Mini-SPX Index (XSP) Open Interest History
Open interest tracks the total number of outstanding options contracts. Rising OI alongside price moves can indicate growing commitment to the trend; declining OI suggests positions are being closed.
Snapshot as of Aug 28, 2026.
- Spot Price
- $771.13
- Call OI
- 222.3K
- Put OI
- 562.1K
- Total OI
- 784.4K
- Put/Call Ratio
- 0.97
As of Aug 28, 2026, Mini-SPX Index (XSP) has 784.4K total contracts outstanding across all expirations. Put/call OI ratio is 2.53 (put-heavy positioning, often indicating hedging or bearish bias). Open interest reflects accumulated positions from prior sessions; persistent growth indicates sustained directional or hedging interest, while sharp drops typically mean post-expiration clean-up.
How XSP open interest history Data Feeds Strategy Selection
Strategy selection on Mini-SPX Index options does not derive from any single metric in isolation. The open interest history view above sits inside a broader read: ATM IV currently sits at 11.5% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the open interest history 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 XSP open-interest data
The open-interest time-series above tracks the total Mini-SPX Index options inventory outstanding day by day. OI is a stock measure - the cumulative position count - so trends flag accumulating or distributing positioning. Current put/call ratio is 0.97, roughly balanced. Total call OI of 222.3K versus put OI of 562.1K gives a put/call OI ratio of 2.53 - structurally a slower-moving signal than the volume-based ratio.
XSP 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. Combined with the current negative dealer-gamma regime, large OI clusters tend to act as price repellents that accelerate moves through key strikes.
Using XSP 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 XSP sits at 31 days, so near-dated volume currently dominates the flow reading.
Learn how open interest is reported and how to read the data →
Daily open-interest history for XSP options over the last ~42 trading days. Each row reflects the end-of-day total OI summed across all listed strikes and expirations.
Most recent 15 trading days (descending). Older history appears in the chart above.
| Date | Call OI | Put OI | Total OI | P/C OI |
|---|---|---|---|---|
| Aug 28, 2026 | 222.3K | 562.1K | 784.4K | 2.53 |
| Aug 27, 2026 | 221.3K | 559.0K | 780.2K | 2.53 |
| Aug 26, 2026 | 222.1K | 555.1K | 777.2K | 2.50 |
| Aug 25, 2026 | 217.1K | 555.5K | 772.7K | 2.56 |
| Aug 24, 2026 | 214.7K | 545.0K | 759.7K | 2.54 |
| Aug 21, 2026 | 227.0K | 596.5K | 823.5K | 2.63 |
| Aug 20, 2026 | 222.3K | 575.9K | 798.2K | 2.59 |
| Aug 19, 2026 | 218.2K | 571.7K | 790.0K | 2.62 |
| Aug 18, 2026 | 213.4K | 566.5K | 779.9K | 2.65 |
| Aug 17, 2026 | 216.6K | 558.2K | 774.8K | 2.58 |
| Aug 14, 2026 | 221.7K | 576.6K | 798.3K | 2.60 |
| Aug 13, 2026 | 219.6K | 566.3K | 785.9K | 2.58 |
| Aug 12, 2026 | 219.3K | 555.3K | 774.6K | 2.53 |
| Aug 11, 2026 | 216.2K | 548.1K | 764.3K | 2.54 |
| Aug 10, 2026 | 216.9K | 543.6K | 760.4K | 2.51 |
XSP highest open-interest contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $775.00 | Aug 31, 2026 | 12.3K | 304 | 5.8% | $0.39 | $0.41 |
| CALL | $766.00 | Aug 31, 2026 | 4.0K | 325 | 7.6% | $5.51 | $5.72 |
Top 2 contracts from the institutional-grade nightly options scan; ranked by oi within the broader S&P 500/400/600 + ETF universe.
Frequently asked XSP open interest history questions
- What is the current XSP options open interest?
- As of Aug 28, 2026, Mini-SPX Index (XSP) has 784.4K total contracts outstanding across all listed expirations, split as 222.3K calls and 562.1K puts. Open interest reflects accumulated positions from prior trading sessions; it does not include today's volume until end-of-day reconciliation.
- What is the XSP put/call open interest ratio?
- Put/call OI ratio of 2.53 is put-heavy, often indicating hedging demand or bearish positioning.
- What does XSP open interest tell traders?
- Persistent OI growth indicates sustained directional or hedging interest; sharp drops typically mean post-expiration position cleanup. Heavy OI concentrations at specific strikes act as support and resistance levels because dealer hedging amplifies near those strikes - the gamma profile of the dealer book is concentrated there. Comparing today's volume to standing OI separates opening flow from closing flow.