(SPY)
SPY Delta Exposure By Expiry
The total Delta Exposure (DEX) for SPY across all expirations shows 667,896,203.87 net shares that market makers must hedge, with 1,248,300,441.53 from calls and 580,404,237.66 from puts. The put-call delta ratio of 0.46 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Sep 19, 25 with 155,864,599.63 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 18, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
SPY DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 18, 25 | 16,936,516.12 | -4,909,726.44 | 12,026,789.68 | 0.29 |
| Aug 19, 25 | 5,909,491.41 | -2,880,944.35 | 3,028,547.06 | 0.49 |
| Aug 20, 25 | 5,337,764.72 | -4,522,691.38 | 815,073.34 | 0.85 |
| Aug 21, 25 | 2,710,670.4 | -1,489,861.81 | 1,220,808.59 | 0.55 |
| Aug 22, 25 | 34,325,968.3 | -17,479,978.58 | 16,845,989.72 | 0.51 |
| Aug 25, 25 | 1,766,151.03 | -1,801,276.82 | -35,125.79 | 1.02 |
| Aug 26, 25 | 747,997.89 | -1,341,276.27 | -593,278.38 | 1.79 |
| Aug 27, 25 | 284,628.57 | -227,479.42 | 57,149.15 | 0.80 |
| Aug 28, 25 | 0 | 0 | 0 | n/a |
| Aug 29, 25 | 125,106,792.02 | -31,336,679.47 | 93,770,112.55 | 0.25 |
| Sep 5, 25 | 17,079,555.05 | -13,993,172.42 | 3,086,382.63 | 0.82 |
| Sep 12, 25 | 10,575,773.38 | -8,381,046.86 | 2,194,726.52 | 0.79 |
| Sep 19, 25 | 276,008,140.36 | -120,143,540.73 | 155,864,599.63 | 0.44 |
| Sep 26, 25 | 1,661,457.26 | -1,512,782.77 | 148,674.49 | 0.91 |
| Sep 30, 25 | 68,464,023.76 | -29,916,773.94 | 38,547,249.82 | 0.44 |
| Oct 17, 25 | 47,053,295.61 | -58,403,083.18 | -11,349,787.57 | 1.24 |
| Oct 31, 25 | 32,030,366.51 | -21,422,906.59 | 10,607,459.92 | 0.67 |
| Nov 21, 25 | 15,262,075.4 | -14,780,309.1 | 481,766.3 | 0.97 |
| Nov 28, 25 | 6,294,585.43 | -4,586,887.11 | 1,707,698.32 | 0.73 |
| Dec 19, 25 | 146,278,047.7 | -48,305,335.01 | 97,972,712.69 | 0.33 |