[ETH options daily] Open interest falls to $5.87 billion; $2,650 calls lead trading volume

Ethereum options open interest fell 6.42% from the previous day to $5.87 billion, while calls retained the larger share of both outstanding positions and daily trading. The call share of 24-hour volume was comparatively modest, with total turnover at $631.12 million.

Calls accounted for most Ethereum options positions and slightly more than half of daily volume. The figures showed a stronger call tilt in accumulated positions than in short-term trading.

As of October 25, 2026, at 11:21 UTC, total Ethereum options open interest stood at $5.87 billion, down from $6.27 billion the previous day. Options trading volume over 24 hours totaled $631.12 million.

Calls represented 63.10% of open interest, compared with 36.90% for puts. In 24-hour trading volume, calls accounted for 52.59% and puts for 47.41%.

The larger call share of open interest indicated that outstanding positions were weighted toward calls. Calls also led trading volume, although their smaller share there suggested a less pronounced directional tilt in daily activity. These proportions alone do not establish traders’ intentions.

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

The leading contracts by 24-hour trading volume were, in order, Bybit’s $2,650 call expiring October 26, 2026; Binance’s $2,150 put expiring October 26, 2026; and Binance’s $2,300 put expiring October 26, 2026.

[Editor’s note] Options are derivatives used to take leveraged exposure to an underlying asset’s price or hedge existing positions. A call gives its holder the right to buy at a predetermined price, while a put gives its holder the right to sell, subject to the contract’s terms. Open interest measures outstanding contracts and indicates the accumulated size of positions.

Call and put shares, alongside changes in open interest and volume, help distinguish outstanding positioning from daily trading activity. Rising open interest indicates an increase in outstanding contracts, but does not by itself establish a bullish or bearish outlook. A call-heavy open-interest balance can also coexist with put-heavy trading as participants hedge positions or respond to volatility.