MARA Options History — December 2025

In December 2025, MARA traded between $9.02 and $12.54. ATM implied volatility averaged 83.6%, placing in the 40.3% IV rank vs the trailing year. The 30-day expected move averaged 24.2%. IV traded above realized volatility by 9.8% (HV 20d: 73.8%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.32.

Notable Days

2025-12-17: Highest Volume — 374,800 contracts
2025-12-22: Largest IV drop — 5.1% change
2025-12-17: Highest IV Rank — 52.7%
2025-12-01: Largest Expected Move — 27.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.84	$9.02	$12.54	$11.46	$9.02
Max Pain	$14.55	$13.00	$15.00	$14.00	$13.00
ATM IV	83.6%	78.4%	91.6%	91.6%	80.3%
Expected Move	24.2%	21.6%	27.0%	27.0%	21.6%
HV 20d	73.8%	49.4%	89.7%	86.2%	49.4%
HV 60d	83.3%	75.8%	87.0%	85.7%	75.8%
IV Rank	40.3%	32.1%	52.7%	45.2%	37.2%
IV Percentile	45.6%	35.3%	63.9%	63.9%	40.1%
Term Structure	1.4%	-2.6%	4.2%	1.2%	1.2%
VWIV	90.6%	79.9%	100.6%	100.6%	80.2%
Skew 25d	3.0%	0.5%	6.4%	0.5%	2.2%
Skew 10d	4.4%	-22.3%	13.1%	-0.4%	-3.4%
Call IV 25d	85.7%	77.9%	93.4%	93.4%	81.9%
Put IV 25d	88.7%	83.0%	94.2%	93.9%	84.0%
Bid-Ask Spread %	9.62	5.54	13.45	10.67	8.72
Gamma HHI	0.10	0.06	0.18	0.08	0.11
Net GEX	3.1M	-1.7M	12.3M	5.1M	-1.7M
Net DEX	116.6M	-96.3M	278.4M	70.2M	201.5M
Net VEX	-3.5M	-4.2M	-2.7M	-3.8M	-2.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.32	0.10	0.52	0.48	0.29
Total Volume	217,200.545	104,805	374,800	211,289	319,932
Total OI	2,713,446.455	2,317,425	2,974,201	2,750,674	2,383,881

