A $11.25M floor trade hit $PDD Dec 18 $110 puts on Thursday, the kind of size that gets noticed on PDD's options tape. The buyer paid up to get filled, and the strike sits deep in the money, so the position tracks the stock almost dollar for dollar.
What happened
The trade printed in the final half hour, around 4:00 p.m. ET on Thursday, October 1, with $PDD trading near $76.54. 3,384 contracts went through at $33.25 apiece, or $3,325 per contract, for $11.25M in total premium.
It was executed as a floor trade, negotiated off the screen, which is how institutions usually move size without chasing the market.
Only 2,256 contracts were open at this strike beforehand, so at least part of this is a fresh position rather than an old one being closed.
Why it matters
Buying puts is either protection or a bet on a drop. The buyer needs $PDD under about $76.75 by Dec 18 to profit at expiration, 0.3% below where the stock traded. Size like this often hedges a large stock position, so it reads as caution more than a call for a collapse.
With 78 days until Dec 18, this is positioning for months, not a quick flip.
The numbers
| Contract | PDD Dec 18 $110 Put |
|---|---|
| Expiration | Dec 18, 2026 (78 days) |
| Execution | Floor Trade |
| Side | Buy side (at or near the ask) |
| Contracts | 3,384 |
| Price | $33.25 ($3,325 per contract) |
| Total premium | $11.25M |
| Stock at the trade | $76.54 |
| Strike vs. stock | 43.7% in the money |
| Breakeven at expiration | $76.75 |
| Open interest before | 2,256 |
Three ways this could play out
Bullish continuation
If $PDD pushes through $80.36, the pressure lands on this buyer, and $76.75 becomes the level that decides whether the trade is saved.
Bearish rejection
If $PDD slips under $72.71, the move works for this buyer and the flow starts to look like early conviction rather than noise.
Neutral stabilization
If $PDD chops between $72.71 and $80.36 into Dec 18, time decay does the work. That slowly bleeds this buyer, who loses a little value every day the stock goes nowhere.
What to watch next
- $76.75: breakeven for this trade at expiration.
- $110 strike: whether $PDD moves toward it or away from it.
- Open interest at the $110 put in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Dec 18 expiration. More size at nearby strikes would show this was not a one-off.
- December 18, 2026: expiration, 78 days out.
