Which venue hosts options expiry today?

TLDR

Deribit hosts todays major crypto options expiry.

1. Size: about $27 billion in Bitcoin (BTC) and Ethereum (ETH) options, the largest on record, on Deribit per a market update. Record $27B expiry on Deribit
2. Timing: monthly and quarterly contracts settle around 08:00 (UTC), aligned with 16:00 (UTC+8) in a market post. Timing reference
3. Impact: traders are bracing for elevated volatility and post?expiry flow shifts. Expiry risk context

Deep Dive

1. Venue and Scale

The dominant venue is Deribit, which is clearing a record year?end batch of options totaling roughly $27 billion notional across BTC and ETH. Reports note this includes about $23.6 billion BTC and $3.8 billion ETH, and represents more than half of Deribits open interest. Record $27B expiry on Deribit

This is widely cited as the largest crypto options expiry to date, adding significance to todays settlement and the subsequent reset in positioning. Expiry risk context

2. Timing Mechanics

Todays event bundles both monthly and quarterly expiries, aligning with Deribits standard Friday schedule. A market post cites 16:00 (UTC+8), which corresponds to roughly 08:00 (UTC) for the settlement window. Timing reference

Max pain levels often frame expectations around expiries. For this cycle, updates highlight BTC max pain near $95,000%%CKPROTECTED2%% and ETH near $3,000%%CKPROTECTED4%%, which are the levels where option buyers would, in aggregate, fare worst if spot gravitates there. Record $27B expiry on Deribit

3. Why It Matters

Large expiries can release or redirect hedging pressure. With a record notional expiring on Deribit, dealers delta and gamma hedges may unwind or roll, often reshaping near?term volatility and liquidity. Expiry risk context

Coverage this week emphasizes thinner holiday liquidity, which can amplify moves as positions reset. Post?expiry flows, including rolls into January, may matter more than the immediate print. Record $27B expiry on Deribit

Conclusion

Todays options expiry is centered on Deribit, combining monthly and quarterly settlements at a record scale. The key takeaway is not just the print, but how post?expiry repositioning and liquidity conditions shape price action into the next sessions.