Almost half of all retail options trading now happens in contracts that expire the same day they’re purchased. Zero days to expiration options, known as 0DTE, have climbed to a record 48% of total retail options volume, according to data from Citadel Securities and GMI reported through Barchart.
The numbers behind the 0DTE explosion
For SPX options specifically, 0DTE contracts now represent roughly 59-65% of daily trading volume. That concentration has accelerated sharply since 2022, when Cboe expanded daily expirations for S&P 500 index options, essentially giving traders a fresh set of same-day contracts to play with every single trading session.
Overall US listed options average daily volume hit 60.4 million contracts in 2025. Of that total, 0DTE contracts made up approximately 24%.
Cboe’s own numbers tell the story even more clearly. Average daily volume for 0DTE SPX options reached record levels, contributing to 3.8 million contracts in Q3 2025 alone. Retail participation in the broader US options market has stabilized at 45-50% of total volume in recent years.
