diff --git a/backend/app/config.py b/backend/app/config.py
index 5162f45..3b5dc6b 100644
--- a/backend/app/config.py
+++ b/backend/app/config.py
@@ -37,8 +37,8 @@ class Settings(BaseSettings):
     binance_fapi_base: str = "https://fapi.binance.com"
     binance_eapi_base: str = "https://eapi.binance.com"
     binance_futures_ws: str = "wss://fstream.binance.com/stream"
-    # 官方默认根路径 /eoptions；组合流用 /eoptions/stream?streams=
-    binance_options_ws: str = "wss://nbstream.binance.com/eoptions/stream"
+    # 欧式期权公共流（2025-12 起）：/public/stream；旧 nbstream/eoptions 已 404
+    binance_options_ws: str = "wss://fstream.binance.com/public/stream"
     binance_http_proxy: str = ""
 
     perp_inst_id: str = "ETH-USDT-SWAP"
diff --git a/backend/app/exchange/binance/ws.py b/backend/app/exchange/binance/ws.py
index 86f256c..dc86f36 100644
--- a/backend/app/exchange/binance/ws.py
+++ b/backend/app/exchange/binance/ws.py
@@ -35,6 +35,7 @@ class BinancePublicWs:
         self._inst_ids: list[str] = []
         self._tasks: list[asyncio.Task[None]] = []
         self._stop = asyncio.Event()
+        self._alive: set[str] = set()
 
     def set_instruments(self, inst_ids: list[str]) -> None:
         self._inst_ids = [i for i in inst_ids if i]
@@ -49,6 +50,14 @@ class BinancePublicWs:
                 perps.append(i.upper())
         return perps, opts
 
+    def _mark_alive(self, kind: str, ok: bool) -> None:
+        if ok:
+            self._alive.add(kind)
+        else:
+            self._alive.discard(kind)
+        # 任一腿连上即认为行情可用（期权腿偶发失败时仍可用 REST/永续）
+        self.cache.set_connected(bool(self._alive))
+
     async def start(self) -> None:
         if self._tasks and any(not t.done() for t in self._tasks):
             return
@@ -65,6 +74,7 @@ class BinancePublicWs:
             except asyncio.CancelledError:
                 pass
         self._tasks = []
+        self._alive.clear()
         self.cache.set_connected(False)
 
     async def resubscribe(self, inst_ids: list[str]) -> None:
@@ -76,13 +86,15 @@ class BinancePublicWs:
     async def _spawn(self) -> None:
         perps, opts = self._split()
         self._tasks = []
+        self._alive.clear()
         if perps:
             url = self._combined_url(self.futures_ws_base, [f"{p.lower()}@bookTicker" for p in perps])
             self._tasks.append(
                 asyncio.create_task(self._run_forever(url, kind="futures"), name="bn-fapi-ws")
             )
         if opts:
-            streams = [f"{s}@bookTicker" for s in opts]
+            # 期权 stream 名必须小写：eth-260726-1850-c@bookTicker
+            streams = [f"{s.lower()}@bookTicker" for s in opts]
             url = self._combined_url(self.options_ws_base, streams)
             self._tasks.append(
                 asyncio.create_task(self._run_forever(url, kind="options"), name="bn-eapi-ws")
@@ -127,9 +139,9 @@ class BinancePublicWs:
         while not self._stop.is_set():
             try:
                 async with await self._open_connection(url) as ws:
-                    self.cache.set_connected(True)
+                    self._mark_alive(kind, True)
                     backoff = 1.0
-                    logger.info("Binance %s WS connected: %s", kind, url[:120])
+                    logger.info("Binance %s WS connected: %s", kind, url[:160])
                     waiter = asyncio.create_task(self._stop.wait())
                     reader = asyncio.create_task(self._read_loop(ws))
                     pinger = asyncio.create_task(self._ping_loop(ws))
@@ -147,13 +159,13 @@ class BinancePublicWs:
                 raise
             except Exception as e:
                 logger.warning("Binance %s WS disconnected: %s", kind, e)
-                self.cache.set_connected(False)
+                self._mark_alive(kind, False)
                 try:
                     await asyncio.wait_for(self._stop.wait(), timeout=backoff)
                     break
                 except asyncio.TimeoutError:
                     backoff = min(backoff * 2, 30.0)
-        self.cache.set_connected(False)
+        self._mark_alive(kind, False)
 
     async def _ping_loop(self, ws: ClientConnection) -> None:
         while True: