Volland SPX dealer premium: $203.83B
TL;DR
Volland reports the S&P 500 options dealer premium at $203.83 billion as of February 27, 2026, indicating high hedging activity. