SPCE Options History — December 2025

In December 2025, SPCE traded between $3.04 and $4.53. ATM implied volatility averaged 118.2%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 28.4%. IV traded above realized volatility by 26.0% (HV 20d: 92.2%). Max pain ranged from $4.00 to $5.00. Net GEX was positive for 17 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.45.

Notable Days

2025-12-09: Highest Volume — 51,027 contracts
2025-12-30: Largest IV spike — 172.5% change
2025-12-10: Highest IV Rank — 100.0%
2025-12-12: Largest Expected Move — 33.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.60	$3.04	$4.53	$3.79	$3.19
Max Pain	$4.39	$4.00	$5.00	$5.00	$4.00
ATM IV	118.2%	86.6%	254.9%	95.9%	96.8%
Expected Move	28.4%	23.4%	33.3%	27.2%	25.5%
HV 20d	92.2%	67.3%	106.0%	70.3%	102.9%
HV 60d	79.7%	69.9%	85.3%	69.9%	80.8%
IV Rank	30.1%	12.9%	100.0%	19.8%	18.2%
IV Percentile	53.9%	12.7%	100.0%	31.7%	29.4%
Term Structure	-8.5%	-250.4%	42.5%	22.2%	-26.8%
VWIV	99.2%	83.6%	112.9%	83.6%	86.6%
Skew 25d	-16.9%	-200.5%	73.8%	-54.8%	-24.4%
Skew 10d	-24.6%	-251.7%	53.2%	11.2%	-46.8%
Call IV 25d	122.5%	62.7%	347.2%	136.9%	112.1%
Put IV 25d	105.6%	74.2%	165.5%	82.1%	87.7%
Bid-Ask Spread %	36.50	20.03	72.43	53.28	26.32
Gamma HHI	0.22	0.16	0.36	0.20	0.17
Net GEX	114.8K	-163.2K	436.6K	76.7K	77.2K
Net DEX	-4.8M	-15.7M	5.2M	-2.0M	-2.5M
Net VEX	-129.9K	-149.4K	-107.9K	-134.4K	-119.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.05	1.38	1.28	0.45
Total Volume	17,686.864	5,777	51,027	11,581	6,754
Total OI	301,783.727	262,985	348,100	287,191	286,346

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	$3.79	$5.00	95.9%	27.2%	70.3%	19.8%	83.6%	-54.8%	22.2%	76.7K	-2.0M	-134.4K	1.28	53.28	5,079	6,502	147,098	140,093
2025-12-02	$3.96	$4.00	106.4%	27.2%	67.3%	25.9%	95.0%	-12.3%	6.1%	120.9K	-7.3M	-137.8K	0.15	60.37	8,499	1,253	150,818	145,226
2025-12-03	$4.33	$4.00	92.7%	26.6%	71.5%	18.0%	99.2%	73.8%	5.5%	219.3K	-10.2M	-142.4K	0.07	52.11	19,304	1,318	153,186	145,893
2025-12-04	$4.46	$5.00	104.8%	28.2%	70.7%	24.9%	102.6%	23.3%	-2.7%	331.5K	-15.7M	-145.8K	0.25	35.08	17,076	4,277	159,300	146,805
2025-12-05	$4.31	$5.00	107.1%	30.7%	72.0%	26.3%	100.9%	54.0%	6.8%	185.4K	-12.2M	-149.4K	0.16	39.30	12,095	1,973	153,217	148,198
2025-12-08	$4.53	$5.00	110.1%	32.6%	72.6%	28.1%	109.6%	-4.6%	17.5%	255.4K	-14.5M	-146.4K	0.60	30.76	5,094	3,068	154,022	144,843
2025-12-09	$3.81	$5.00	98.0%	30.9%	97.8%	21.0%	105.8%	-19.2%	3.6%	64.6K	-3.5M	-139.0K	1.38	40.13	21,400	29,627	155,404	146,711
2025-12-10	$3.63	$5.00	254.9%	30.8%	99.5%	100.0%	110.5%	-200.5%	-250.4%	33.5K	-3.0M	-128.9K	0.44	44.87	6,648	2,951	166,378	143,317
2025-12-11	$3.54	$5.00	118.0%	30.6%	99.8%	29.2%	104.5%	-14.1%	-24.7%	-8.0K	-1.4M	-128.9K	0.35	27.66	4,952	1,726	168,895	144,796
2025-12-12	$3.25	$4.50	122.9%	33.3%	99.7%	31.7%	112.9%	-38.9%	-46.9%	-40.0K	2.1M	-120.9K	0.88	20.03	8,288	7,319	171,140	145,863
2025-12-15	$3.04	$4.50	117.8%	32.9%	94.7%	29.0%	110.9%	-0.8%	-2.8%	-163.2K	5.2M	-107.9K	0.67	30.08	9,711	6,502	162,155	140,708
2025-12-16	$3.09	$4.50	107.3%	31.0%	94.6%	23.6%	109.5%	4.7%	-2.1%	-130.9K	3.9M	-112.3K	0.29	27.93	23,507	6,770	168,212	143,784
2025-12-17	$3.25	$4.00	90.9%	26.1%	96.7%	15.1%	85.6%	19.6%	24.4%	-44.0K	1.7M	-117.9K	0.36	29.01	20,569	7,426	181,298	147,572
2025-12-18	$3.29	$4.00	104.2%	29.5%	96.8%	22.0%	110.8%	1.8%	4.7%	161.9K	-772.3K	-120.4K	0.05	29.84	18,990	899	194,074	151,661
2025-12-19	$3.50	$4.00	103.7%	28.4%	99.4%	21.8%	83.6%	4.5%	14.0%	436.6K	-5.1M	-125.8K	0.55	35.66	13,448	7,332	196,155	151,945
2025-12-22	$3.76	$4.00	86.6%	27.2%	102.0%	12.9%	96.2%	-7.6%	39.6%	273.1K	-13.4M	-134.3K	0.16	26.23	35,750	5,736	174,189	88,796
2025-12-23	$3.58	$4.00	97.5%	23.4%	103.6%	18.5%	92.3%	-133.9%	-45.8%	290.5K	-11.7M	-148.2K	0.16	72.43	11,658	1,904	189,275	93,170
2025-12-24	$3.31	$4.00	123.8%	26.6%	106.0%	32.1%	100.1%	21.2%	-16.9%	177.4K	-6.8M	-133.2K	0.61	31.94	3,577	2,200	194,344	94,950
2025-12-26	$3.17	$4.00	114.8%	26.0%	103.9%	27.5%	98.7%	-65.6%	18.1%	109.4K	-3.0M	-123.3K	0.66	33.97	4,586	3,049	195,428	96,529
2025-12-29	$3.12	$4.00	93.2%	24.8%	102.9%	16.3%	91.9%	13.4%	42.5%	43.1K	-1.5M	-115.4K	0.17	28.35	19,863	3,431	178,487	94,337
2025-12-30	$3.26	$4.00	254.1%	25.1%	104.6%	99.6%	90.7%	-10.9%	26.7%	54.3K	-3.7M	-124.9K	0.19	27.73	5,882	1,118	186,964	97,660
2025-12-31	$3.19	$4.00	96.8%	25.5%	102.9%	18.2%	86.6%	-24.4%	-26.8%	77.2K	-2.5M	-119.3K	0.45	26.32	4,664	2,090	187,809	98,537