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. An option buyer’s maximum loss is the premium paid, while a defined-risk spread sets a maximum loss in advance.

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