DYORLearn hubBlog
Home / Learn hub / Options

OPTIONS OI

5 min · DYOR Education
FreeCOIN · Options
Goal

Take apart OPTIONS OI — how many option contracts are open now: calls and puts.

OPTIONS OI on BTC/USDT, 1h: two lines — the notional of open calls and puts, $M
OPTIONS OI on BTC/USDT, 1h: two lines — the notional of open calls and puts, $M
What it shows

How many option contracts are open now.

  • Every time somebody writes an option and somebody buys it, one open contract appears. The indicator counts all such contracts that are not yet closed or expired, across all expiries.
  • Two lines: calls and puts.
  • Units: millions of dollars or coins.

BTC on 1 October 2026:

  • Binance — calls $789 m, puts $792 m.
  • Deribit — calls $19.5 bn, puts $11.3 bn.

These numbers show the scale: BTC options open interest on Deribit is 19 times bigger than on Binance.

What it's for

See how many contracts on a rise and on a fall are open now, and how big the options market is.

For example.

  • Deribit, BTC: calls $19.5 bn, puts $11.3 bn. Almost twice as many open rights to buy as rights to sell.
  • Binance, the same coin: $0.8 bn and $0.8 bn. The market is 19 times smaller — one switch of the “Options exchange” field shows it.
  • The calls line grows day after day — contracts are being opened, not closed. Visible without the exchange’s tables.
Where to find it
Indicators›COIN›Derivatives›OPTIONS OI
Settings
FieldOptionsDefaultWhat it changes
Units$M
COINS		$MIn what to count the notional of open contracts.
- Want to compare with futures OI in dollars — $M.
- Want to see how many coins the contracts are written on — Coins.
ExchangeChartChartCannot be switched for options indicators: there are no other values in the list.
The options exchange is chosen by the “Options exchange” field below.
Options exchangeBinance
Deribit		BinanceWhose options to count.
The chart’s exchange does not affect this: the indicator takes only the coin from the chart.
- Want Binance options — Binance.
- Want the main options exchange, with 19 times more BTC open interest — Deribit.
In alerts

Metric OPTIONS. Condition fields:

Options exchangeExchangeMarket TypeCoinTimeframeOptions metric

“Options exchange” — Binance or Deribit. “Options metric” for this indicator: OI Calls, OI Puts and OI Total — in coins or in dollars ($). The “Exchange” and “Market type” fields are in the form, but the options asset is taken from the coin.

Try it yourself
  1. Enable OPTIONS OI on BTC/USDT 1h, options exchange Deribit.
  2. Write down the two numbers from the legend: calls and puts. Switch “Units” to Coins and see how the numbers changed.
What you should get. In $M — billions of dollars, in coins — hundreds of thousands of BTC. More calls than puts.
Takeaway

Two lines — the notional of open calls and puts, in millions of dollars or in coins, across all expiries. Deribit has several times more BTC open interest than Binance.

Quick check

What does OPTIONS OI count?

Show answer

Correct answer: Open, not yet expired option contracts, calls and puts separately

← Previous lesson Next lesson →
See these concepts live on real Binance data — the DYOR workspace is free to start.
Open DYOR Platform