# [Ethereum options daily] Open interest reaches $6.21 billion; $3,300 calls lead volume

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/36596
Published: 2026-10-21T11:21:32.000Z
Updated: 2026-10-21T11:21:32.000Z
Section: Investing

> Ethereum options open interest rose 4.73% to $6.21 billion. Calls led both open interest and trading volume, with Bybit’s October 23 $3,300 calls topping volume rankings.

Ethereum options open interest rose 4.73% to $6.21 billion. Calls accounted for the majority of both outstanding positions and trading volume.

Call options led across both measures, indicating a preference for upside exposure in positioning and trading activity.

As of 11:20 UTC on October 21, 2026, total Ethereum options open interest stood at $6.21 billion, up from $5.93 billion in the previous reading. Options trading volume totaled approximately $1.08 billion.

Calls represented 62.44% of open interest, compared with 37.56% for puts. In trading volume, calls accounted for 63.48% and puts for 36.52%.

The call-heavy open interest mix showed that outstanding positions favored upside exposure. Calls also led trading volume, although these proportions alone do not establish whether the contracts were used for directional bets or hedging.

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The contracts with the most open interest were, in order, Deribit’s $3,200 calls expiring December 25, 2026; Deribit’s $2,200 calls expiring December 25, 2026; and Deribit’s $2,600 calls expiring October 30, 2026.

The leading contracts by trading volume were, in order, Bybit’s $3,300 calls expiring October 23, 2026; Bybit’s $3,400 calls expiring October 23, 2026; and OKX’s $2,500 calls expiring October 22, 2026.

[Editor’s note] Options are derivatives used to take leveraged exposure to an underlying asset or hedge existing positions. Calls give holders the right to buy at a predetermined price, while puts give holders the right to sell. Open interest measures outstanding contracts and indicates the accumulated size of positions.

Open interest and trading volume offer different views of positioning: the former tracks outstanding exposure, while the latter reflects trading activity. Rising open interest indicates an increase in outstanding contracts, but does not by itself establish market direction. Call and put shares also require context, since options can form part of hedges or strategies involving multiple contracts.