Max pain payout curve
Which listed price gives the smallest total expiry payout?
Max pain is the listed settlement price that minimises the combined intrinsic payout to holders of today's open options at one expiry. It is a what-if calculation, not an expected future price.
The lowest point is the minimum payout among tested strikes. For example, a call at $80,000 pays a USD-equivalent $5,000 per BTC at an $85,000 settlement. The curve excludes premiums, hedges and positions on other exchanges; price is not required to approach its minimum.
At every listed candidate settlement price S, sum call OI × max(S − strike, 0) plus put OI × max(strike − S, 0). Report all tied minima. Inverse contracts pay in coin; the chart shows the USD equivalent of that intrinsic payout.
Deribit only; no historical series or dealer-position inference. Current active instruments only. Not a price prediction.
Deribit production public API: instrument metadata, market summaries and index price.
Deribit · active inverse options · current snapshot