Implied Volatility & Max Pain (Crypto Options)

x402

Implied Volatility & Max Pain (Crypto Options) is a paid API for AI agents from derivs.duoleads.com, paid per call via x402, $0.003/call, status unknown (last checked 2026-10-15).

Returns implied volatility, max pain, put/call OI ratios, skew, and per-strike greeks for BTC/ETH/SOL options across Deribit, Bybit, and OKX, by expiry date.

Price / call$0.003

Seller volume →—

Success—

StatusUnknown

How this service works

Implied volatility (IV) of crypto options per expiry from Deribit, Bybit and OKX: ATM IV, 25-delta skew, put/call open interest ratio, max pain and Deribit's DVOL index; with an expiry, the options chain per strike with the greeks as each venue publishes them. Volatility surface inputs for BTC and ETH options. Data only. Bad input is free; nothing is charged when no venue answers.

Output

A JSON object containing: the coin, the DVOL index value with 24h range and change, and an array of expiries each with per-venue data including ATM IV (as a fraction), max pain strike in USD, open interest in coins, put/call OI ratio, 25-delta skew details (put IV, call IV, risk reversal), the venue's forward/underlying price, and optionally a per-strike options chain with greeks when a specific expiry date is requested.

Example use cases

Pre-expiry options risk check

“It's options expiry Friday — can you pull the max pain strike and put/call OI ratio for BTC across all venues so I know where price might be pinned?”

IV skew monitoring for ETH

“What's the current 25-delta skew and ATM implied volatility for ETH options on Deribit and Bybit? I want to know if puts are priced more expensively than calls right now.”

DVOL and term structure snapshot

“Give me the Deribit DVOL index for BTC and the ATM IV across the next 6 expiries so I can see the volatility term structure.”

Technical details

Endpoint

GEThttps://derivs.duoleads.com/v1/options?utm_source=zero.xyz

When to prefer

Use this endpoint when you need crypto options-specific analytics: implied volatility levels, max pain, put/call ratios, or 25-delta skew across multiple centralized venues simultaneously. Prefer this over generic market data APIs when you need cross-venue options comparison (Deribit, Bybit, OKX) or want a full expiry term structure in one call. Not suitable for spot prices, perp funding rates, or equity/FX options.

Side effects

Missing required 'coin' query parameter returns a validation error
Options data only reliably available for BTC and ETH; other coins may return empty expiries
Expiry date not matching any listed contract returns empty results
Stale flag may be true if venue data is delayed
Payment failure (x402) if USDC balance on Base is insufficient

Input

Schema · Request body

Field	Type	Description
inputrequired	object
output	object

Output

Schema · Response

{
  "type": "json",
  "example": {
    "coin": "BTC",
    "colo": null,
    "dvol": {
      "time": "2026-10-14T22:00:00Z",
      "as_of": "2026-10-14T23:00:00Z",
      "value": 39.13,
      "venue": "deribit",
      "low_24h": 37.75,
      "high_24h": 39.3,
      "change_24h": 0.96
    },
    "as_of": "2026-10-14T23:00:00Z",
    "units": {
      "iv": "implied volatility as a fraction (0.45 = 45 %), annualised",
      "dvol": "Deribit volatility index, annualised percent",
      "skew": "put IV - call IV at 25 delta (fraction)",
      "greeks": "as published by the venue (Bybit, OKX); Deribit publishes none in bulk",
      "max_pain": "strike (USD) where option holders' intrinsic value at expiry is smallest",
      "oi_coins": "coins",
      "underlying": "USD per coin (the venue's underlying / forward price)",
      "put_call_oi_ratio": "put open interest / call open interest"
    },
    "expiries": [
      {
        "expiry": "2026-10-15T08:00:00Z",
        "venues": [
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "deribit",
            "atm_iv": 0.390797,
            "strikes": 28,
            "max_pain": 83500,
            "oi_coins": 3102.7,
            "skew_25d": null,
            "underlying": 81562.84,
            "put_call_oi_ratio": 1.42436
          },
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "bybit",
            "atm_iv": 0.390494,
            "strikes": 28,
            "max_pain": 82500,
            "oi_coins": 2832.08,
            "skew_25d": {
              "skew": 0.0289,
              "put_iv": 0.4155,
              "call_iv": 0.3866,
              "put_delta": -0.274783,
              "call_delta": 0.27996,
              "risk_reversal": -0.0289
            },
            "underlying": 81646.3838,
            "put_call_oi_ratio": 0.765449
          },
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "okx",
            "atm_iv": 0.386518,
            "strikes": 27,
            "max_pain": null,
            "oi_coins": null,
            "skew_25d": {
              "skew": 0.00777776,
              "put_iv": 0.40066,
              "call_iv": 0.392882,
              "put_delta": -0.27447,
              "call_delta": 0.201432,
              "risk_reversal": -0.00777776
            },
            "underlying": 81622.81366,
            "put_call_oi_ratio": null
          }
        ],
        "days_to_expiry": 0.375
      },
      {
        "expiry": "2026-10-16T08:00:00Z",
        "venues": [
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "deribit",
            "atm_iv": 0.387452,
            "strikes": 26,
            "max_pain": 83000,
            "oi_coins": 17322.2,
            "skew_25d": null,
            "underlying": 81582.3,
            "put_call_oi_ratio": 1.42795
          },
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "bybit",
            "atm_iv": 0.373493,
            "strikes": 35,
            "max_pain": 83000,
            "oi_coins": 3288.83,
            "skew_25d": {
              "skew": 0.023,
              "put_iv": 0.4091,
              "call_iv": 0.3861,
              "put_delta": -0.216943,
              "call_delta": 0.235112,
              "risk_reversal": -0.023
            },
            "underlying": 81565.5,
            "put_call_oi_ratio": 1.08242
          },
          {
            "as_of": "2026-10-14T23:00:00Z",
            "stale": false,
            "venue": "okx",
            "atm_iv": 0.379213,
            "strikes": 33,
            "max_pain": null,
            "oi_coins": null,
            "skew_25d": {
              "skew": 0.0710269,
              "put_iv": 0.435268,
              "call_iv": 0.364241,
              "put_delta": -0.222136,
              "call_delta": 0.231349,
              "risk_reversal": -0.0710269
            },
            "underlying": 81625.13401,
            "put_call_oi_ratio": null
          }
        ],
        "days_to_expiry": 1.375
      }
    ],
    "see_also": {
      "params": [
        "coin"
      ],
      "reason": "The futures term structure (annualised basis per expiry) next to the options' implied volatility.",
      "endpoint": "https://derivs.duoleads.com/v1/basis"
    },
    "disclaimer": "Data only, not investment advice, not a benchmark; not affiliated with any exchange",
    "request_id": "01KEXAMPLE0000000000000000",
    "venues_missing": [],
    "available_expiries": [
      "2026-10-15",
      "2026-10-16"
    ]
  }
}

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