SPY Options History — June 2025

In June 2025, SPY traded between $591.89 and $617.92. ATM implied volatility averaged 14.8%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 2.8% (HV 20d: 12.1%). Max pain ranged from $570.00 to $593.00. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 1.15.

Notable Days

2025-06-23: Highest Volume — 9,694,598 contracts
2025-06-13: Largest IV spike — 17.1% change
2025-06-20: Highest IV Rank — 19.9%
2025-06-13: Largest Expected Move — 4.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$601.42	$591.89	$617.92	$591.89	$617.92
Max Pain	$584.55	$570.00	$593.00	$570.00	$593.00
ATM IV	14.8%	13.5%	16.9%	15.4%	13.7%
Expected Move	4.3%	3.7%	4.9%	4.6%	3.8%
HV 20d	12.1%	10.0%	14.9%	14.9%	10.7%
HV 60d	32.8%	32.1%	33.7%	33.7%	32.1%
IV Rank	14.2%	10.5%	19.9%	15.8%	11.0%
IV Percentile	52.1%	36.1%	75.0%	58.7%	37.7%
Term Structure	0.2%	-0.1%	0.4%	0.2%	0.3%
VWIV	17.1%	14.6%	19.9%	17.4%	16.1%
Skew 25d	5.1%	3.8%	6.8%	5.5%	3.8%
Skew 10d	11.5%	8.8%	15.2%	12.1%	8.8%
Call IV 25d	12.9%	11.7%	14.2%	13.4%	12.1%
Put IV 25d	18.0%	15.8%	20.8%	18.9%	15.9%
Bid-Ask Spread %	1.62	1.33	2.09	1.93	1.44
Gamma HHI	0.04	0.02	0.07	0.03	0.05
Net GEX	3.86B	-7.30B	11.09B	4.37B	10.05B
Net DEX	-68.22B	-105.23B	7.11B	-55.81B	-105.23B
Net VEX	-781.8M	-839.8M	-734.1M	-807.7M	-734.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.15	0.86	1.44	1.07	1.11
Total Volume	8,052,857.85	6,120,896	9,694,598	7,071,936	7,335,870
Total OI	17,354,936.65	15,368,001	19,038,139	15,937,696	17,041,675

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-06-02	$591.89	$570.00	15.4%	4.6%	14.9%	15.8%	17.4%	5.5%	0.2%	4.37B	-55.81B	-807.7M	1.07	1.93	N/A	N/A	3,409,621	3,662,315	5,846,794	10,090,902
2025-06-03	$595.95	$570.00	14.8%	4.3%	14.8%	14.1%	16.8%	4.9%	0.3%	6.57B	-76.91B	-792.3M	1.16	1.96	N/A	N/A	3,825,717	4,439,213	5,961,588	10,287,139
2025-06-04	$596.85	$570.00	14.7%	4.2%	14.5%	13.7%	15.9%	4.5%	0.4%	4.43B	-75.56B	-801.9M	1.02	2.09	N/A	N/A	3,430,920	3,496,019	6,015,868	10,871,323
2025-06-05	$594.08	$580.00	15.1%	4.5%	14.8%	14.9%	17.1%	5.0%	0.3%	430.6M	-55.91B	-823.5M	1.09	1.96	N/A	N/A	4,161,468	4,524,359	6,096,047	11,033,351
2025-06-06	$599.52	$580.00	13.9%	4.1%	14.8%	11.5%	16.9%	3.9%	0.4%	8.77B	-90.01B	-788.3M	1.34	1.46	N/A	N/A	3,906,977	5,224,990	6,128,385	11,322,880
2025-06-09	$600.04	$582.00	14.2%	4.2%	14.6%	12.3%	16.3%	4.4%	0.3%	5.54B	-82.56B	-764.7M	0.97	1.33	N/A	N/A	3,104,643	3,016,253	5,973,978	11,656,853
2025-06-10	$602.13	$583.00	13.9%	4.1%	10.9%	11.7%	15.9%	4.2%	0.4%	8.12B	-93.52B	-761.0M	0.98	1.43	N/A	N/A	3,363,177	3,298,817	6,075,779	11,766,160
2025-06-11	$600.81	$585.00	14.3%	4.2%	10.1%	12.8%	16.9%	4.9%	0.3%	2.25B	-75.72B	-790.7M	0.86	1.52	N/A	N/A	4,792,080	4,119,299	6,150,201	11,943,301
2025-06-12	$602.80	$587.00	14.4%	4.2%	10.0%	12.8%	17.4%	5.0%	0.4%	5.07B	-84.01B	-800.0M	1.28	1.58	N/A	N/A	2,913,802	3,731,998	6,244,365	12,117,943
2025-06-13	$595.78	$587.00	16.8%	4.9%	11.0%	19.6%	19.9%	6.5%	0.2%	-5.71B	-32.45B	-839.8M	1.27	1.69	N/A	N/A	4,267,079	5,412,632	6,227,619	12,377,556
2025-06-16	$602.44	$587.00	15.0%	4.3%	11.4%	14.5%	17.6%	5.6%	0.1%	4.09B	-81.73B	-768.2M	1.44	1.66	N/A	N/A	3,275,162	4,716,229	6,127,570	12,158,796
2025-06-17	$598.13	$589.00	16.7%	4.8%	11.7%	19.4%	19.6%	6.7%	-0.1%	-4.23B	-44.34B	-817.8M	1.16	1.69	N/A	N/A	3,755,508	4,349,123	6,179,178	12,649,781
2025-06-18	$598.41	$589.00	16.1%	4.6%	11.6%	17.6%	18.2%	6.4%	0.0%	-1.27B	-54.36B	-793.0M	1.06	1.77	N/A	N/A	4,134,630	4,378,668	6,258,048	12,780,091
2025-06-20	$593.71	$590.00	16.9%	4.9%	11.0%	19.9%	19.8%	6.8%	-0.0%	-7.30B	7.11B	-814.4M	1.02	1.48	N/A	N/A	4,314,197	4,387,207	5,670,217	13,017,364
2025-06-23	$599.09	$589.00	15.8%	4.5%	11.4%	17.0%	18.9%	6.7%	0.2%	3.26B	-33.27B	-770.5M	1.39	1.39	N/A	N/A	4,058,597	5,636,001	4,908,397	10,459,604
2025-06-24	$607.49	$590.00	14.0%	4.0%	11.7%	11.9%	16.9%	5.0%	0.3%	6.46B	-76.65B	-734.3M	1.29	1.39	N/A	N/A	3,713,663	4,808,535	4,993,429	10,706,893
2025-06-25	$606.71	$590.00	13.8%	3.9%	10.4%	11.3%	14.6%	4.5%	0.3%	5.46B	-66.83B	-740.5M	1.10	1.59	N/A	N/A	3,539,038	3,899,990	5,125,317	11,101,947
2025-06-26	$611.41	$590.00	13.5%	3.8%	10.5%	10.5%	15.0%	4.1%	0.3%	11.09B	-92.89B	-740.9M	1.29	1.42	N/A	N/A	3,287,561	4,226,860	5,264,819	11,264,796
2025-06-27	$613.26	$590.00	13.5%	3.7%	10.6%	10.6%	15.2%	4.0%	0.3%	9.83B	-93.71B	-752.8M	1.10	1.55	N/A	N/A	4,357,623	4,781,316	5,371,647	11,831,132
2025-06-30	$617.92	$593.00	13.7%	3.8%	10.7%	11.0%	16.1%	3.8%	0.3%	10.05B	-105.23B	-734.1M	1.11	1.44	N/A	N/A	3,471,281	3,864,589	5,277,651	11,764,024