[ETH options daily] Open interest falls to $5.22 billion; $1,800 puts lead trading

Ethereum options open interest fell 9.55% to $5.22 billion, while 24-hour trading volume totaled $1.69 billion. Calls accounted for the larger share of both measures, but puts expiring on November 20 led trading volume.

Call options dominated outstanding positions and daily trading. Their smaller lead in trading volume, alongside heavy activity in puts, showed a mix of upside exposure and demand for downside protection.

As of November 13, 2026, Ethereum options open interest stood at $5.22 billion, down from $5.77 billion the previous day. Trading volume over 24 hours reached $1.69 billion.

Calls represented 63.75% of open interest, compared with 36.25% for puts. By trading volume, calls accounted for 57.41% and puts for 42.59%.

The call-heavy open interest mix indicated a larger concentration of outstanding call positions. Calls also led daily turnover, although the narrower gap between calls and puts suggested that downside protection remained part of short-term activity.

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 $1,800 puts expiring November 20, 2026.

The leading contracts by 24-hour trading volume were Deribit's $1,800 puts expiring November 20, 2026; Binance's $2,075 calls expiring November 14, 2026; and Deribit's $1,900 puts expiring November 20, 2026.

[Editor's note] Options are derivatives used to take leveraged exposure to an underlying asset's price 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.

Call and put shares, together with changes in open interest and volume, help distinguish accumulated positioning from short-term trading activity. A high call share of open interest can coexist with demand for puts as traders hedge downside risk or respond to volatility.