$ETH options flow — 2026-05-13

alpha micro-digest

eth at $2,365. put/call oi ratio 0.46, put/call volume ratio 0.57. calls dominate both open interest and flow.

nearest expiry 14may26, max-pain at $2,300. atm iv 49.2%.

dealer gamma flips long-to-short if spot drops below $2,300 max-pain. below that, hedging sells into weakness. above, hedging buys strength.

canonical cta: more at falsifylab.substack.com

#OnchainAlpha #PerpFunding $ETH

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