65% of Deribit’s Solana options open interest is set to expire on September 25

On Deribit, the dominant venue for crypto options trading, roughly 65% of all open interest in Solana options is concentrated in contracts expiring on September 25. The key strikes drawing that attention are $90, $105, and $125, a spread that brackets SOL’s recent spot price range of $115 to $118.

The September 25 expiry is already a monster date for crypto options

The same September 25 date carries an estimated $15.9B in Bitcoin options open interest and $2.1B in Ethereum options, making it one of the largest quarterly settlement windows on the calendar.

The platform launched SOL options in 2024 as part of a broader push to diversify its altcoin offerings beyond the two dominant assets, but trading activity in those contracts has remained modest relative to its headline products.

What the strikes tell us about market positioning

The $125 strike sits above current spot prices, making it an out-of-the-money call target. The $105 strike is closer to at-the-money from a recent-price perspective, while the $90 strike represents deeper downside protection territory.

The call-heavy nature of the broader September 25 settlement for BTC and ETH is worth factoring in here.

Thin liquidity is the central risk for SOL options traders

Deribit supports daily, weekly, monthly, and quarterly expiry types for SOL options under its contract structure, giving traders flexibility in how they express a view.

SOL’s futures and perpetual swap markets on venues like Binance and Bybit carry significantly more daily volume than its options market on Deribit, which means price discovery for SOL is largely happening elsewhere.

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