Put Skew Leaders

As of April 21, 2026 (end-of-day snapshot). Pages update daily after the market close.

Names where 25-delta put IV most exceeds 25-delta call IV — the standard put-skew measure. Steep skew reflects elevated crash-protection demand; puts trade rich relative to calls. Structurally high on indices with persistent institutional hedging demand.

Top 50 by 25Δ Skew

The live put-skew leaderboard loads after the page hydrates. Rows are ranked by 25-delta put minus 25-delta call IV — the canonical skew measure.

Methodology

Ranked by put_iv_25d − call_iv_25d descending (iv_skew_25d fallback). Filters: total_oi ≥ 50,000, spot ≥ $5.

Frequently Asked Questions

What is 25-delta?

A 25-delta option has a delta of 0.25 (call) or −0.25 (put). These sit roughly 1σ out of the money — the industry-standard reference points for skew, liquid and delta-equivalent on either side of ATM.

Is high skew bearish?

Not mechanically. Steep skew signals the market is paying up for crash protection — which could be justified (real tail risk) or excessive (hedging demand overshot). Extreme steepening often precedes or coincides with downside vol but also mean-reverts when event premium collapses.

Why do indices always show up?

SPY, QQQ, IWM have structurally elevated put skew because institutional hedging demand is persistent. This is why the Biggest Skew Change screener is often more useful for catching fresh regime shifts.

What trades does steep skew suggest?

Risk reversals (sell put, buy call at equivalent delta — collects the skew), put credit spreads, or position-structure adjustments that take advantage of the skew richness.