LIQUID STATE · tools · options pcr

BTC & ETH Options Put/Call Ratio

Live options market positioning from Deribit — updated every 15 minutes. PCR above 1.0 means more downside protection than upside speculation; below 1.0 means the options market is leaning bullish.

Bitcoin PCR
0.594Bullish Positioning

Call open interest exceeds puts. Participants expect further upside. Historically seen during constructive bull phases.

Ethereum PCR
0.555Bullish Positioning

Call open interest exceeds puts. Participants expect further upside. Historically seen during constructive bull phases.

BTC Puts OI
$11.81B
open interest in USD
BTC Calls OI
$19.89B
open interest in USD
ETH Puts OI
$1.53B
open interest in USD
ETH Calls OI
$2.76B
open interest in USD

Live data from Deribit (dominant ~80% of global BTC/ETH options volume) · Updated Sun, 23 Aug 2026 16:12:51 UTC · 15-min cache

30-day PCR history

PCR Zone Reference

PCR RangeZoneHistorical pattern
< 0.50Extreme GreedOptions market heavily long — downside protection minimal
0.50 – 0.70Bullish PositioningMore calls than puts; constructive bull phase sentiment
0.70 – 1.00NeutralBalanced put/call mix; no strong directional lean
1.00 – 1.50Bearish HedgingActive downside protection buying; risk-off positioning
> 1.50Extreme FearHistorically contrarian bullish signal at extremes — overleveraged bears

Zone labels are based on historical Deribit PCR distributions. Not financial advice — past options positioning patterns do not guarantee future price outcomes.

What is the Put/Call Ratio?

The options Put/Call Ratio (PCR) compares total put open interest to total call open interest. A PCR above 1.0 means more outstanding put contracts than calls — indicating that participants are net hedging or speculating on a price decline. Below 1.0 means calls dominate: the market is net positioning for upside.

Extreme readings are often used as contrarian signals: an extreme PCR can indicate a crowded trade that is due to reverse. However, PCR alone does not predict direction — it reflects current options market structure, not a price forecast.

Data from Deribit, which accounts for approximately 80% of global BTC and ETH options volume. Market data only — not financial advice.

Frequently asked questions

What is the options put/call ratio (PCR)?
The options put/call ratio compares total open interest in put options to total open interest in call options for a given asset, expressed as puts divided by calls. A reading below 1.0 means call open interest exceeds put open interest — more positioning for upside; above 1.0 means put open interest exceeds calls — more downside hedging or bearish positioning. It describes current options-market positioning and is not a forecast of where price is headed next.
What are the five sentiment zones on the options PCR dashboard?
Liquid State groups the ratio into five zones: below 0.5 is labeled Extreme Greed, where call open interest overwhelmingly exceeds puts; 0.5 to 0.7 is Bullish Positioning; 0.7 to 1.0 is Neutral, where puts and calls are broadly balanced; 1.0 to 1.5 is Bearish Hedging, where participants are buying more downside protection than upside exposure; and above 1.5 is Extreme Fear, where put buying heavily outweighs calls. The zone labels describe current positioning only and are not a signal to act on.
Is a high put/call ratio a bearish signal?
A high put/call ratio shows options traders are buying more downside protection than upside exposure at that moment, which reflects hedging or bearish-leaning positioning rather than a directional prediction. At historical extremes, unusually high ratios have sometimes preceded reversals higher, since heavy put buying can reflect capitulation or crowded short positioning that later unwinds — a contrarian read some traders apply, though it does not hold reliably. The ratio itself is not a buy or sell signal; it only measures current options open-interest skew.
Where does Liquid State’s options PCR data come from?
Liquid State computes the Bitcoin and Ethereum options put/call ratio directly from Deribit’s public API, the exchange that handles the large majority of global BTC and ETH options volume. Put and call open interest are aggregated across all listed expiries and strikes, refreshed roughly every 15 minutes, and republished free with no login or account required, for educational and market-monitoring purposes rather than as trading advice.

Embed this dashboard

Add the BTC/ETH PCR widget to your site, newsletter, or blog — free, no API key required. Keep the attribution link.

<iframe src="https://www.liquidstate.tech/tools/options-pcr?embed=1" width="100%" height="440" style="border:1px solid #222632;border-radius:10px;max-width:860px" title="BTC/ETH Options Put/Call Ratio — Liquid State" loading="lazy"></iframe>
XTelegramRedditLinkedIn
Your next step

Crypto Options & Volatility Trading — the playbook behind this signal. $29 one-time · 34 pages

Get the playbook →
THE BRIEF · FREE

Get free options put/call ratio + sentiment alerts

Free market reads — plus the Three-Lens Framework the desk runs on every chart. No spam. Unsubscribe anytime.

🔒 No spam. One-click unsubscribe. Free framework on signup.

Data sourced from Deribit public REST API (free, no authentication). Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.