Derivatives

Put/Call open-interest ratio

How many live put options there are for every live call option on Deribit.

Why it matters

It's the most direct measure of which way options positioning leans. Above 1 there are more open puts than calls, usually read as hedging or pessimism; below, the opposite. The honest reading is that it measures POSITIONING, not expectation: a bought put can be a bearish bet or the insurance of somebody long spot, and the aggregate figure can't tell the two apart.

Build it yourself

Drag open interest on each side and watch the ratio.

Put/Call ratio = Put open interest ÷ Call open interest
Put/Call ratio

The colours mark which way positioning leans, not a recommendation: more puts can be pessimism or can be hedging by somebody who is long.

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. Once a day, the connector snapshots Deribit's entire options chain and sums open interest across all puts on one side and all calls on the other.
  2. Ratio = put open interest ÷ call open interest. If there is no open call interest, nothing is stored, rather than writing an infinity.
Descriptive. Options skew and this ratio were tested as a signal source in the project's research and came back null. They're kept as positioning context, not as a signal — and this site attaches no buy/sell thresholds to them because none has been validated. Expect a very short chart below: this is a daily snapshot of the live options chain, so the series only grows forward from the day the connector started — there is no history to backfill.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

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