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$11.46	$14.00	91.6%	27.0%	86.2%	45.2%	100.6%	0.5%	1.2%	5.1M	70.2M	-3.8M	0.48	10.67	N/A	N/A	142,325	68,964	1,631,444	1,119,230
2025-12-02	$12.00	$14.00	88.2%	26.7%	89.5%	40.9%	98.8%	2.2%	4.2%	8.3M	-27.9M	-4.0M	0.36	10.18	N/A	N/A	214,410	76,411	1,666,361	1,136,385
2025-12-03	$12.45	$14.00	85.0%	25.5%	89.5%	37.2%	93.8%	1.1%	3.2%	10.9M	-96.3M	-4.2M	0.35	9.97	N/A	N/A	166,181	58,907	1,701,172	1,150,248
2025-12-04	$12.54	$15.00	81.3%	24.0%	88.5%	32.1%	94.1%	0.7%	3.3%	12.3M	-93.2M	-4.1M	0.26	10.79	N/A	N/A	167,176	44,067	1,727,083	1,168,182
2025-12-05	$11.75	$15.00	83.0%	24.8%	88.6%	35.8%	94.9%	2.5%	1.2%	2.9M	63.9M	-3.9M	0.23	12.76	N/A	N/A	227,806	51,342	1,743,219	1,167,727
2025-12-08	$11.89	$15.00	84.4%	24.7%	88.8%	37.8%	92.4%	1.0%	1.2%	4.1M	61.0M	-3.9M	0.40	9.17	N/A	N/A	101,995	41,240	1,656,671	1,134,874
2025-12-09	$12.23	$15.00	84.9%	24.9%	89.7%	40.7%	92.6%	1.2%	1.3%	6.4M	-1.8M	-4.0M	0.25	9.18	N/A	N/A	143,276	35,222	1,688,592	1,150,051
2025-12-10	$12.16	$15.00	84.5%	25.1%	86.2%	42.4%	94.8%	2.3%	3.1%	6.8M	-5.5M	-4.1M	0.33	13.45	N/A	N/A	92,264	30,454	1,708,637	1,159,712
2025-12-11	$11.77	$15.00	85.2%	24.7%	86.6%	43.9%	94.8%	2.6%	1.7%	2.8M	111.4M	-3.8M	0.15	9.13	N/A	N/A	299,621	45,521	1,726,015	1,168,333
2025-12-12	$11.57	$15.00	83.5%	24.1%	77.3%	41.1%	90.1%	4.5%	1.3%	1.0M	117.0M	-3.7M	0.40	9.57	N/A	N/A	186,095	75,295	1,738,347	1,177,408
2025-12-15	$10.73	$15.00	85.8%	24.7%	78.9%	46.6%	93.3%	3.1%	0.5%	916.8K	200.0M	-3.4M	0.52	10.31	N/A	N/A	128,096	66,627	1,661,217	1,135,533
2025-12-16	$10.68	$15.00	85.7%	24.6%	75.7%	46.4%	91.1%	4.3%	0.3%	127.8K	220.6M	-3.3M	0.32	8.72	N/A	N/A	106,546	34,206	1,687,798	1,157,859
2025-12-17	$10.04	$15.00	89.4%	25.6%	74.8%	52.7%	96.1%	2.3%	-2.6%	-1.4M	274.6M	-3.1M	0.19	13.45	N/A	N/A	313,859	60,941	1,720,837	1,160,174
2025-12-18	$9.73	$15.00	87.0%	25.0%	71.2%	48.6%	92.9%	2.0%	-2.6%	-634.5K	278.4M	-3.0M	0.35	9.02	N/A	N/A	174,389	61,895	1,755,454	1,162,769
2025-12-19	$10.04	$15.00	84.4%	24.2%	67.8%	44.2%	91.8%	6.0%	-0.0%	-292.7K	216.6M	-3.2M	0.28	8.01	N/A	N/A	154,458	42,957	1,818,069	1,156,132
2025-12-22	$10.04	$15.00	80.1%	23.2%	67.0%	36.9%	87.4%	4.2%	1.2%	3.2M	136.0M	-3.1M	0.36	7.85	N/A	N/A	162,403	58,844	1,339,663	977,762
2025-12-23	$9.89	$14.00	79.0%	22.8%	54.3%	35.0%	87.3%	2.4%	2.6%	2.2M	145.7M	-3.2M	0.29	10.64	N/A	N/A	199,487	58,594	1,397,031	1,004,724
2025-12-24	$9.91	$14.00	78.4%	22.2%	54.3%	34.1%	83.7%	4.5%	1.8%	2.1M	155.1M	-3.1M	0.10	5.54	N/A	N/A	175,455	17,605	1,425,973	1,024,652
2025-12-26	$9.64	$14.00	78.4%	22.3%	54.3%	34.0%	81.3%	5.1%	2.3%	743.8K	176.2M	-3.0M	0.44	6.54	N/A	N/A	104,871	46,285	1,473,398	1,023,999
2025-12-29	$9.45	$14.00	79.7%	22.5%	52.8%	36.2%	81.9%	6.4%	1.8%	834.1K	179.1M	-2.9M	0.30	8.09	N/A	N/A	90,495	27,090	1,335,899	1,001,109
2025-12-30	$9.39	$14.00	80.4%	22.3%	52.8%	37.4%	79.9%	4.7%	2.0%	721.8K	181.8M	-2.9M	0.30	9.93	N/A	N/A	80,311	24,494	1,363,754	1,008,444
2025-12-31	$9.02	$13.00	80.3%	21.6%	49.4%	37.2%	80.2%	2.2%	1.2%	-1.7M	201.5M	-2.7M	0.29	8.72	N/A	N/A	247,512	72,420	1,386,331	997,550