OI by Expiration
Total open interest (USD) stacked by exchange per expiration date.
Open Interest shows the total notional value of outstanding option contracts per expiration, broken down by exchange (Bybit, Deribit).
Key insight: Pure OI does not account for time. A $10M position expiring tomorrow and a $10M position expiring in 6 months look identical in OI — but their market impact is vastly different. Near-term positions carry far more gamma and drive much more hedging activity.
Use OI to gauge where capital is concentrated across the term structure. For time-aware analysis, switch to the GEX metrics.
See also: GEX ABS (Absolute), P/C Ratio (Put/Call)