How much ETH options expire today?

TLDR

About $3.8 billion in Ethereum (ETH) options on Deribit expire today, while estimates across all venues put ETH expiry closer to ~$6 billion (year?end reset report, options expiry analysis).

1. Roughly 1.25 million ETH contracts are expiring, a notional of ~$3.4 billion (expiry breakdown).
2. Max pain is near $3,000$3,100%%CKPROTECTED2%%, where most contracts expire worthless (positioning overview).
3. Settlement timing cited is around 8:00 am (UTC) today for the primary venue (expiry timing note).

Deep Dive

1. Scope Of The Number

The ETH figure depends on whether you look at Deribit alone or aggregate all exchanges. Deribit-linked reports cite about $3.8 billion ETH notional expiring today (year?end reset report). Broader coverage, which includes CME and smaller venues, rounds ETH expiry closer to ~$6 billion (options expiry analysis).

1. Deribit share near $3.8B ETH expiring (year?end reset report).
2. Total ETH across venues estimated at ~$6B (options expiry analysis).
3. Estimates vary because open interest is split across venues and notional updates as spot moves.

2. Positioning And Key Levels

Positioning skews bullish on calls, yet max pain sits near $3,000$3,100%%CKPROTECTED3%%, implying many calls expire worthless if price stays below that band (positioning overview). ETH options open interest across exchanges has been around $11 billion and falling into the event (expiry breakdown).

1. Put/call ratio around 0.45%%CKPROTECTED2%% for ETH, indicating more calls than puts (positioning overview).
2. Max pain near $3,000$3,100%%CKPROTECTED2%% often anchors hedging into expiry (positioning overview).
3. Deribit notes post?expiry flows matter more than immediate price, so the reaction can lag (positioning overview).

3. Timing And Volatility

Todays expiry is a quarterly and year?end cluster, often settled around 8:00 am (UTC) on the main venue (expiry timing note). Holiday?thinned liquidity can compress spot moves into expiry, then release volatility as hedges unwind (market note).

1. Quarterly plus year?end expiry tends to amplify flows (year?end reset report).
2. Pre?expiry ranges can be tight, then widen post?settlement as hedges come off (year?end reset report).
3. ETH contract count near 1.25 million today underlines the size of the event (expiry breakdown).

Conclusion

For today, cite $3.8B ETH expiry on Deribit and ~$6B across all venues, with max pain near $3,000$3,100%%CKPROTECTED5%%. Expect near?term chop around those levels, then watch how positioning shifts post?expiry for the more actionable move.