CVNA Options History — December 2025

In December 2025, CVNA traded between $15.15 and $18.93. ATM implied volatility averaged 49.8%, placing in the 6.6% IV rank vs the trailing year. The 30-day expected move averaged 14.5%. IV traded below realized volatility by 5.0% (HV 20d: 54.8%). Max pain ranged from $12.40 to $15.60. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 1.00.

Notable Days

2025-12-08: Highest Volume — 5,581,825 contracts
2025-12-09: Largest IV drop — 6.9% change
2025-12-03: Highest IV Rank — 15.8%
2025-12-03: Largest Expected Move — 17.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.44	$15.15	$18.93	$15.15	$16.92
Max Pain	$14.13	$12.40	$15.60	$12.80	$15.60
ATM IV	49.8%	46.5%	56.2%	55.2%	46.8%
Expected Move	14.5%	13.0%	17.7%	16.9%	13.0%
HV 20d	54.8%	45.0%	61.3%	61.3%	55.4%
HV 60d	67.4%	64.4%	69.9%	64.5%	66.7%
IV Rank	6.6%	0.8%	15.8%	14.5%	1.2%
IV Percentile	17.0%	2.4%	36.5%	36.5%	4.8%
Term Structure	0.7%	-1.6%	2.1%	0.4%	1.7%
VWIV	51.4%	44.7%	62.9%	60.8%	47.1%
Skew 25d	6.2%	3.5%	8.4%	8.4%	6.4%
Skew 10d	13.5%	9.7%	17.8%	17.8%	14.0%
Call IV 25d	47.3%	42.7%	53.7%	50.7%	44.0%
Put IV 25d	53.4%	49.0%	60.5%	59.1%	50.4%
Bid-Ask Spread %	39.68	27.88	50.47	45.65	30.54
Gamma HHI	0.05	0.04	0.08	0.04	0.05
Net GEX	90.8M	-1.8M	212.4M	47.5M	23.0M
Net DEX	-4.13B	-7.43B	-2.04B	-2.42B	-2.04B
Net VEX	-16.6M	-18.2M	-14.4M	-14.5M	-15.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.51	2.20	1.17	0.95
Total Volume	1,967,679.545	611,900	5,581,825	1,336,475	1,169,950
Total OI	13,848,145.455	11,387,825	16,225,750	11,387,825	13,177,125

