What does the SPXS options chain show right now?

As of Jul 15, 2026, Direxion Daily S&P 500 Bear 3X ETF (SPXS) has 131.8K contracts outstanding and 8.8K traded today, with ATM IV of 39.3%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.

What expirations are available for SPXS options?

The nearest expiration is 30 days out, followed by 37 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.

How tight are SPXS options bid/ask spreads?

Average bid/ask spread across the chain is 46.64%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.

Direxion Daily S&P 500 Bear 3X ETF (SPXS) Options Chain

The options chain displays all available contracts with real-time quotes, Greeks, volume, and open interest for each strike and expiration. It is the primary tool for options trade selection.

Direxion Daily S&P 500 Bear 3X ETF (SPXS) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $367.6M, listed on AMEX, carrying a beta of -2.75 to the broader market. The Fund seeks daily leveraged investment results. public since 2008-11-19.

Snapshot as of Jul 15, 2026.

Spot Price: $25.80
Total OI: 131.8K
Total Volume: 8.8K
Front Expiration: 30 days
Second Expiration: 37 days
ATM IV: 39.3%
Avg Bid/Ask Spread: 46.64%

As of Jul 15, 2026, Direxion Daily S&P 500 Bear 3X ETF (SPXS) has 131.8K open contracts and 8.8K contracts traded. The nearest expiration is 30 days out, followed by 37 days. ATM implied volatility is 39.3%. Average bid/ask spread across the chain is 46.64%: wider spreads, size positions conservatively. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.

How SPXS options chain Data Feeds Strategy Selection

Strategy selection on Direxion Daily S&P 500 Bear 3X ETF options does not derive from any single metric in isolation. The options chain view above sits inside a broader read: ATM IV currently sits at 39.3% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the options chain data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.

How to read the SPXS chain depth

The listed-expirations table above shows every expiration available for Direxion Daily S&P 500 Bear 3X ETF options with its days-to-expiration count and ATM implied volatility. Front-month expirations carry the most volume, the highest gamma, and the tightest bid-ask spreads; longer-dated tenors carry less liquidity but more vega exposure. SPXS front expiration sits at 30 days - the typical hedging horizon for monthly options. The contango term-structure slope of 0.014 means longer-dated tenors price in proportionally more IV.

SPXS chain mechanics and execution

Options are listed at standardized strike intervals (typically $1 for sub-$25 underlyings, $2.50-$5 for mid-cap, $10-$50 for large-cap), and the deltas of each listed strike are determined by where IV lies relative to the strike's moneyness. Average bid/ask spread on the SPXS chain is 46.64% - a measure of liquidity. Tighter spreads on liquid strikes mean lower transaction costs; wider spreads on long-dated or far-OTM strikes mean execution drag can dominate the math. The chain table on the SPA side shows the full per-strike, per-expiration grid; this SSR page summarizes the listed expirations and the front-month context to anchor the structural read.

Using the SPXS chain to build structures

Strategy selection starts with the chain: directional theses use single-leg calls or puts, range-bound theses use credit spreads or iron condors, vol theses use straddles or strangles, calendar theses use diagonal spreads. SPXS's current 11.27% expected move anchors wing placement - structures with wings at the implied band collect the modal-outcome premium under lognormal assumptions. Cross-reference with the gamma-exposure profile to understand where dealer hedging will reinforce or fight your position, and with the volatility-skew chart to confirm the strikes you're trading sit at the IV levels your strategy assumes.

Learn how the options chain is reported and how to read the data →

SPXS listed expirations

Per-expiration ATM implied volatility for SPXS options. Each row is one listed expiration with its days-to-expiration count and ATM IV pulled from the same term-structure feed that powers the SPA's expiration filter. Front-month expirations carry the highest gamma, the tightest bid-ask spreads, and the most volume; longer-dated tenors carry less liquidity but more vega.

Expiration	DTE	ATM IV
Jul 17, 2026	2	34.9%
Jul 24, 2026	9	33.7%
Jul 31, 2026	16	38.4%
Aug 7, 2026	23	40.8%
Aug 14, 2026	30	39.3%
Aug 21, 2026	37	40.7%
Aug 28, 2026	44	44.2%
Oct 16, 2026	93	48.8%
Jan 15, 2027	184	52.0%
Jan 21, 2028	555	61.9%

Frequently asked SPXS options chain questions

What does the SPXS options chain show right now?: As of Jul 15, 2026, Direxion Daily S&P 500 Bear 3X ETF (SPXS) has 131.8K contracts outstanding and 8.8K traded today, with ATM IV of 39.3%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
What expirations are available for SPXS options?: The nearest expiration is 30 days out, followed by 37 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
How tight are SPXS options bid/ask spreads?: Average bid/ask spread across the chain is 46.64%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.