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SPXS Implied Volatility, IV Rank & Options Chain

Direxion Daily S&P 500 Bear 3X Shares (SPXS) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for Direxion Daily S&P 500 Bear 3X Shares (SPXS).

Updated Reference data
Open SPXS in the Terminal SPXS GEX levels IV Intelligence Positioning

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On this page
  1. Key facts
  2. Company overview
  3. Options market
  4. Volatility profile
  5. GEX analysis
  6. Common strategies
  7. FAQ

SPXS options trade with implied volatility typically in the 50% - 200% range, averaging 100K+ contracts in daily volume with good liquidity. Next earnings: N/A (ETF). Weekly options and LEAPS are available.

SPXS implied volatility

As of 2026-10-26

As of 2026-10-26, SPXS's 30-day implied volatility is 44.2%, placing its 1-year IV percentile at 47.0 — above 47.0% of the past year's daily IV readings, a middle range, neutral between selling and buying premium.

44.2%30-day IV
47.01-year IV rank

SPXS live chain, Greeks and GEX

Terminal

Every figure above is reference data. The live SPXS chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.

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SPXS options at a glance

Daily volume
100K+ contracts
IV range
50% - 200%
Bid-ask spread
$0.02 - $0.05 ATM
Expirations
Weekly, monthly, LEAPS
Open interest
500K+ contracts
Next earnings
N/A (ETF)
100K+ contractsDaily Volume
500K+Open Interest
$0.02-0.05ATM Spread
50-200%IV Range
-3x S&P 500Leverage
DailyRebalancing

About Direxion Daily S&P 500 Bear 3X Shares (SPXS)

SPXS seeks daily investment results of 300% the inverse of the daily performance of the S&P 500 Index. This leveraged inverse ETF is designed for short-term tactical bearish positioning or hedging. Due to daily rebalancing, long-term returns may differ significantly from -3x the index return.

Company profile

Sector
ETF
Industry
Leveraged ETF
Market cap
$500M+ AUM
Exchange
NYSE Arca

Key dates

Next earnings
N/A (ETF)
Earnings frequency
N/A
Dividend schedule
None
Fiscal year end
N/A

SPXS is a primary vehicle for leveraged bearish S&P 500 exposure. It's used by traders for short-term market hedges and directional bearish bets.

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  • Live chains and Greeks
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  • Expected move and GEX
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SPXS options market overview

SPXS options provide leveraged inverse exposure to S&P 500 moves. Volume increases dramatically during market selloffs and periods of elevated VIX.

Average daily volume
100K+ contracts
Total open interest
500K+ contracts
Put/call ratio
0.30 - 0.60 typical
Typical ATM spread
$0.02 - $0.05 ATM
Weekly options
Available
LEAPS available
Yes

Liquidity assessment: Good

SPXS options liquidity spikes during market corrections. Call volume dominates as traders bet on market declines.

SPXS implied volatility and IV rank

SPXS implied volatility runs approximately 3x SPY IV due to leverage. IV spikes dramatically during VIX surges and market selloffs.

50% - 70%Low IV, below average
70% - 100%Typical, normal conditions
100% - 200%Elevated, above average

Earnings impact

No earnings, but IV rises during market stress events and Fed announcements.

The post-earnings volatility drop is known as IV crush. Holders of short SPXS options should also understand early assignment risk around dividends and expiration.

Historical volatility vs IV

IV tracks 3x SPY volatility. During low VIX periods, SPXS IV can appear elevated relative to realized moves.

Term structure

Usually steep contango as long-term decay is priced in. Inverts during crisis events.

The smile, the term structure and the cone for SPXS, on today's chain.

Open SPXS in IV Intelligence

SPXS gamma exposure (GEX)

Gamma Exposure analysis for SPXS reflects leveraged inverse positioning. Call gamma dominates as traders use calls for bearish bets.

  • Typical GEX profile. SPXS typically shows positive gamma from call hedging. During crashes, gamma can accelerate moves.
  • Key levels. Strike clustering occurs at round numbers. Heavy call interest at strikes above current price.
  • Dealer hedging. Dealers hedging SPXS calls must short S&P futures, adding to selling pressure during corrections.

Where the gamma sits on SPXS right now, strike by strike.

See live SPXS GEX

Common SPXS options strategies

These are strategies commonly used by traders on SPXS options, based on typical market characteristics. This is not investment advice.

