SPY Sees 196,637 Contracts Traded in Dec-15-25 680 Put—Largest Option by Volume Today
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196,637 Contracts in Focus: SPY's Dec-15-25 680 Put Leads With 6.2% of Options Volume
SPY’s options market is seeing unusually high attention today on a single contract: the Dec-15-25 680 Put. As of 10:59 AM, this zero days-to-expiry (0 DTE) put has traded a hefty 196,637 contracts—representing 6.2% of total SPY options volume so far. With the ETF trading between $679.25 and $685.76 and the current price at $681.24, the 680 strike sits just $1.24 below spot, highlighting a keen market focus on short-term moves into the close.
| Contract | Strike | Type | Exp. Date | Volume | Trade VWAP | High | Low | Last | Open Int. |
|---|---|---|---|---|---|---|---|---|---|
| Dec-15-25 680 Put | 680 | Put | Dec-15-25 | 196,637 | 0.91 | 2.04 | 0.22 | 0.67 | 9,971* |
*Open interest reflects settled positions from Dec 12, 2025; today's activity will update in tomorrow’s numbers.
Large Trades Drive Activity: 57% of Volume Is Institutional or Professional
Delving into the flow, 57% of the 196,637 contracts appear to come from large or institutional trades, with retail participation at 43%. Seller activity slightly outpaces buyers—52.1% sold versus 47.9% bought—hinting at a mild bearish bias or active hedging near current market levels.
| Participant Type | Percent of Volume |
|---|---|
| Institutional/Pro | 57% |
| Retail | 43% |
Options Prices Highlight Wide Intraday Range, VWAP Sits at $0.91
The Dec-15-25 680 Put traded in a wide intraday range, from $0.22 to $2.04, before last ticking at $0.67—down from yesterday’s close at $1.37. The VWAP (volume-weighted average price) for the contract so far stands at $0.91, reflecting heavy activity on both sides of the trade as SPY oscillated around the 680 strike.
Interpretation: Neutral-to-Slightly Bearish Bias as Market Waits for Direction
With today’s trading almost evenly split between buyers and sellers and large players making up more than half the activity, this surge doesn’t send an overtly bullish or bearish signal. Rather, it signals uncertainty—or hedging—just under the current market level as SPY straddles key technical levels heading into the close. Note that true open/close intent won’t be known until tomorrow, once open interest updates.
Key Takeaway: 0 DTE Put Dominates SPY Activity—What’s Next?
The Dec-15-25 680 Put’s outsized volume and heavy institutional activity are noteworthy as traders position into expiration. For investors watching SPY, today’s action around the 680 strike will likely remain a focal point into the close and may reveal broader sentiment on market direction. It’s worth watching tomorrow’s open interest update to see whether these were mainly opening hedges, closing bets, or something more strategic. As always, when 0 DTE options trade in size, markets are sending a message—are you listening?
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