WULF Options History — December 2025

In December 2025, WULF traded between $11.22 and $16.09. ATM implied volatility averaged 95.5%, placing in the 25.7% IV rank vs the trailing year. The 30-day expected move averaged 27.8%. IV traded below realized volatility by 7.3% (HV 20d: 102.9%). Max pain ranged from $10.00 to $14.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.39.

Notable Days

2025-12-03: Highest Volume — 195,683 contracts
2025-12-23: Largest IV drop — 5.6% change
2025-12-01: Highest IV Rank — 34.0%
2025-12-01: Largest Expected Move — 31.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.43	$11.22	$16.09	$15.23	$11.43
Max Pain	$10.55	$10.00	$14.00	$14.00	$10.00
ATM IV	95.5%	85.2%	102.7%	102.7%	87.6%
Expected Move	27.8%	24.1%	31.9%	31.9%	24.1%
HV 20d	102.9%	88.8%	114.4%	114.4%	89.8%
HV 60d	99.6%	94.0%	104.3%	95.5%	104.0%
IV Rank	25.7%	13.7%	34.0%	34.0%	16.5%
IV Percentile	26.3%	4.4%	46.4%	46.4%	9.5%
Term Structure	0.8%	-5.0%	8.3%	2.5%	4.9%
VWIV	99.4%	88.6%	111.2%	111.2%	88.6%
Skew 25d	3.9%	-1.9%	13.0%	12.6%	4.9%
Skew 10d	6.5%	-32.7%	65.5%	22.7%	6.2%
Call IV 25d	94.0%	77.0%	104.6%	90.6%	82.2%
Put IV 25d	97.9%	87.1%	104.0%	103.2%	87.1%
Bid-Ask Spread %	32.33	12.65	69.29	67.41	14.85
Gamma HHI	0.08	0.06	0.10	0.08	0.08
Net GEX	6.4M	1.2M	13.5M	9.8M	1.5M
Net DEX	-720.8M	-1.22B	-313.2M	-1.09B	-330.5M
Net VEX	-3.8M	-4.5M	-2.9M	-4.5M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.15	1.13	0.33	0.20
Total Volume	105,725.182	45,785	195,683	178,930	55,715
Total OI	2,206,401.273	2,112,848	2,306,780	2,160,352	2,139,500

