0DTE Options Surge to Record 48% of Retail Volume, Over 30% of Total US Options
0DTE options now account for a record 48% of retail options volume, more than tripling in five years. In May they made up 30% of total US options volume, pushing the average option expiry to under three days.
Retail risk appetite has reached an all-time high, with zero-days-to-expiry (0DTE) options contracts now representing a record 48% of total retail options volume. That share has more than tripled over the past five years.
In May, 0DTE options made up a record 30% of total US options volume, up from 18% in 2022 and well above the five-year average of 21%. As a result, the average options contract now expires in under three days.
This data underscores an unprecedented retail demand for short-term options, reflecting a shift toward highly speculative, leveraged trading strategies.
Source: The Kobeissi Letter