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Large Volume CVNA Call Spread Trade Points to a Bullish Stance
On December 8, 2025, a significant call spread trade in Carvana Co. Class A (CVNA) options hit the tape. The size, timing, and immediate profitability of the spread highlight growing conviction among traders betting on a short-term bullish outcome. With the stock surging 11.17% on the day—up $44.64 to $444.41—this options action reveals much about market sentiment and positioning around CVNA's near-term outlook.
Call Spread Details: $782K Risked for a Potential $221K Payout in Four Days
| Expiration | Strike Prices | Contracts | Days to Expiry | VWAP Trade Price | Bid | Ask | Reference Stock Price |
|---|---|---|---|---|---|---|---|
| 12-Dec-25 | 420-425 (Call Spread) | 4,012 | 4 | 3.90 | 1.90 | 4.55 | 428.45 |
- Total premium paid: $782,340 (4,012 contracts x 100 x $1.95 spread price)
- Potential profit if CVNA stays above $425 at expiry: $221,340
- Stock rallied from $428.45 to $444.41 post-trade (+$15.96), pushing the spread’s value to 4.03 for an average gain of 0.13 or 3.2%
- See this multi-leg trade analyzer for more trade details
For the buyer to earn maximum profit, CVNA must close above $425 by expiration. With the stock closing well above both call strikes on heavy momentum, this trade immediately moved in the buyer's favor, reflecting tactical precision—and a bullish stance.
Stock Price Strength: Technical Indicators Are Bullish
- Current Price: $444.41 (+11.17% daily)
- 52-week Low/High: $148.25 / $445.01 (current price just 0.6% from annual high)
- Price vs 20/50/250-Day MA: +29.3%, +28.2%, +51.5%
- Outperforming SPY ETF by +73.7% over the past year
- Price broke through expected daily resistance at $415.92 and is above key support at $383.62
Momentum and trend-following indicators strongly favor the bulls. CVNA's recent moves—rallies of 43.5% over the past month and 118.5% year-to-date—position the stock well above short, medium, and long-term moving averages, underscoring persistent buying pressure.
Performance Table: CVNA Returns Outpace the Broader Market
| Duration | CVNA Return | Range (Low-High) | SPY Return |
|---|---|---|---|
| Today | +11.1% | 424.33 - 445.01 | -0.3% |
| 2 Week | +43.4% | 319.99 - 445.01 | +3.7% |
| 1 Month | +43.5% | 285.03 - 445.01 | +0.9% |
| 3 Month | +20.4% | 285.03 - 445.01 | +5.9% |
| 6 Month | +29.4% | 283.67 - 445.01 | +15.9% |
| 1 Year | +73.7% | 148.25 - 445.01 | +13.9% |
| YTD | +118.5% | 148.25 - 445.01 | +17.5% |
| 3 Year | +6,157.2% | 3.55 - 445.01 | +76.3% |
| 5 Year | +82.8% | 3.55 - 445.01 | +93.6% |
This remarkable outperformance, particularly over 3- and 12-month spans, highlights the high-momentum character that’s likely influencing options traders to take tactical, high-leverage bets.
Options Skew Indicator: Slightly Bullish Market Outlook
The 30-day implied volatility skew ranks at 54%—suggesting a modest bullish bias among market participants relative to the past 52 weeks. While not at euphoric levels, the sentiment is favorable, reinforcing the directionality seen in recent price action and options activity.
Such skew ranks indicate that, based on option pricing, traders are willing to pay slightly more for upside exposure. This, paired with robust technicals, sets a backdrop of cautious optimism among sophisticated market players.
Takeaway: Are Options Traders Seeing More Room to Run?
CVNA’s sharp move above $444, strong outperformance of the S&P 500, and a high-dollar, short-term call spread bet highlight active positioning for more upside—at least through the next expiration. Whether this is pure speculation or informed hedging, the scale and timing suggest conviction in CVNA holding or extending gains beyond the $425 level.
For readers interested in tracking more complex options activity like this, check out the multi-leg trade screener for up-to-date call spreads and other trades across the market.
While it’s impossible to know the intentions behind every big trade, the combination of technical momentum, favorable volatility skew, and concentrated options risk points to ongoing bullish interest in CVNA. Will this wager pay off? Traders should watch CVNA’s price action through expiration for answers.
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NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
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Disclosure: This article was generated with the assistance of AI