State Street SPDR S&P 500 ETF Trust (SPY) 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.

State Street SPDR S&P 500 ETF Trust (SPY) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $765.22B, listed on AMEX, carrying a beta of 1.00 to the broader market. The State Street SPDR S&P 500 ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index (the “Index”)The S&P 500 Index is a diversified large cap U. public since 1993-01-29.

Snapshot as of May 18, 2026.

Spot Price

$737.84

Total OI

17.7M

Total Volume

11.1M

Front Expiration

31 days

Second Expiration

39 days

ATM IV

15.5%

Avg Bid/Ask Spread

1.77%

As of May 18, 2026, State Street SPDR S&P 500 ETF Trust (SPY) has 17.7M open contracts and 11.1M contracts traded. The nearest expiration is 31 days out, followed by 39 days. ATM implied volatility is 15.5%. Average bid/ask spread across the chain is 1.77%: tight liquidity, suitable for active strategies. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.

How SPY options chain Data Feeds Strategy Selection

Strategy selection on State Street SPDR S&P 500 ETF Trust 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 15.5% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. 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 SPY chain depth

The listed-expirations table above shows every expiration available for State Street SPDR S&P 500 ETF Trust 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. SPY front expiration sits at 31 days - the typical hedging horizon for monthly options. The backwardated slope of -0.002 means near-dated IV is pricing acute event risk.

SPY 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 SPY chain is 1.77% - 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 SPY 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. SPY's current 4.44% 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 →

SPY listed expirations

Per-expiration ATM implied volatility for SPY 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.

SPY most-active contracts

Top 10 contracts from the institutional-grade nightly options scan; ranked by volume within the broader S&P 500/400/600 + ETF universe.

Frequently asked SPY options chain questions

What does the SPY options chain show right now?

As of May 18, 2026, State Street SPDR S&P 500 ETF Trust (SPY) has 17.7M contracts outstanding and 11.1M traded today, with ATM IV of 15.5%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.

What expirations are available for SPY options?

The nearest expiration is 31 days out, followed by 39 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.

How tight are SPY options bid/ask spreads?

Average bid/ask spread across the chain is 1.77%. Tight liquidity supports active strategies including ratio spreads and fly structures.