GLXY Put Spread: The $1 Debit and $1 Strike Width Explained

What do the GLXY legs actually show?

The September 30, 2026 record lists 6,058 October 2 $27.50 puts classified as bought at $4.60, paired with 6,058 October 2 $26.50 puts classified as sold at $3.60. GLXY’s recorded stock reference was $22.90. Equal quantities, opposite sides, one expiration and two strikes fit the mechanics of a matched put vertical.

Buying the higher-strike put while selling the lower-strike put creates a bear put spread if the legs represent an opening position. Calling that combination bullish reverses the payoff relationship. The account could nevertheless have other holdings, or these trades could close an earlier position; the print does not provide that account history.

Why does the $1 spread width matter?

The strike width is $27.50 minus $26.50, or $1 per share. The listed net debit is $4.60 minus $3.60, also $1 per share. With standard 100-share contracts, that is $100 per spread and $605,800 across 6,058 matched spreads. The approximately $4.97 million gross premium counts both option legs and is not the amount at risk in the matched opening position.

At or below $26.50 at expiration, the long put’s value exceeds the short put’s value by the $1 strike width. Subtracting the listed $1 debit leaves zero modeled profit before fees. At or above $27.50, both puts expire without intrinsic value and the opening debit would be lost. Between the strikes, the spread’s expiration value lies between zero and $1.

What should be checked before interpreting this as a new trade?

These rounded prices leave no positive expiration profit for a new, standalone standard-contract spread before costs. That is a reason to check the original record, not to advertise an attractive reward-to-risk setup. Unrounded fills, contract deliverables and whether the event was a closing or adjustment transaction all need confirmation.

The theoretical maximum loss for a matched opening debit spread is its net debit before fees and exercise-related complications. A sold option inside that matched structure does not automatically create unlimited risk. Assignment and managing an exercised leg can still create practical obligations that a simple payoff table omits.

How should this archived case be used?

This case is useful for distinguishing gross leg turnover from the cost and payoff of a combination. It is not a current GLXY trade suggestion, and the October 2 expiration has passed. The displayed inputs are retained so readers can reproduce the calculation instead of relying on a sentiment label.

The Options Industry Council’s bear put spread description supplies the general payoff convention. Our contribution here is applying that convention to the archived GLXY quantities and prices, while making the data conflict visible.

Archived leg entries

• GLXY Oct 2 $27.50 Put: 6,058 contracts at $4.60 (bought)
• GLXY Oct 2 $26.50 Put: 6,058 contracts at $3.60 (sold)

Source figures retained for this calculation

Current market context

This live panel is separate from the archived figures used above.