Options Observatory
Deribit options analytics for BTC, ETH and SOL — open interest, value exchanged, expiries, volatility structure, and token-gated dealer-positioning layers.
What it is
The Options Observatory is a dedicated analytics page for the Deribit options complexes — BTC, ETH, and SOL (SOL trades in Deribit’s USDC-linear books). Every card has its own asset switch; time charts support preset windows and drag-to-zoom, and expiry views support forward windows (next 7 days / 30 days / 3 months). Data refreshes on Athena’s 4-hour capture cycle.
The charts
| Card | What it shows |
|---|---|
| Open interest by strike | Calls and puts mirrored around price with spot and the zero-gamma flip level marked — where the standing walls sit. |
| 24h premium by strike & by expiry | Where money actually traded today, by level and by date. |
| Open interest by expiry & the expiry board | The settlement calendar: notional rolling off per expiry, tagged daily / weekly / monthly / quarterly, with per-expiry max pain and put/call ratios. |
| Value exchanged | Daily options volume per venue (including CME) with 24h / 7-day / 30-day / 90-day totals, plus total open interest history. |
| Volatility structure | ATM implied-vol term structure, the volatility smile on a delta axis, and DVOL history. |
| Athena exclusive (token-gated) | The dealer-gamma (GEX) profile with its zero-gamma flip, Athena’s own 25Δ risk-reversal capture history, and the IBIT-vs-Deribit skew spread — layers built from Athena’s captures that have no free equivalent. |
How to read it
Athena publishes this page as market structure, not directional alpha — and is unusually honest about folk signals: max pain is shown because desks watch it, while Athena’s own research found no reliable pinning effect at the index level. The measured replacement is the dealer-gamma profile: when dealers are net long gamma their hedging dampens moves, and below the flip level it amplifies them. Skew alerts derived from the risk-reversal capture post to Athena’s Enclave and are labeled descriptive while their forward test runs.
Options structure tells you where hedging flows can accelerate or absorb a move — it does not by itself say when the move comes.