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0DTE Surge: Dec-10-25 683 Call Hits 113,360 Contracts, Grabbing 8.1% of Total Volume
SPY options were bustling with activity today, but one contract stood head and shoulders above the rest: the Dec-10-25 683 Call. By 10:59 AM, it saw 113,360 contracts traded, accounting for 8.1% of SPY’s entire options volume—a clear outlier even for the highly liquid SPY. The heavy action focused on a 0DTE (zero days to expiration) contract set to expire by day’s end, giving traders just hours for the bet to pay off.
Price Range Tightens as Option Trades Around Intrinsic Value
The SPY ETF itself spent the morning trading between $681.31 and $683.46. At the time of writing, the ETF stood at $682.56—just $0.44 below the 683 strike, putting the call option just out-of-the-money. Notably, the option itself traded from a low of $1.57 to a high of $2.30, with the last price changing hands at $1.79.
| Option Details | Value |
|---|---|
| Option Contract | Dec-10-25 683 Call |
| Contracts Traded | 113,360 |
| Percent of Total SPY Option Volume | 8.1% |
| Trade VWAP | $1.99 |
| Last Price | $1.79 |
| High/Low Price | $2.30 / $1.57 |
| Current SPY Price | $682.56 |
| Strike Price | $683.00 |
Order Flow Is Mixed: Large Trades Dominate, Sellers Slightly Ahead
Analyzing the intraday order flow paints a picture of a split market. About 46.9% of contracts appear bought at the offer, with 53.1% sold at the bid—showing slightly more willingness to sell than to buy into the day’s expiration. Notably, 52% of this flow was attributed to large, likely institutional trades, while retail participants made up the remaining 48%.
| Order Flow | Percent |
|---|---|
| Bought at Offer | 46.9% |
| Sold at Bid | 53.1% |
| Large Trades (Pro) | 52% |
| Retail | 48% |
Open Interest Up 151%, But Today’s Impact Remains to Be Seen
While intraday open interest data won’t reflect today’s flood of trading until tomorrow, the morning report (as of 7:00 AM) already showed open interest in this contract spiking to 8,765—up 151% (+5,279 contracts) from the previous day. This signals that traders were eager to open or adjust positions ahead of today’s session, but only the next update will reveal whether the huge intraday volume represents new bets or rapid position unwinding as expiration nears.
Market Interpretation: Heavy 0DTE Action Points to Short-Term Speculation
So, what does all this mean? The huge surge in same-day call activity, concentrated near-the-money, suggests a lot of speculative maneuvering as traders seek to capitalize on intraday price swings. The nearly even split between buy and sell flow, plus the dominant role of large, professional orders, hints at institutions hedging exposures or making high-frequency, short-term plays, while retail investors chase momentum.
With the SPY hovering so close to the 683 strike and intraday prices fluctuating rapidly, the risk/reward for buyers and sellers is shifting by the minute. While we can’t yet say whether today’s trades are opening or closing positions, tomorrow’s open interest update will be key to gauging if institutions are leaning more bullish or defensive as year-end approaches.
Takeaway: High 0DTE Volume May Foreshadow Increased Volatility Into the Close
Traders tracking SPY should pay special attention to late-day price action. The huge concentration of short-term, at-the-money options activity suggests that even a small move above $683 could spark significant hedging, covering, or momentum chasing into the final bell. With pros and retail traders both in the mix, the session could close with either a whimper or a bang—making the 683 strike a critical level to watch as the clock winds down.
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