Welcome to this introduction to the Deribit Metrics page. This page displays several useful charts and statistics relevant to the instruments available to trade on Deribit. This includes funding data, futures premiums, open interest data for options, historical volatility, and the ability to chart any instrument against the index, including options.
Light/dark mode
I’ll be working with the dark mode version here, but for those that prefer a light mode, there is a simple toggle in the top right.
Clicking this will switch between the two colour modes.
Futures section
First let’s look at the futures section.
There is an instrument table with some statistics including the current open interest and the dollar premium over the index for each futures instrument.
In the bottom left we have a chart that displays the funding rate for the perpetual, shown with the index price. You can click the legend to isolate just the funding or just the index.
In the bottom right is a chart displaying the premium in dollars of each futures contract currently available. It’s also possible to change the time period being displayed by clicking the drop down menu in the top right of the chart. So if we wanted to see the premiums over the last month we can just select ‘Month’. And the same for any other time periods available.
This whole section is currently displaying data for bitcoin, but if we want to check out the ethereum data instead, we can do that by clicking ‘ETH’ at the top here.
You can see that the current index price for each currency is also displayed here.
Options section
Next let’s take a look at the options section by clicking ‘OPTIONS’ in this menu.
In this section we have the 24 hour put and call volumes, with the corresponding put/call ratio
We also have a chart displaying the open interest per strike.
Underneath this chart we can see the call and put open interest, the put call ratio, the total open interest in contracts and the notional value of this in dollars. This chart shows all expirations together by default, but you can drill down into each expiry date individually by selecting from the drop down menu in the top right. When you select a specific expiry date, the statistics shown under the chart will also update to show values for the selected date only.
You’ll notice a new indicator has also appeared which shows where the current ‘max pain’ for this expiry is. For example, the current max pain shown for this expiration is at $16,000.
Briefly, the max pain shows the strike price that would currently result in the lowest amount of intrinsic value needing to be paid by option sellers to option buyers, if price were to expire there immediately. Thus resulting in maximum pain for option buyers, hence the name. For a more detailed description of this topic, check out our lesson on max pain on the Deribit education blog here:
https://insights.deribit.com/education/maximum-pain-for-option-buyers-going-into-expiration/
It’s also possible to download these charts by clicking the 3 dots icon.
This gives you the option to download either an image file of the current chart, or a csv file that contains all the data points used to generate the current chart.
Next up we have a chart displaying the open interest for puts and calls grouped together by expiry date. We can click the legend to display just calls or just puts, and of course we can download this chart as well if we want to with the 3 dots icon.
Then we have a chart that shows the total open interest over time. This is the open interest in contracts. It’s also possible to change the time period being displayed using the drop down menu. So for example if we select ‘Year’ instead, it will show the data going further back. The big drops in open interest are of course the big quarterly expirations, with the smaller drops mostly representing the smaller monthly and weekly option expiries.
In the bottom right we have historical volatility shown over time. Again it’s possible to change the time period shown, and also download the chart.
Analyze section
Finally we have the ‘ANALYZE’ section. Here we can plot the price over time of any instrument, future or option, versus the underlying index. So for example if I add a futures contract, it will display the price of the future and the index, but also the premium of the future over the index in both dollar and percentage terms.
We can toggle each of these lines on or off by clicking the legend. To the right of the chart some current statistics for the chosen instrument are displayed.
Let’s select an option to see how that looks as well. To do that we’ll click back to ‘OPTIONS’, then select the expiration date, and then the specific option from the drop down menus. Once we click ‘ANALYZE’, it will show the price of the option over time in dollars, versus the index price.
Again some current statistics for the selected instrument are shown to the right of the chart. For options this includes the current Greek values for the option.
We hope you find these tools useful, and if you have any feedback or suggestions then just let us know!