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$15.15	$12.80	55.2%	16.9%	61.3%	14.5%	60.8%	8.4%	0.4%	47.5M	-2.42B	-14.5M	1.17	45.65	616,075	720,400	4,646,575	6,741,250
2025-12-02	$15.37	$13.20	54.8%	17.4%	56.4%	14.0%	61.2%	7.5%	1.6%	54.3M	-2.71B	-15.0M	1.32	48.71	404,550	534,450	4,932,150	7,010,600
2025-12-03	$15.87	$13.20	56.2%	17.7%	52.9%	15.8%	62.9%	6.9%	0.4%	70.5M	-3.40B	-14.8M	0.73	45.69	935,850	687,725	4,996,925	7,098,300
2025-12-04	$15.90	$12.40	53.0%	15.6%	52.3%	11.9%	56.1%	3.5%	1.5%	74.0M	-3.42B	-14.8M	0.75	45.83	553,775	413,025	5,248,350	7,341,950
2025-12-05	$16.11	$12.40	51.4%	15.2%	45.0%	10.1%	54.4%	4.8%	1.7%	94.2M	-3.71B	-14.7M	0.71	50.47	992,775	700,150	5,428,525	7,435,175
2025-12-08	$18.02	$12.40	54.3%	15.6%	56.1%	13.2%	55.6%	5.7%	0.2%	114.7M	-5.62B	-14.4M	0.69	40.66	3,311,350	2,270,475	5,090,250	7,105,825
2025-12-09	$18.16	$13.20	50.5%	14.6%	53.5%	8.8%	50.9%	4.5%	1.1%	134.8M	-5.93B	-16.4M	0.72	42.32	1,567,300	1,134,075	6,020,325	8,055,775
2025-12-10	$18.91	$13.20	48.8%	14.4%	54.1%	6.2%	52.3%	5.9%	1.4%	180.8M	-7.27B	-17.0M	0.95	44.05	1,372,925	1,306,200	6,515,800	8,498,225
2025-12-11	$18.93	$14.00	46.7%	13.9%	54.2%	3.7%	48.3%	6.8%	2.1%	212.4M	-7.43B	-17.7M	1.12	42.32	797,350	896,950	6,866,750	8,981,575
2025-12-12	$18.36	$14.00	49.6%	14.5%	54.2%	7.2%	52.4%	5.8%	2.0%	101.5M	-5.96B	-18.2M	1.01	35.39	2,192,150	2,205,800	7,006,575	9,219,175
2025-12-15	$18.03	$14.00	50.6%	14.5%	55.2%	8.4%	51.9%	5.3%	-1.6%	95.9M	-4.58B	-17.9M	1.03	41.12	708,300	731,200	6,184,300	8,628,650
2025-12-16	$18.26	$14.40	50.0%	14.3%	55.1%	7.6%	51.6%	5.8%	-0.3%	107.4M	-4.94B	-18.0M	1.14	41.51	634,225	724,925	6,290,600	8,796,425
2025-12-17	$17.97	$14.40	49.5%	14.2%	56.0%	7.0%	48.8%	5.5%	0.3%	76.3M	-4.27B	-17.6M	0.86	38.03	982,450	842,225	6,275,250	8,943,325
2025-12-18	$18.71	$14.40	48.3%	13.8%	56.5%	3.7%	49.3%	5.7%	-0.4%	157.3M	-5.78B	-18.0M	0.76	32.76	1,126,275	857,700	6,554,175	9,012,475
2025-12-19	$18.48	$14.80	46.5%	13.3%	51.3%	1.1%	49.4%	6.1%	0.1%	142.2M	-5.29B	-17.8M	1.05	45.55	1,427,850	1,505,275	6,699,475	9,257,425
2025-12-22	$17.35	$15.20	48.9%	14.0%	59.0%	3.8%	48.9%	6.5%	0.0%	-1.8M	-2.27B	-17.4M	0.74	29.17	1,617,250	1,197,100	5,106,900	7,927,800
2025-12-23	$17.46	$15.20	46.8%	13.4%	56.2%	1.2%	46.3%	6.5%	1.0%	37.0M	-2.72B	-17.3M	1.35	36.60	690,350	932,450	5,537,750	7,967,200
2025-12-24	$17.69	$15.20	46.5%	13.3%	55.2%	0.8%	45.5%	6.3%	0.5%	88.6M	-3.21B	-17.7M	1.62	35.97	315,425	511,325	5,842,075	8,116,025
2025-12-26	$17.55	$15.60	47.0%	13.1%	55.0%	1.4%	45.7%	7.3%	-0.3%	70.8M	-2.83B	-17.0M	0.57	27.88	866,400	497,500	5,954,575	8,122,225
2025-12-29	$17.32	$15.60	46.8%	13.3%	54.8%	1.2%	44.7%	7.1%	1.6%	61.6M	-2.63B	-16.6M	0.51	38.08	1,143,850	581,675	5,360,475	7,525,625
2025-12-30	$17.22	$15.60	47.0%	13.0%	54.9%	1.5%	45.6%	7.6%	0.9%	54.0M	-2.46B	-16.5M	2.20	34.56	191,300	420,600	5,460,450	7,678,800
2025-12-31	$16.92	$15.60	46.8%	13.0%	55.4%	1.2%	47.1%	6.4%	1.7%	23.0M	-2.04B	-15.7M	0.95	30.54	598,525	571,425	5,511,575	7,665,550