Deribit's SOL Options Market Heavily Concentrated in September 25 Expiry

Deribit's Solana (SOL) options market is experiencing high concentration in contracts set to expire on September 25. Approximately 65% of all open interest in SOL options is focused on this date, with key strikes at $90, $105, and $125.

These strikes bracket the recent spot price range of $115 to $118 for SOL. The $125 strike is an out-of-the-money call target, while the $105 strike is closer to being at-the-money from a recent-price perspective. The $90 strike represents deeper downside protection territory.

The high concentration in SOL options on Deribit's September 25 expiry date coincides with an estimated $15.9 billion in Bitcoin (BTC) options open interest and $2.1 billion in Ethereum (ETH) options on the same day, making it one of the largest quarterly settlement windows on the calendar.

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