$ETH options flow — 2026-07-03

alpha micro-digest

eth options flow. july 3 snapshot.

put/call oi ratio 0.56. calls dominate open interest, structurally bullish. but put/call volume ratio 1.07. today's flow flipped defensive. traders buying puts despite the call-heavy book.

max-pain for tomorrow's 4jul26 expiry sits at $1,700. spot $1,796. that's a $96 gap above max-pain. dealers short those $1,700 puts. if spot drifts lower toward max-pain, dealer hedging flips from buy spot to sell spot as gamma on those puts accelerates.

atm iv 53.2%. elevated. market pricing in fireworks.

falsifiable line: dealer gamma flips negative if eth breaks below $1,720 before expiry. above that level, dealers are buyers on dips. below it, they become sellers into weakness.

$ETH #OnchainAlpha #PerpFunding #FundingArb

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