ETF · ETFs - Index
SPY Implied Volatility, IV Rank & Options Chain
SPDR S&P 500 ETF Trust (SPY) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for SPDR S&P 500 ETF Trust (SPY).
Visitors can open the Terminal on AAPL. SPY itself opens with the 7-day free trial, offered inside the Terminal.
ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
On this page
SPY options trade with implied volatility typically in the 10% - 40% range, averaging 10M+ contracts in daily volume with exceptional liquidity. Next earnings: N/A (ETF). Weekly options and LEAPS are available.
SPY live implied volatility
Refreshed every 15 minAs of 12:16 p.m. ET, Oct 27, 2026, SPY's 30-day implied volatility is 13.5%, placing its 1-year IV percentile at 43 — above 43% of the past year's daily IV readings, a middle range, neutral between selling and buying premium.
SPY live chain, Greeks and GEX
TerminalEvery figure above is reference data. The live SPY chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.
SPY options at a glance
- Daily volume
- 10M+ contracts
- IV range
- 10% - 40%
- Bid-ask spread
- $0.01 ATM
- Expirations
- Weekly, monthly, LEAPS
- Open interest
- 50M+ contracts
- Next earnings
- N/A (ETF)
About SPDR S&P 500 ETF Trust (SPY)
SPY is the original and largest S&P 500 ETF, tracking the performance of 500 large-cap U.S. companies. As the most liquid ETF in the world, SPY serves as the benchmark for U.S. equity market exposure and is the cornerstone of options trading strategies for both retail and institutional investors.
Company profile
- Sector
- ETF
- Industry
- Index Fund
- Market cap
- $500B+ AUM
- Exchange
- NYSE Arca
Key dates
- Next earnings
- N/A (ETF)
- Earnings frequency
- N/A
- Dividend schedule
- Quarterly (Mar, Jun, Sep, Dec)
- Fiscal year end
- N/A
SPY is the world's most traded security by dollar volume. Its options market is the deepest and most liquid in existence, serving as the primary vehicle for index exposure, hedging, and volatility trading.
ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
SPY options market overview
SPY options are the most liquid options market in the world. The combination of tight spreads, massive volume, and extensive expiration choices makes SPY the benchmark for options trading.
- Average daily volume
- 10M+ contracts
- Total open interest
- 50M+ contracts
- Put/call ratio
- 1.0 - 1.5 typical
- Typical ATM spread
- $0.01 ATM
- Weekly options
- Available
- LEAPS available
- Yes
Liquidity assessment: Exceptional
SPY options are the most liquid in existence. Penny-wide spreads are standard, and multi-million dollar orders execute with minimal market impact. Options expire Monday, Wednesday, and Friday each week.
SPY implied volatility and IV rank
SPY implied volatility tracks the VIX (CBOE Volatility Index) closely. As a diversified index, SPY IV is typically lower than individual stocks and serves as the baseline for equity volatility.
Earnings impact
N/A - SPY has no earnings. However, IV rises during market uncertainty, FOMC meetings, and macro events. IV tends to spike during market selloffs and compress during rallies.
The post-earnings volatility drop is known as IV crush. Holders of short SPY options should also understand early assignment risk around dividends and expiration.
Historical volatility vs IV
SPY IV typically trades at a premium to historical volatility, reflecting the risk premium investors pay for portfolio protection.
Term structure
Usually upward sloping (contango). Inverts during market stress as near-term protection becomes more valuable.
The smile, the term structure and the cone for SPY, on today's chain.
Open SPY in IV IntelligenceSPY gamma exposure (GEX)
Gamma Exposure (GEX) analysis for SPY is critical for understanding market-wide dealer positioning and potential support/resistance levels.
- Typical GEX profile. SPY typically operates in a positive gamma environment during calm markets. The massive options market means dealer hedging significantly influences S&P 500 price dynamics.
- Key levels. Major strikes form at every $5 increment. Round numbers ($500, $550, $600) typically have the highest open interest and gamma concentration.
- Dealer hedging. SPY dealer hedging is a primary driver of intraday and daily price behavior. The gamma flip level is closely watched as a regime change indicator.
Where the gamma sits on SPY right now, strike by strike.
See live SPY GEXCommon SPY options strategies
These are strategies commonly used by traders on SPY options, based on typical market characteristics. This is not investment advice.
Key considerations for SPY options
- SPY tracks the S&P 500 index - understanding index composition is essential
- Options expire Monday, Wednesday, and Friday each week - providing maximum flexibility
- The VIX index directly measures SPY 30-day implied volatility
- FOMC meetings, economic data releases, and geopolitical events drive volatility
- Dividend ex-dates (quarterly) affect options pricing and create early assignment risk
- SPY options are cash-settled for index options strategies but physically settled for ETF options
SPY key events
Earnings months. N/A
- FOMC Meetings (8 per year)
- Employment Reports (Monthly)
- CPI/Inflation Data (Monthly)
- Quarterly Dividend Ex-Dates
- Quarterly Rebalancing
SPY options data by API, or in Claude
Every number on this page is one request away. The implied volatility API returns SPY'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.
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
"https://apexvol.com/api/mcp/data/iv-rank/SPY"What is SPY's IV rank right now, and where is its gamma flip?
Claude calls get_iv_rank and get_gexTry GEX on SPY in the console, more prompts for SPY, 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.
No account needed. Unsubscribe any time.
Questions
Frequently asked
about SPY options.
How liquid are SPY options?
SPY options are the most liquid in the world, with average daily volume exceeding 10 million contracts. At-the-money options have $0.01 spreads, and open interest exceeds 50 million contracts.
What is SPY's typical implied volatility?
SPY implied volatility typically ranges from 10% to 40%, tracking the VIX closely. Normal conditions see IV between 14-22%. IV below 14% is considered very low, while readings above 22% indicate elevated market fear.
How often do SPY options expire?
SPY options expire Monday, Wednesday, and Friday each week, plus standard monthly expirations and LEAPS. This is the most extensive expiration schedule of any security.
What is the relationship between SPY and VIX?
The VIX measures 30-day implied volatility of SPY options. VIX rises when SPY falls (negative correlation) and tends to spike during market selloffs. VIX is often called the 'fear index.'
What moves SPY options volatility?
FOMC meetings, employment reports, CPI data, and geopolitical events drive SPY volatility. Unlike individual stocks, SPY has no earnings - macro factors and market sentiment are the primary drivers.
Does SPY pay dividends?
Yes, SPY pays quarterly dividends (Mar, Jun, Sep, Dec). Ex-dividend dates create early assignment risk for in-the-money call options and affect options pricing.
What is SPY gamma exposure (GEX)?
SPY GEX measures dealer hedging activity across all strikes. Due to SPY's massive options volume, dealer hedging significantly influences daily price behavior. Positive GEX tends to dampen volatility.
Are LEAPS available for SPY?
Yes, SPY LEAPS are available with expirations extending 2+ years into the future. They offer long-term S&P 500 exposure with excellent liquidity.
What is SPY's IV rank?
SPY's IV rank shows where SPY'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. SPY implied volatility typically ranges from 10% - 40%. Check SPY's live IV rank and percentile on ApexVol's IV analytics.
Keep reading
Where SPY
gets priced.
SPY analytics
Run it, do not just read it
Related tickers
Reference data reads well.
Live data trades better.
Everything on this page is the shape of SPY options. The Terminal shows you today's chain, its Greeks, the gamma profile and the flow tape as they move. Try the Terminal on AAPL without an account.
Real market data, not a sandbox. See it live on AAPL.