0DTE Options Statistics: Volume and Market Share
How big is 0DTE? In full-year 2025, same-day-expiry S&P 500 (SPX) options averaged roughly 2.3 million contracts a day — about 59% of all SPX options volume (Cboe, year-end 2025). Across the entire U.S. listed options market, 0DTE was 24.1% of volume in 2025, up from 21.5% in 2024 (Cboe). Every figure below is dated and attributed. Education and research only — not financial advice.
0DTE ("zero days to expiration") options are contracts expiring the same trading day, and their share of the market has roughly doubled since 2022. The headline numbers: SPX 0DTE averaged about 2.3 million contracts per day and ~59% of total SPX options volume in full-year 2025, peaking at a record ~62.4% of SPX volume in August 2025 (Cboe). Market-wide, 0DTE was 24.1% of all U.S. listed options volume in 2025 (Cboe). Below is the sourced data, followed by why you will see two very different "0DTE share" numbers depending on what is being measured.
The 0DTE numbers, sourced and dated
Every row names its primary source. Where a figure is a reported or roundtable estimate rather than a settled full-year tally, it is labeled as such.
| Metric | Figure | Source |
|---|---|---|
| SPX 0DTE average daily volume, full-year 2025 | ~2.3 million contracts/day | Cboe, year-end 2025 |
| 0DTE share of total SPX options volume, full-year 2025 | ~59% | Cboe, 2025 |
| Peak 0DTE share of SPX volume (August 2025) | Record ~62.4% (~2.4M contracts/day) | Cboe |
| 0DTE share of ALL U.S. listed options volume, 2025 | 24.1% (up from 21.5% in 2024; ~double the 2022 share) | Cboe |
| 0DTE share of all options transactions, each month of 2025 | ~30% (reported) | SEC roundtable |
Why you will see two different "0DTE share" numbers
The single most common source of confusion in 0DTE statistics is that the widely-quoted ~59% and the ~24-30% figures are measuring different things. They are not in conflict — they use different denominators.
- ~59% is SPX-only. The Cboe ~59% figure is 0DTE's share within S&P 500 index options specifically (Cboe, 2025). SPX lists an expiration every trading day, and same-day traders concentrate there, so the share is very high inside that one product.
- 24.1% is the whole U.S. options market. Cboe's 24.1% figure for 2025 is 0DTE's share of all U.S. listed options volume — a denominator that includes thousands of single-stock and ETF names, most of which do not have daily expirations. Spread across the entire market, the share is naturally much lower than inside SPX alone.
- ~30% is a differently-measured, market-wide figure. The ~30% cited at an SEC roundtable is 0DTE's reported share of all options transactions each month of 2025 (SEC roundtable). Because it counts transactions per month rather than full-year contract volume — and can define "0DTE" slightly differently — it lands above Cboe's 24.1% annual volume share. Treat it as a reported estimate that is directionally consistent with, not identical to, the Cboe number.
The one-line takeaway: "59%" describes how dominant 0DTE is inside SPX; "24.1%" (Cboe) and "~30%" (SEC roundtable) describe 0DTE across the entire options market. Quoting the 59% as if it were the whole market is the most frequent mistake in 0DTE commentary.
The trend: 0DTE's share keeps climbing
The market-wide series is the clearest way to see the growth. 0DTE was 24.1% of all U.S. listed options volume in 2025, up from 21.5% in 2024 — and roughly double its 2022 share (Cboe). Inside SPX, the concentration is even more pronounced, and it reached a record in the middle of 2025: ~62.4% of SPX volume in August 2025, on about 2.4 million 0DTE contracts a day (Cboe). In other words, in a peak month, nearly two of every three SPX options traded were same-day-expiry.
How to read these numbers
Volume is not performance. These statistics measure how much 0DTE trades, not whether traders make money doing it. High and rising volume tells you 0DTE is popular and liquid; it says nothing about outcomes. A bought out-of-the-money 0DTE contract only has time value, and on expiration day theta drains that value to zero by the close — so far-OTM same-day buys frequently expire worthless. Popularity and profitability are different questions, and trading is high-risk; most retail options buyers lose money over time.
A few honest caveats when citing this data: (1) "0DTE" can be defined narrowly (only contracts expiring today) or more broadly, and different sources draw the line differently — which is part of why the SEC roundtable's ~30% and Cboe's 24.1% diverge. (2) SPX-share figures reflect one product with daily expirations and should never be generalized to "the options market." (3) Averages hide day-to-day swings; the record ~62.4% was a single month, not the full-year norm of ~59% (Cboe). Always carry the denominator and the date with the number.
We hold ourselves to the same evidence standard. ClaudeQuantAlgo publishes a hypothetical backtest in which its own raw scanner loses — 161 simulated trades, a 46.6% win rate and a 0.82 profit factor, clearly labeled hypothetical — on our public record, and every live model card lands on a timestamped scoreboard where losing trades stay posted. If a source will not show you its losers, be skeptical of its stats. See the methodology on the signals page, or watch the floor for free.
Sources & method
All market-share and volume figures on this page are attributed to Cboe year-end and monthly 2025 reporting, except the ~30% monthly-transactions figure, which is a reported estimate cited at an SEC roundtable. We use only the figures listed in the table above and do not adjust, average, or extrapolate them. "~" denotes an approximate or rounded figure as reported by the source. Where two sources measure the same concept with different denominators (SPX-only vs. all listed options; annual volume vs. monthly transactions), we present both and explain the difference rather than picking one. This page is updated when primary sources publish new full-period data; it is educational and does not constitute investment advice.
Common questions
0dte options statistics
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Last updated 2026-07-15 · ClaudeQuantAlgo Research Desk · research and education only.
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