Liquidations delivered another jolt. Over 24 hours, ethereum registered 3,222 long liquidations against 2,181 shorts during Friday’s session. The 12-hour figures were even more lopsided, with 2,651 longs versus 876 shorts. Funding rates, however, remained predominantly positive, with Cryptoquant’s latest reading near 0.0053, indicating that leveraged bullish positions continued paying shorts.
Ethereum Options Bulls Control 61.75% of Open Interest
Options traders are singing a different tune. Ethereum‘s outstanding call options total 1.59 million $ETH, compared with 983,689 $ETH in puts, giving calls a 61.75% share. Calls generally benefit from rising prices, while puts provide downside exposure or protection. Yet 24-hour trading volume was nearly evenly divided, with 414,521 $ETH in calls against 420,513 $ETH in puts.
Top $ETH options by 24h volume
The largest individual positions reveal where traders have planted their flags. Deribit’s Dec. 25 $3,200 call leads with 69,667 $ETH, followed by its $2,200 call with 51,016 $ETH. The Oct. 30 $2,600 call holds another 38,043 $ETH. These contracts reflect substantial interest in different price outcomes, although outstanding calls alone cannot establish whether their holders are making outright bullish bets.
CME Ethereum Options Exposure Contracts as Expirations Approach
CME’s options market offers another interesting wrinkle. Cryptoquant’s expiration-stacked data shows outstanding contracts falling considerably from earlier 2026 levels, when the series briefly exceeded 500,000 $ETH. By October, the total appears closer to 50,000 $ETH, with remaining exposure distributed across several expiration windows rather than concentrated in one giant maturity.
CME’s position-stacked metrics also show puts retaining the larger share of outstanding dollar exposure. Combined options positions have fallen from readings exceeding $70 million during late 2025 to roughly $10 million in October. The contraction suggests a smaller options footprint on CME, even as broader exchange-traded ethereum derivatives maintain substantial exposure.
Ethereum Max Pain Levels Split Across Binance, OKX and Deribit
The max pain calculations add another twist. Max pain is the theoretical settlement price at which outstanding options collectively produce the smallest payout to holders. For the Oct. 30 expiration, Deribit and Binance point toward approximately $2,500, while OKX sits higher near $2,650. For Dec. 25, Deribit drops toward $2,200, OKX approaches $2,300, and Binance remains near $2,500.
These levels aren’t price forecasts, and the exchanges’ differences reflect their respective options positions. Still, the numbers expose an intriguing contradiction. Ethereum’s options market favors calls, futures traders retain billions in exposure, and funding remains positive, yet liquidations keep clobbering leveraged longs. Bulls may hold the numerical advantage in options, but the derivatives market hasn’t handed them the keys to the kingdom.
