A $1.8M large options trade hit $SPY Nov 20 $730 puts on Monday, the kind of size that gets noticed on SPY's options tape. The contracts changed hands on the sell side, on a strike 4.6% below the stock.
What happened
The trade printed after the closing bell, around 4:05 p.m. ET on Monday, September 28, with $SPY trading near $765.46. 3,000 contracts went through at $5.99 apiece, or $599 per contract, for $1.8M in total premium.
It went through as one large print rather than being worked in small pieces.
There were already 37,629 contracts open at this strike, so the trade could be adding to a position or unwinding one. The next open-interest update will settle which.
Why it matters
Selling puts gets paid if $SPY holds up. The seller keeps the premium as long as the stock finishes above about $724.01 by Nov 20; below that, they are effectively signed up to own it at $730. That leans bullish to neutral on SPY.
Adjusted for delta, the position behaves like roughly 61,100 shares of SPY, or about $46.78M of stock exposure.
With 52 days until Nov 20, this is positioning for months, not a quick flip. Implied volatility was about 17%, a calm level, so the options were relatively cheap.
The numbers
| Contract | SPY Nov 20 $730 Put |
|---|---|
| Expiration | Nov 20, 2026 (52 days) |
| Execution | Large Options Trade |
| Side | Sell side (at or near the bid) |
| Contracts | 3,000 |
| Price | $5.99 ($599 per contract) |
| Total premium | $1.8M |
| Stock at the trade | $765.46 |
| Strike vs. stock | 4.6% out of the money |
| Breakeven at expiration | $724.01 |
| Delta | 0.20 |
| Implied volatility | 17% |
| Open interest before | 37,629 |
Three ways this could play out
Bullish continuation
If $SPY pushes through $803.73, the move works for this seller and the flow starts to look like early conviction rather than noise.
Bearish rejection
If $SPY slips under $727.19, the pressure lands on this seller, and $724.01 becomes the level that decides whether the trade is saved.
Neutral stabilization
If $SPY chops between $727.19 and $803.73 into Nov 20, time decay does the work. That quietly pays this seller.
What to watch next
- $724.01: breakeven for this trade at expiration.
- $730 strike: whether $SPY moves toward it or away from it.
- Open interest at the $730 put in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Nov 20 expiration. More size at nearby strikes would show this was not a one-off.
- November 20, 2026: expiration, 52 days out.
