Stats › Options, shorts and positioning › Options volume
Options volume and the rise of 0DTE
An option is a contract with a deadline. Somewhere in that contract is a date, and until recently that date was usually weeks or months away. The big change in the last few years is that an enormous share of options trading now happens in contracts that expire the same day they're bought.
This page has the volume figures. How much Cboe traded across its four US exchanges in 2025, how that splits between options on individual companies and options on indices, and then the number that surprises people: same day expiry options, 0DTE, made up 59% of all trading in the S&P 500's flagship option for the year. That instrument barely existed before 2022. I put the page together because 0DTE gets written about in a fairly breathless way and the underlying numbers are more interesting than the commentary. They also come with a genuine unsettled argument attached, about whether all this activity moves the index itself, and I've laid out both sides without picking one, because the honest answer is that it's contested.
One thing to be aware of on sourcing: both sources here are Cboe's own, and Cboe is the exchange that earns money from this volume. The figures are the official ones and I have no reason to doubt them, but where Cboe's research argues a position rather than reports a count, I've said so on the page.
Cboe traded an average of 18.4 million options contracts a day across its four US exchanges in 2025, a sixth consecutive record year. The striking number sits inside the S&P 500 franchise: options expiring the same day they are traded, known as 0DTE, averaged 2.3 million contracts a day and made up 59% of all SPX volume for the year, hitting a record 62.4% in August 2025. An instrument that barely existed before 2022 is now the majority of trading in the world's most important index option.
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