Options data
Where option dealers are positioned in BTC and ETH, and the price distribution the book implies for the week, the month and the quarter.
Snapshot of the options book as of 23 Sep 2026, 14:00 UTC.
BTC trades at $85 792 and dealers are long gamma, so hedging dampens moves: net gamma exposure $+399.7M, gamma flip at 72 871 (17.7% below spot), max pain 77 000, open interest 500 320 contracts. The nearest expiry (2026-09-24, 1d) carries its call wall at 88 000 and put wall at 85 000. For the week to 2026-09-25 the option book implies a 90% range of 82 451–88 897 around a median of 85 749, at 41.1% implied volatility, with a 2.8% chance of a 5% drop and 2.0% of a 5% rise.
ETH trades at $2 716 and dealers are long gamma, so hedging dampens moves: net gamma exposure $+21.0M, gamma flip at 2 265 (19.9% below spot), max pain 2 300, open interest 1 892 138 contracts. The nearest expiry (2026-09-24, 1d) carries its call wall at 2 840 and put wall at 2 660. For the week to 2026-09-25 the option book implies a 90% range of 2 577–2 856 around a median of 2 711, at 50.4% implied volatility, with a 5.1% chance of a 5% drop and 5.6% of a 5% rise.
Written when this page was built. A new slice is published every six hours; the figures below refresh from the latest one when you open the page.
Book state
Deterministic description of the book — what it is, not what to do. One headline per asset; the rows underneath are what that headline is made of.
Gamma exposure by strike
Green = dealers long gamma at that strike (moves get dampened), red = short gamma (moves get amplified).
What the options market prices for the horizon
The distribution the option chain implies for that date; the solid fuchsia line is spot.
Every listed expiry
How to read this
- Gamma flip is the price where dealer gamma changes sign. Above it moves tend to get sold into and dampened; below it, hedging amplifies moves.
- Call and put walls are the strikes with the largest open interest — they often act as magnets and as places where a move stalls.
- Max pain is the strike where the largest notional of options expires worthless.
- The density is what the option chain implies, not a forecast: it is risk-neutral, so the tails are fatter than the real-world ones by the volatility risk premium.
- Figures are published as a slice every six hours; the page reads the latest one when you open it. Free to read and free to quote with a link back to maza.trade.
Data is generated on a schedule from public market sources and shown as-is. Research product, not investment advice. 18+