DERIVATIVES / 14

Derivatives · TradFi (BTC ETF)

Options on US spot Bitcoin ETFs — how the institutional side looks at BTC through a regulated exchange (CBOE, delayed).

Overview Levels Term Volatility Futures Chain Flow Whale Blocks Open Interest Skew Heat Cross-venue Calculator TradFi (ETF)Glossary

IBIT FBTC BITB ARKB

FBTC PRICE

$67.43

-1.72%

ATM IV

40.3%

EXPIRIES

11

CALL OI

67.1K

PUT OI

41.5K

PUT/CALL

0.62

04.09.26 3d 11.09.26 10d 18.09.26 17d 25.09.26 24d 02.10.26 31d 09.10.26 38d 16.10.26 45d 18.12.26 108d 15.01.27 136d 19.03.27 199d 21.01.28 507d

IV Smile · selected expiry

CBOE0s ago

▸ How is this computed?

Implied volatility of the ETF options by strike. Compared with BTC spot options, it shows how the institutional (ETF) side prices the same risk.

Option Chain · max pain $60.00

FBTC $67.43

CBOE0s ago

CALL				STRIKE	PUT
OI	IV	Δ	Last	·	Last	Δ	IV	OI
126	41%	0.21	$1.61	$85.00	$0.00	-0.832	41%	·
206	41%	0.286	$2.40	$80.00	$14.13	-0.748	40%	7
5	40%	0.304	$3.33	$79.00	$0.00	-0.728	40%	·
6	40%	0.323	$2.70	$78.00	$0.00	-0.708	41%	·
19	40%	0.343	$4.35	$77.00	$0.00	-0.686	40%	·
52	40%	0.365	$3.15	$76.00	$13.20	-0.663	40%	·
829	41%	0.387	$5.00	$75.00	$9.77	-0.639	40%	7
47	41%	0.41	$5.54	$74.00	$0.00	-0.615	40%	·
4	40%	0.434	$4.81	$73.00	$0.00	-0.589	40%	·
54	40%	0.459	$6.20	$72.00	$15.80	-0.563	40%	15
27	40%	0.484	$4.95	$71.00	$9.42	-0.536	40%	1
222	40%	0.51	$5.40	$70.00	$6.25	-0.508	40%	46
126	40%	0.537	$7.09	$69.00	$6.00	-0.48	40%	9
8	40%	0.563	$7.70	$68.00	$0.00	-0.452	40%	·
49	40%	0.59	$6.55	$67.00	$5.10	-0.424	40%	19
32	39%	0.617	$7.15	$66.00	$13.66	-0.397	40%	4
112	40%	0.643	$8.83	$65.00	$3.90	-0.369	41%	39
49	40%	0.669	$10.00	$64.00	$6.54	-0.343	40%	1
13	40%	0.694	$8.89	$63.00	$4.00	-0.317	41%	21
22	41%	0.718	$10.00	$62.00	$3.00	-0.291	41%	3
16	41%	0.741	$10.60	$61.00	$0.00	-0.267	42%	·
86	42%	0.764	$12.24	$60.00	$2.43	-0.245	42%	45
10	42%	0.785	$8.40	$59.00	$7.34	-0.223	41%	1
9	42%	0.804	$13.90	$58.00	$2.30	-0.203	42%	10
21	42%	0.823	$14.80	$57.00	$5.76	-0.184	42%	2
3	43%	0.84	$15.34	$56.00	$0.00	-0.166	43%	·
73	44%	0.856	$16.00	$55.00	$1.52	-0.15	43%	31
3	44%	0.871	$11.75	$54.00	$3.95	-0.135	44%	9
4	45%	0.884	$8.45	$53.00	$1.20	-0.121	44%	119
·	45%	0.896	$0.00	$52.00	$0.00	-0.109	45%	·
·	47%	0.908	$0.00	$51.00	$0.00	-0.097	46%	·
2	45%	0.918	$20.28	$50.00	$0.85	-0.087	47%	26

▸ How is this computed?

Calls and puts at every strike: open interest (OI), implied volatility, delta and last price. CBOE data is delayed by roughly 15 minutes. Calls on the left, puts on the right.