Term Structure Backwardation
As of June 8, 2026 (end-of-day snapshot). Pages update daily after the market close.
Where the implied-volatility term structure is most inverted: near-dated IV meaningfully higher than far-dated. The signature setup for event-pricing regimes: pre-earnings, pre-FOMC, pre-FDA, pre-macro print. The post-event collapse of the front end is a classic calendar-spread setup.
Top 50 by Slope
The live term-structure backwardation leaderboard loads after the page hydrates. Rows are ranked by the most-negative term-structure slope (back-expiration ATM IV minus front-expiration ATM IV), surfacing names pricing in imminent events. The table shows the actual front and back expirations and their ATM IVs (the two legs of a calendar spread) alongside the slope.
Methodology
Slope = back-expiration ATM IV minus front-expiration ATM IV, in volatility-points. Ranked ascending so the most-negative (most inverted) values surface first. Front and Back columns show the actual two expirations the slope was computed from (front is the expiry closest to 30 DTE, back is the next later expiry) so the legs of a calendar spread are read directly off the row. Eligibility: total open interest ≥ 50,000, spot ≥ $5. Sourced from daily end-of-day snapshots.
Frequently Asked Questions
What does backwardation mean here?
The near-dated implied volatility is higher than the far-dated: the market is pricing a higher vol environment in the near future than in the longer future. The most common cause is a known event on the near expiration (earnings, FDA decision, FOMC meeting, scheduled macro release) that does not affect the far expiration. The vol curve inverts because the event-premium is concentrated in the front month and gets diluted out at longer tenors. Once the event passes and the front-month uncertainty resolves, the curve typically flips back to its normal contango (longer expirations have higher IV).
How is this different from high IV or high IV rank?
High IV says "vol is high in absolute terms." High IV rank says "vol is high relative to this ticker's 52-week history." Backwardation says "vol is LOCAL to the near expiration: the market expects it to drop after the near-dated event passes." The first two identify THAT vol is elevated; backwardation identifies WHY, pinpointing a specific upcoming event as the driver. This makes backwardation a more actionable signal for setting up calendar spreads or other trades that benefit from front-month IV crush, while high IV / IV rank are general regime signals that need more context.
What trade does this suggest?
A classic setup is a long calendar spread: sell the expensive near-dated option (collecting the event premium), buy the relatively cheap far-dated option, and let the near-dated leg experience IV crush after the event passes. The far-dated leg retains most of its value while the near-dated leg loses its event premium, producing the calendar's P/L. Sizing, liquidity (both legs need tight spreads), and exit discipline matter; the screener surfaces the candidate setup, not the trade plan. Vertical event-vol spreads (selling the event-week IV against a longer leg) also fit the structural setup.
Does backwardation always resolve the right way?
Usually but not always. A sustained vol-expansion move can re-price the entire curve higher, in which case the long calendar loses on both legs together (back-month IV rises faster than the front-month relief from the event). Edge exists on average across many trades; sizing and exit discipline matter to survive the cases where the regime shifts on you. A sharp post-event price move that overshoots the implied range can also damage calendars even when the front-month IV crushes as expected, because the gamma exposure on the near-dated short leg works against you.
How fresh is the data on this screener?
All public screener data refreshes once per trading day after the 4:00 PM ET market close, typically available by 5:30 PM ET. The platform uses end-of-day OPRA aggregates which are licensed for free public display. Authenticated API-tier users with their own Tradier or tastytrade BYOK credentials can pull intraday data through the streaming endpoints.
Where does the underlying data come from?
End-of-day OPRA aggregates for the options data, exchange-published stock prices for the spot reference, and a calibrated implied-volatility surface computed from the listed chain. Ranking metrics like IV rank, GEX, and unusual-activity counts are computed nightly from these primary inputs. Methodology details are in each screener's "How it's computed" section above.
Are these stocks recommended trades?
No. The screener is a ranked list of names that meet a quantitative filter at the close of the prior trading session, a research starting point, not a buy or sell signal. Whether any name on the list represents a tradeable opportunity depends on the underlying catalyst, your strategy, current market context, and risk tolerance. The platform does not give trade advice; the lists are descriptive, not prescriptive.
How often does the ranking change?
The ranking refreshes every trading day after the close. Names move on and off the list as their underlying metric (IV rank, gamma exposure, volume, etc.) crosses thresholds. Most screeners show meaningful day-over-day churn at the top of the list during active markets and lower turnover during low-volatility regimes. The "biggest change" screeners specifically target fast-moving names.
Is the screener tradeable in real-time during market hours?
The screener itself ranks on end-of-day data. To trade names on the list during market hours, use your own broker's real-time chain data; the platform's per-ticker pages link directly to real-time chains for authenticated users. The screener's job is to surface the universe of candidates that met yesterday's filter; the trade decision uses live data.
Can I export the ranked list?
Pro and API tier users can export rankings via the API (REST endpoint per screener slug returns a JSON list with all metric columns) or pull them programmatically through the Python SDK. Free users have the full ranking visible on the page; programmatic access requires authentication. Daily snapshots are also available for backtesting research through the API tier.