SNAP Options History — December 2025

In December 2025, SNAP traded between $7.26 and $8.09. ATM implied volatility averaged 44.4%, placing in the 2.2% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded above realized volatility by 8.7% (HV 20d: 35.8%). Max pain ranged from $8.00 to $8.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.30.

Notable Days

2025-12-04: Highest Volume — 268,419 contracts
2025-12-04: Largest IV spike — 5.7% change
2025-12-31: Highest IV Rank — 5.1%
2025-12-01: Largest Expected Move — 13.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.74	$7.26	$8.09	$7.67	$8.09
Max Pain	$8.00	$8.00	$8.00	$8.00	$8.00
ATM IV	44.4%	42.4%	46.7%	44.5%	46.7%
Expected Move	12.8%	12.0%	13.4%	13.4%	12.4%
HV 20d	35.8%	25.8%	54.8%	54.8%	33.5%
HV 60d	46.8%	41.5%	50.0%	50.0%	41.5%
IV Rank	2.2%	0.0%	5.1%	1.5%	5.1%
IV Percentile	5.3%	0.0%	15.1%	4.0%	15.1%
Term Structure	3.7%	-2.6%	21.1%	2.0%	20.9%
VWIV	45.8%	42.6%	49.2%	48.3%	43.5%
Skew 25d	-2.4%	-6.4%	3.6%	-1.6%	-1.7%
Skew 10d	-4.0%	-12.0%	11.9%	-5.4%	-8.5%
Call IV 25d	46.7%	43.8%	50.4%	46.4%	48.2%
Put IV 25d	44.3%	41.6%	48.3%	44.9%	46.5%
Bid-Ask Spread %	16.29	6.13	50.89	41.54	11.41
Gamma HHI	0.17	0.12	0.31	0.12	0.22
Net GEX	4.8M	1.5M	9.1M	2.8M	8.3M
Net DEX	-139.7M	-216.4M	-62.0M	-88.6M	-216.4M
Net VEX	-2.0M	-2.1M	-1.8M	-1.9M	-2.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.30	0.06	0.65	0.23	0.15
Total Volume	85,385.909	21,565	268,419	94,724	74,135
Total OI	1,906,749.773	1,759,132	2,059,043	1,818,992	1,807,698

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	$7.67	$8.00	44.5%	13.4%	54.8%	1.5%	48.3%	-1.6%	2.0%	2.8M	-88.6M	-1.9M	0.23	41.54	77,009	17,715	1,392,063	426,929
2025-12-02	$7.67	$8.00	42.9%	12.8%	54.8%	0.0%	46.1%	-2.9%	2.7%	3.1M	-95.2M	-1.9M	0.25	50.89	63,019	15,849	1,423,903	436,905
2025-12-03	$7.63	$8.00	42.6%	12.5%	52.9%	0.0%	45.4%	-2.6%	2.6%	3.0M	-90.7M	-1.9M	0.35	36.87	44,123	15,227	1,439,304	449,988
2025-12-04	$7.74	$8.00	45.0%	13.4%	52.0%	2.9%	47.9%	-3.3%	2.4%	4.0M	-112.6M	-2.0M	0.06	8.45	252,099	16,320	1,458,451	459,266
2025-12-05	$7.84	$8.00	43.9%	13.0%	38.3%	1.6%	47.1%	-4.0%	0.5%	5.0M	-160.5M	-2.1M	0.17	14.09	88,772	14,708	1,504,225	455,599
2025-12-08	$8.00	$8.00	46.1%	13.4%	38.3%	4.1%	48.0%	-2.5%	0.6%	5.7M	-182.3M	-2.1M	0.31	7.72	62,772	19,313	1,483,598	429,128
2025-12-09	$7.96	$8.00	46.1%	13.4%	32.9%	4.1%	49.2%	-1.9%	0.9%	5.6M	-172.5M	-2.1M	0.59	8.19	34,383	20,239	1,497,891	443,025
2025-12-10	$7.91	$8.00	45.5%	13.4%	31.0%	3.4%	48.5%	-1.2%	0.6%	5.0M	-157.9M	-2.1M	0.16	26.92	47,181	7,657	1,506,317	456,684
2025-12-11	$7.67	$8.00	44.9%	13.2%	30.9%	2.8%	48.5%	-2.2%	1.0%	3.5M	-117.1M	-2.0M	0.27	9.79	56,802	15,131	1,517,072	460,033
2025-12-12	$7.38	$8.00	44.5%	12.4%	30.3%	2.3%	46.0%	-4.7%	-1.6%	2.5M	-68.0M	-1.9M	0.65	8.30	70,603	45,868	1,549,968	458,992
2025-12-15	$7.26	$8.00	44.6%	12.7%	30.4%	2.4%	46.9%	-4.1%	0.6%	1.8M	-62.0M	-1.8M	0.26	12.78	99,909	25,532	1,525,204	437,029
2025-12-16	$7.37	$8.00	44.4%	12.8%	28.1%	2.1%	45.4%	-1.4%	0.5%	2.6M	-84.8M	-1.9M	0.14	9.31	62,413	8,505	1,557,000	445,205
2025-12-17	$7.54	$8.00	46.5%	13.3%	28.8%	4.6%	47.5%	-6.4%	-2.6%	4.4M	-132.4M	-2.0M	0.24	9.13	76,946	18,818	1,575,894	447,206
2025-12-18	$7.64	$8.00	45.0%	12.9%	28.5%	2.8%	45.8%	-2.9%	0.4%	5.4M	-145.8M	-2.0M	0.41	10.58	60,879	24,730	1,586,166	449,561
2025-12-19	$7.51	$8.00	43.5%	12.7%	25.8%	1.0%	44.2%	-4.0%	-2.1%	1.5M	-114.8M	-1.9M	0.40	9.14	57,065	23,020	1,596,699	462,344
2025-12-22	$7.92	$8.00	43.2%	12.3%	31.7%	0.7%	43.4%	-1.7%	4.1%	7.1M	-184.6M	-2.0M	0.37	8.79	77,263	28,732	1,382,621	392,353
2025-12-23	$7.79	$8.00	43.0%	12.4%	32.4%	0.6%	43.9%	-2.3%	1.1%	6.6M	-158.0M	-2.0M	0.35	42.20	28,000	9,904	1,413,770	406,664
2025-12-24	$7.88	$8.00	42.9%	12.2%	32.6%	0.4%	43.0%	-2.5%	5.8%	9.1M	-178.6M	-2.0M	0.29	6.94	16,676	4,889	1,420,128	408,221
2025-12-26	$7.84	$8.00	42.4%	12.0%	32.7%	0.0%	42.7%	-1.9%	3.0%	5.6M	-168.6M	-2.0M	0.44	6.13	28,281	12,559	1,430,567	407,435
2025-12-29	$7.92	$8.00	44.0%	12.5%	32.8%	2.0%	43.2%	3.6%	21.1%	6.0M	-172.6M	-2.0M	0.31	8.69	57,879	17,972	1,373,466	385,666
2025-12-30	$8.09	$8.00	45.6%	12.1%	33.5%	3.8%	42.6%	-0.4%	17.8%	7.5M	-209.1M	-2.0M	0.29	10.45	61,647	17,946	1,390,651	397,606
2025-12-31	$8.09	$8.00	46.7%	12.4%	33.5%	5.1%	43.5%	-1.7%	20.9%	8.3M	-216.4M	-2.0M	0.15	11.41	64,323	9,812	1,404,357	403,341