Long CallsSpeculative. Used for leveraged bearish S&P 500 bets. Cheaper than buying SPXS shares with defined risk. Debit SpreadsDirectional. Call debit spreads reduce cost of bearish bets while capping upside. Popular for defined-risk trades. Protective Puts on LongsHedging. Puts on SPXS can hedge short equity exposure or lock in gains on SPXS long positions. Put WritesIncome. Selling puts collects premium from those betting against market crashes. Calendar SpreadsVolatility. Used to capitalize on elevated near-term IV during market stress.

Every options strategy, ranked by what it is for

Key considerations for SPXS options

  • SPXS is a 3x leveraged inverse ETF - it's designed for short-term trading, not holding
  • Daily rebalancing causes significant decay over time in trending markets
  • During prolonged bull markets, SPXS can decline 80%+ and reverse split
  • Best used for short-term tactical trades or intraday hedging
  • Options premiums are high due to elevated IV from leverage
  • Volume and liquidity spike during market corrections

SPXS key events

  • Fed Interest Rate Decisions
  • Economic Data Releases (CPI, Jobs)
  • VIX Spikes
  • Market Selloffs

SPXS options data by API, or in Claude

Every number on this page is one request away. The implied volatility API returns SPXS's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.

GET /api/mcp/data/iv-rank/SPXSBearer token, JSON back
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     "https://apexvol.com/api/mcp/data/iv-rank/SPXS"
In Claudethrough the MCP server
You

What is SPXS's IV rank right now, and where is its gamma flip?

Claude calls get_iv_rank and get_gex

Try GEX on SPXS in the console, more prompts for SPXS, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.

Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →

Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.

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Questions

Frequently asked
about SPXS options.

How liquid are SPXS options?

SPXS options have good liquidity with average daily volume exceeding 100,000 contracts. Liquidity spikes significantly during market selloffs.

What is SPXS's typical implied volatility?

SPXS implied volatility typically ranges from 50% to 200%. As a 3x leveraged ETF, its IV runs approximately 3 times SPY implied volatility.

Why does SPXS decay over time?

SPXS rebalances daily to maintain 3x inverse exposure. This daily rebalancing causes decay in trending or choppy markets, making it unsuitable for long-term holding.

When should I use SPXS options?

SPXS options are best for short-term bearish bets or tactical hedges during expected market declines. Use for days to weeks, not months.

Are LEAPS available for SPXS?

Yes, SPXS LEAPS exist but are rarely used due to decay. Long-dated puts on SPY or short SPY calls are usually better for extended bearish positions.

What is the best time to trade SPXS options?

The most liquid trading hours for SPXS options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.

How do I calculate SPXS option Greeks?

Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for SPXS options across all strikes and expirations.

What happens to SPXS options at expiration?

In-the-money SPXS options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.

What is SPXS's gamma exposure (GEX)?

Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence SPXS's intraday price action. SPXS typically shows positive gamma from call hedging. During crashes, gamma can accelerate moves. Dealers hedging SPXS calls must short S&P futures, adding to selling pressure during corrections. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live SPXS GEX levels and the gamma-flip point on ApexVol.

What is SPXS's IV rank?

SPXS's IV rank shows where SPXS's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. SPXS implied volatility typically ranges from 50% - 200%. Check SPXS's live IV rank and percentile on ApexVol's IV analytics.

Keep reading

Where SPXS
gets priced.

SPXS analytics

SPXS Gamma ExposureReal-time GEX levels for inverse ETF SPXS IV AnalyticsIV rank, percentile, and volatility cone SPXS Options FlowTrack bearish positioning activity

Run it, do not just read it

Options profit calculatorPayoff, breakeven and Greeks. Greeks calculatorDelta, gamma, theta, vega. IV rank calculatorImplied volatility and IV rank. Options chainReal-time Greeks on a live chain. Greeks heatmapWhere the exposure actually sits. Volatility labIV analysis across the surface. Strategy simulatorTest the structure before you place it. IV intelligenceThe surface in three dimensions. Options screenerFind the setups worth a look. Historical dataPast snapshots, back to 2007. EarningsHistorical moves and the IV around them. 0DTE analyticsSame-day expiration, same-day risk.

Related tickers

SPXL optionsDirexion S&P 500 Bull 3X. Inverse counterpart. SPY optionsS&P 500 ETF. Underlying index ETF. SQQQ optionsProShares UltraPro Short QQQ. 3x inverse Nasdaq peer.

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