Max pain, free, for every expiry.
Max pain is free on Basis for every listed Bitcoin, Ethereum and altcoin options expiry, with no account and no trial. It is computed from open interest across Deribit, OKX, Bybit and Binance and shown beside the strikes, put/call ratio and forward it comes from.
What you get
- Max pain for each expiry, recomputed on every thirty-second refresh as open interest changes
- Open interest by strike for the selected expiry, calls above and puts below, with max pain and the index marked on the same chart
- Put/call open interest ratio and the expiry’s forward price beside the max pain figure
- Open interest by expiry, so the dates that actually carry size stand out from the ones that do not
- Each expiry’s share of total open interest and its implied one-standard-deviation move in the expiry risk map
- A merged calculation across four venues, or any single venue on its own
Why this is usually paid for
Max pain calculators are common, but most show one venue, one expiry at a time or a number without the open interest behind it. A figure without the strikes it came from invites being read as a price target, which it is not.
Basis computes max pain the standard way, from every contract’s open interest in coins after each venue’s units are converted, and shows the strike distribution on the same chart. Ties go to the lower strike, so the answer does not depend on the order the data arrived in.
How to use it
- 1
Open Options and choose an expiry
The button below opens the options workspace. Select an expiry chip. Max pain, the put/call ratio and the forward appear above the open interest by strike chart, with max pain marked on the chart itself.
- 2
Check how much open interest the expiry holds
Max pain on a small weekly expiry is a curiosity; on a quarterly expiry holding a large share of all open interest it is worth watching. The expiry chips show each date’s open interest in dollars, and the expiry risk map shows its share.
- 3
Compare max pain with the forward and the range
A max pain far outside the implied one-standard-deviation range for that date is unlikely to matter. One close to the forward, on a heavy expiry, is where settlement-week hedging and pinning pressure are most often discussed.
- 4
Look at the strikes, not only the number
The chart shows whether max pain sits between two walls of open interest or next to a single dominant strike. Those are different situations, and the number alone cannot tell you which one you are looking at.
Questions
What is max pain in crypto options?+
It is the settlement price at which option holders, in aggregate, would collect the least. For each listed strike as a candidate settlement, the intrinsic value every call and put would pay is summed, weighted by open interest; the strike with the smallest total is max pain. It describes open interest, not intent.
Is Bitcoin max pain a price target?+
No. There is no mechanism forcing price to max pain. On heavy expiries price sometimes settles near it, partly because large open interest near spot shapes hedging, but it misses often and by a lot. Use it as a description of where open interest sits, alongside structure and implied range.
Is the max pain calculator free for every expiry?+
Yes. Every listed expiry on every covered coin has its max pain computed and shown, free, with no account, no trial and no limit on which dates you can see. The underlying open interest by strike is shown with it, so the figure can always be checked against what produced it.
Why can max pain differ from other websites?+
Because it depends on which venues are included and which strikes count. Basis can sum Deribit, OKX, Bybit and Binance or show one of them, and uses every listed strike with open interest. A site reading one venue, or a different snapshot time, will produce a different strike from the same market.
Open it and see
The terminal opens on the options workspace. Nothing to configure, nothing to sign up for.
Open the chartAlso free
Updated 2026-09-14 · All free tools · Indicator reference · Documentation · Terminal