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	$15.23	$14.00	102.7%	31.9%	114.4%	34.0%	111.2%	12.6%	2.5%	9.8M	-1.09B	-4.5M	0.33	67.41	N/A	N/A	134,433	44,497	1,408,955	751,397
2025-12-02	$14.57	$14.00	101.0%	31.0%	113.5%	32.0%	106.6%	5.8%	-1.0%	8.8M	-956.4M	-4.4M	0.39	67.29	N/A	N/A	63,278	24,574	1,417,364	770,171
2025-12-03	$14.27	$14.00	101.6%	30.6%	111.5%	32.7%	105.9%	1.0%	-5.0%	8.3M	-878.7M	-4.3M	0.30	69.29	N/A	N/A	150,640	45,043	1,422,815	772,814
2025-12-04	$14.98	$10.00	97.0%	28.6%	113.0%	27.3%	103.0%	3.1%	1.0%	10.2M	-1.02B	-4.5M	1.13	48.88	N/A	N/A	72,535	81,797	1,448,067	790,293
2025-12-05	$14.55	$10.00	95.2%	28.2%	111.7%	25.3%	98.3%	4.9%	8.3%	9.5M	-929.4M	-4.3M	0.26	38.92	N/A	N/A	58,215	14,850	1,451,909	787,603
2025-12-08	$14.96	$10.00	97.8%	28.2%	111.5%	28.3%	99.0%	10.2%	-2.9%	9.5M	-980.4M	-4.3M	0.44	22.77	N/A	N/A	52,759	23,375	1,424,778	762,357
2025-12-09	$15.82	$10.00	97.3%	28.5%	112.7%	27.7%	100.0%	4.7%	-0.2%	11.5M	-1.16B	-4.5M	0.32	20.47	N/A	N/A	83,896	26,427	1,436,381	771,395
2025-12-10	$16.09	$10.00	95.5%	28.2%	91.9%	25.6%	98.9%	-1.9%	2.8%	12.5M	-1.22B	-4.5M	0.55	49.09	N/A	N/A	88,071	48,796	1,445,951	785,566
2025-12-11	$15.86	$10.00	96.8%	27.7%	90.5%	27.1%	97.5%	3.5%	0.0%	13.5M	-1.17B	-4.5M	0.41	45.37	N/A	N/A	40,797	16,527	1,466,760	798,236
2025-12-12	$14.59	$10.00	96.8%	27.8%	88.8%	27.2%	97.3%	2.8%	-0.4%	8.7M	-916.6M	-4.2M	0.18	33.54	N/A	N/A	111,468	19,777	1,479,004	805,209
2025-12-15	$12.48	$10.00	100.1%	28.9%	104.5%	31.0%	102.5%	1.0%	-1.2%	3.7M	-525.7M	-3.6M	0.78	21.26	N/A	N/A	89,267	69,853	1,447,566	783,827
2025-12-16	$13.00	$10.00	99.3%	28.5%	105.1%	30.1%	102.1%	-1.2%	1.6%	4.8M	-601.1M	-3.7M	0.34	21.70	N/A	N/A	69,384	23,597	1,454,596	784,137
2025-12-17	$11.55	$10.00	101.2%	29.0%	108.7%	32.3%	103.2%	-0.6%	-1.3%	1.9M	-388.9M	-3.4M	0.62	18.40	N/A	N/A	92,395	56,856	1,461,258	787,055
2025-12-18	$11.79	$10.00	99.9%	28.7%	108.9%	30.7%	105.2%	-0.4%	-2.1%	2.5M	-428.1M	-3.4M	0.26	16.90	N/A	N/A	56,928	14,535	1,500,809	801,597
2025-12-19	$12.57	$10.00	96.7%	27.7%	109.8%	27.0%	100.7%	-0.8%	3.2%	4.8M	-567.6M	-3.6M	0.17	14.14	N/A	N/A	135,185	22,326	1,509,727	797,053
2025-12-22	$12.54	$10.00	95.7%	27.9%	109.4%	25.8%	97.4%	3.3%	-2.5%	4.7M	-572.0M	-3.5M	0.54	14.67	N/A	N/A	47,152	25,252	1,407,466	711,575
2025-12-23	$12.52	$10.00	90.3%	25.9%	105.2%	19.6%	96.1%	1.7%	0.1%	4.7M	-541.1M	-3.4M	0.62	56.06	N/A	N/A	43,930	27,419	1,426,673	730,094
2025-12-24	$12.34	$10.00	88.4%	25.7%	91.8%	17.4%	97.0%	5.0%	1.7%	4.3M	-512.2M	-3.4M	0.16	18.50	N/A	N/A	39,633	6,152	1,430,802	742,139
2025-12-26	$11.73	$10.00	87.5%	25.0%	91.4%	16.4%	93.3%	3.9%	4.6%	2.8M	-415.8M	-3.2M	0.20	21.54	N/A	N/A	74,222	14,833	1,434,127	745,019
2025-12-29	$11.43	$10.00	85.2%	25.0%	89.7%	13.7%	91.0%	13.0%	1.3%	2.0M	-349.0M	-3.0M	0.15	17.61	N/A	N/A	73,501	11,168	1,386,311	726,537
2025-12-30	$11.22	$10.00	88.0%	24.4%	89.7%	16.9%	91.9%	9.1%	2.2%	1.2M	-313.2M	-2.9M	0.25	12.65	N/A	N/A	59,879	15,017	1,402,854	733,081
2025-12-31	$11.43	$10.00	87.6%	24.1%	89.8%	16.5%	88.6%	4.9%	4.9%	1.5M	-330.5M	-2.9M	0.20	14.85	N/A	N/A	46,412	9,303	1,404,392	735,108