State Street SPDR S&P 500 ETF (SPY) Volume & Open Interest
Volume and open interest by strike show where trading activity and outstanding positions are concentrated. Clusters of OI often act as support and resistance levels.
State Street SPDR S&P 500 ETF (SPY) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $792.69B, listed on AMEX, carrying a beta of 1.00 to the broader market. SPY is the best-recognized and oldest US listed ETF and typically tops rankings for largest AUM and greatest trading volume. public since 1993-01-29.
Snapshot as of Jul 15, 2026.
- Spot Price
- $753.97
- Total Volume
- 12.2M
- Total OI
- 18.5M
- Call OI
- 6.1M
- Put OI
- 12.4M
- Gamma Concentration
- 0.03
As of Jul 15, 2026, State Street SPDR S&P 500 ETF (SPY) has 12.2M contracts traded today against 18.5M contracts outstanding. Open interest breaks down as 6.1M calls and 12.4M puts. Turnover ratio is 0.66: high churn, indicating active repositioning. Gamma concentration is 0.03: open interest is more distributed across strikes. Comparing today's volume to accumulated open interest reveals whether flow is opening new positions or closing existing ones, with heavy OI strikes often acting as support and resistance.
How SPY volume & open interest Data Feeds Strategy Selection
Strategy selection on State Street SPDR S&P 500 ETF options does not derive from any single metric in isolation. The volume & open interest view above sits inside a broader read: ATM IV currently sits at 12.9% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the volume & open interest 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 volume and OI data
The two-panel chart above splits State Street SPDR S&P 500 ETF contract activity into volume (daily flow) and open interest (cumulative inventory) per strike. The per-strike grid table beneath gives the precise numbers for the densest 30 strikes. Current put/call ratio is 1.11, roughly balanced. Total call OI of 6.1M versus put OI of 12.4M gives a put/call OI ratio of 2.05 - structurally a slower-moving signal than the volume-based ratio.
SPY flow vs positioning
Volume tells you what flows happened today; OI tells you what positions accumulated. Both can move in opposite directions: rising volume with falling OI means contracts are being closed (covering); rising volume with rising OI means new positions are being opened. The combination matters more than either alone for reading sentiment. The per-strike grid distinguishes the strikes attracting flow today from the strikes carrying accumulated inventory - high volume at strikes that also carry high OI typically means rolling activity (closing front-month, opening longer-dated), high volume at low-OI strikes typically means fresh directional positioning. Combined with the current positive dealer-gamma regime, large OI clusters tend to act as price magnets through expiration cycles.
Using SPY OI/volume data alongside other surfaces
Per-strike OI is the input to dealer-gamma calculations: strikes with elevated call OI generate gamma walls that dealers must hedge into as spot approaches them. The gamma-exposure page combines this distribution with the dealers' assumed-long-gamma assumption to project hedge flow. Volume cross-checks recent positioning shifts in the chain that haven't yet shown up in cumulative OI. Pair both with the term-structure view on the volatility page to determine whether the activity is concentrated in near-dated event hedging or longer-dated structural positioning. Front-month expiration for SPY sits at 30 days, so near-dated volume currently dominates the flow reading.
Learn how volume and open interest is reported and how to read the data →
SPY volume and open interest per strike
Per-strike grid aggregated from the top-ranked contracts in the institutional-grade nightly options scan, sorted by combined activity (volume + OI) descending. Capped at 7 rows.
| Strike | Call Volume | Put Volume | Call OI | Put OI |
|---|---|---|---|---|
| $550.00 | 0 | 288 | 0 | 517.9K |
| $520.00 | 0 | 32 | 0 | 415.9K |
| $515.00 | 0 | 60 | 0 | 201.9K |
| $470.00 | 0 | 1 | 0 | 152.4K |
| $630.00 | 0 | 5 | 0 | 152.3K |
| $660.00 | 0 | 33 | 0 | 130.4K |
| $620.00 | 0 | 117 | 0 | 122.8K |
SPY highest open-interest contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| PUT | $550.00 | Jul 31, 2026 | 1 | 302.1K | 28.6% | $0.03 | $0.04 |
| PUT | $550.00 | Aug 21, 2026 | 287 | 215.8K | 34.9% | $0.24 | $0.25 |
| PUT | $520.00 | Sep 18, 2026 | 23 | 210.1K | 38.2% | $0.50 | $0.51 |
| PUT | $520.00 | Aug 21, 2026 | 9 | 205.8K | 35.1% | $0.17 | $0.18 |
| PUT | $515.00 | Sep 18, 2026 | 60 | 201.9K | 38.3% | $0.48 | $0.49 |
| PUT | $470.00 | Jul 31, 2026 | 1 | 152.4K | 28.6% | $0.01 | $0.02 |
| PUT | $630.00 | Jul 31, 2026 | 5 | 152.3K | 28.5% | $0.10 | $0.11 |
| PUT | $660.00 | Dec 18, 2026 | 33 | 130.4K | 22.9% | $8.91 | $8.94 |
| PUT | $620.00 | Sep 18, 2026 | 117 | 122.8K | 28.5% | $1.52 | $1.54 |
Top 9 contracts from the institutional-grade nightly options scan; ranked by oi within the broader S&P 500/400/600 + ETF universe.
Frequently asked SPY volume & open interest questions
- What is the SPY options turnover ratio?
- As of Jul 15, 2026, SPY turnover ratio is 0.66 (12.2M contracts traded against 18.5M contracts outstanding). High churn indicates active position rotation rather than maintenance flow.
- Where is SPY open interest concentrated?
- Gamma concentration is 0.03: open interest is more distributed across strikes, reducing any single-strike pinning force. The full per-strike open-interest distribution is visible in the chain view.
- Why does volume-open-interest matter for SPY options?
- Volume tells you what is being traded today; open interest tells you what was already there. The combination separates opening flow (today's volume building new positions) from closing flow (today's volume unwinding existing ones), and locates the strikes that carry hedging-driven support or resistance based on dealer-gamma concentration.