SPY 598 Call Surges to 198,140 Contracts by Midday—Zero DTE Option Takes Center Stage
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One Contract, 7% of Total SPY Option Volume: What's Going On?
As of 11:35 AM, the SPY Jun-23-25 598 Call—set to expire at today’s close—has become the clear focal point for options traders. This single zero days-to-expiration (0 DTE) contract racked up an impressive 198,140 trades, making up 7% of all SPY option activity for the session.
SPY itself is trading at $597.50, up $3.22 (0.54%), having bounced between $593.60 and $598.29 so far today. With the underlying ETF sitting just $0.50 below the 598 strike, it’s no surprise that traders are targeting this call in hopes of a late-session breakout.
Trade Breakdown: Highs, Lows, and Real-Time Price Swings
| Option | Strike | Expiry | Volume | % of SPY Volume | Last Trade | VWAP | Today's Range | Open Interest Change |
|---|---|---|---|---|---|---|---|---|
| Call | 598 | Jun-23-25 | 198,140 | 7.0% | 0.72 | 0.82 | 0.18 - 1.36 | +7,360 |
This contract has experienced extreme price swings today, ranging from as low as $0.18 to a high of $1.36, with a volume-weighted average price (VWAP) of $0.82. The last trade came in at $0.72, and compared to the previous day’s closing price of $0.77, it shows how volatile short-term SPY sentiment is.
Order Flow Insights: 61% of Trades Attributed to Institutional Participants
Diving into order flow, the activity on the SPY 598 call is split almost evenly: 49.6% of contracts were bought, while 50.4% were sold. What stands out is that 61% of the volume came from larger or institutional trades, suggesting that the pros are taking the wheel—perhaps looking for a last-minute SPY pop or hedging big intraday risk. Retail investors still played a significant part, accounting for 39% of the activity, but clearly the balance tips toward bigger players in today’s market.
Interestingly, while the open interest in this strike increased by 7,360 from the previous day, it’s not clear how much of this volume represents new speculative positions versus quick profit-taking. The split between buyers and sellers highlights just how contentious the short-term SPY outlook remains, with neither side claiming decisive control as of midday.
What Does This Activity Signal? Near-the-Money Zero DTE Trades Are Ruling Today
The massive turnover in a contract set to expire within hours is a sign that traders are leaning heavily into zero DTE plays, hoping to catch outsized returns if SPY nudges just $0.50 higher into the close. With the ETF only half a dollar below the 598 strike, this call could tip into the money with a modest afternoon rally. The sheer volume and the uptick in open interest reflect a surge of speculation, rapid hedging, or both as the trading day unfolds.
Key Takeaways: Watch the SPY Close for a Volatility Jolt
For traders watching from the sidelines, today’s explosion in the 598 call contract highlights just how fast-paced zero DTE options can get—especially as institutions ramp up exposure near critical price levels. If SPY makes a late-day push, the volume-heavy 598 call could become a pivotal moment for both short-term bulls and bears.
With such high stakes and rapid turnover, the lesson is clear: zero DTE contracts like today’s SPY 598 call turn the final hours of the session into a battleground of fast money, shifting sentiment, and tactical positioning. Traders may want to monitor SPY closely this afternoon—today’s action could signal how volatility might play out in the sessions ahead.
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