terms (Fri 13 Nov expiry, converted at the Fri 6 Nov close, 1 ETHA = 0.0227 ETH): call wall 2,382, put wall 1,544, max pain 2,382, gamma flip 2,508.
Today's options structure
Where dealers are positioned, and the range the options market is pricing for the week ahead.
Options structure in words
Snapshot of the options book as of 8 Nov 2026, 09:00 UTC.
BTC trades at $75 942 and dealers are long gamma, so hedging dampens moves: net gamma exposure $+9.6M, gamma flip at 75 789 (0.2% below spot), max pain 78 000, open interest 337 903 contracts. The nearest expiry (2026-11-09, 1d) carries its call wall at 78 000 and put wall at 75 500. For the week to 2026-11-13 the option book implies a 90% range of 69 480–81 378 around a median of 76 056, at 43.4% implied volatility, with a 13.0% chance of a 5% drop and 12.6% of a 5% rise.
ETH trades at $2 239 and dealers are long gamma, so hedging dampens moves: net gamma exposure $+2.9M, gamma flip at 2 213 (1.2% below spot), max pain 2 300, open interest 1 456 951 contracts. The nearest expiry (2026-11-09, 1d) carries its call wall at 2 300 and put wall at 2 000. For the week to 2026-11-13 the option book implies a 90% range of 1 993–2 454 around a median of 2 243, at 58.2% implied volatility, with a 17.7% chance of a 5% drop and 18.7% of a 5% rise.
Written when this page was built. A new slice is published every hour; the figures below refresh from the latest one when you open the page.
Book state
Descriptive state of the options book — what it is, not what to do. One headline per asset; everything under it is what that headline is made of.
Book state in words
Book state as of 8 Nov 2026, 09:00 UTC.
BTC: Long gamma. Dealer gamma +$9.7M (cushion +0.18% to whole-book flip 75 789); Cost of leverage +6.2% p.a. (+0.0057% per 8h · futures basis 5.56%); Implied vol level DVOL 40.3 (43rd percentile of the last 52 weeks); Nearest-expiry max pain 76 000 (+0.09% from spot · expiry 2026-11-09); Risk-neutral downside P(-10%) = 3.2% (RND skew -0.48 · 5d to expiry); Perp open interest 96 025 BTC (-0.4% d/d, in coins).
ETH: Long gamma. Dealer gamma +$2.8M (cushion +1.14% to whole-book flip 2 214); Cost of leverage +7.9% p.a. (+0.0072% per 8h); Implied vol level DVOL 55.7 (42nd percentile of the last 52 weeks); Nearest-expiry max pain 2 260 (+0.95% from spot · expiry 2026-11-09); Risk-neutral downside P(-10%) = 6.0% (RND skew -0.29 · 5d to expiry); Perp open interest 2 354 918 ETH (-1.3% d/d, in coins).
Today's verdict
BTC $75.9k wedged between book flip 75.7k and weekly flip 76.3k. Weekly gamma negative, put/gamma wall 74k, call wall 81k, max pain 78k. IBIT in positive gamma, put wall 75.2k, building 77-79.6k. CPI Nov 10: wider ranges, no directional read.