$ETH options flow — 2026-05-11

alpha micro-digest

deribit eth options recap — 2026-05-11.

put/call oi ratio: 0.47. put/call volume ratio: 0.21. calls dominate both, heavy call skew. total put oi 683k vs 1.4m calls. volume even more lopsided — $3m call flow vs $0.7m puts.

nearest expiry 12may26. max-pain at $2,325. atm iv 42.8%. spot at $2,401, sitting 3% above max-pain.

falsifiable line: if spot holds above $2,400 into expiry, dealers who shorted calls against delta-hedged longs must buy spot to stay flat — that flips dealer gamma from neutral to positive. any dip below $2,325 and they unwind, selling into weakness.

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