Deribit Open Interest by Strike: BTC Call Wall & Put Wall
Open interest (OI) by strike shows where the biggest BTC options money sits. Below is how to find the Call Wall and Put Wall, read options flow, and analyze Deribit block trades.
Open interest by strike
Open interest is the number of contracts outstanding at each strike and expiry. The largest OI clusters are levels where positioning and market-maker hedging flow concentrate — they form the BTC options level map.
Call Wall and Put Wall
The Call Wall is the strike with the largest call OI above price, often acting as resistance and a ceiling in positive-gamma regimes. The Put Wall is the strike with the largest put OI below price, acting as support. These walls are key intraday references.
Options flow and block trades
Options flow is the stream of new trades: rising OI at a strike hints where positions are opening. Large Deribit block trades (OTC packages) often reshape the level map — analyzing them helps reveal what big players are doing.
In Crypto Metrics Pro, OI by strike, the Call/Put Walls and the GEX profile for BTC and ETH are computed from Deribit data and refreshed every 60 seconds.
Glossary terms
FAQ
The Call Wall is the strike with the largest call OI above price (resistance); the Put Wall is the largest put OI below price (support). Both are visible on the open-interest map.
It is the stream of new options trades and the change in open interest by strike, showing where positions are opening or closing.
See BTC and ETH levels live in the GEX Terminal module.
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Information is for analytical and educational purposes only and does not constitute investment advice. Cryptocurrency trading carries high risk.