Stats › Intraday and market microstructure › 0DTE options
Same day expiries went from 5% to 59% of SPX volume
The 2016 figure and the Aug 2023 figure come from Cboe's September 2023 market impact note. The 2025 monthly figures come from three separate Cboe insights posts. These are the dates Cboe chose to publish, mostly record months, so the line is not a smooth monthly series and the record months sit above the annual average. Full year 2025 came in at 59%.
Options that expire the same day they are traded now dominate the S&P 500 index option market. Their share of SPX volume went from about 5% in 2016 to 59% across 2025. The research on whether they move the index disagrees with itself.
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