92% of S&P 500 0DTE Trading Uses Capped-Risk Structures

A comparison of Bitcoin (BTC) perpetual futures with same-day S&P 500 options highlights a key difference for leveraged traders: about 92% of expiration-day SPX trading uses capped-risk structures. “0DTE” means an option traded on its expiration day. The 92% figure applies to S&P 500 Index (SPX) options; it does not measure Bitcoin options or the broader options market. Most SPX 0DTE option-selling activity takes place in defined-risk spreads. Perpetual futures have a linear payoff: their value moves with the underlying price, so leverage magnifies gains and losses as that price changes. Options have convex payoffs.

Source: TokenPost