What is options flow?

Options flow tracks large block trades from the last 24 hours, showing strike, expiry, direction, size, and implied volatility at execution. It reveals institutional positioning that doesn't appear in the standard order book.

Where do block trades come from?

Block trades are negotiated off-exchange via Deribit's Block RFQ system or Paradigm's RFQ network, then printed to the Deribit trade tape once executed. This lets institutions size into positions without moving the screen order book.

How do I interpret options flow?

Look for clusters — repeated same-strike buys at the same expiry signal directional conviction. Distinguish between hedges and directional bets by cross-referencing with OI changes (new positions vs. unwinds) and with the underlying flow (spot buying accompanying call buying reinforces bullish read).

Is options flow a reliable signal?

Mixed. Flow reveals positioning, not outcomes. Large institutions can be wrong, and a single block trade isn't a signal. Look for patterns — sustained flow in one direction over days, paired with funding rate shifts or skew changes, produces higher-conviction reads than any single print.

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Options Flow — Crypto Options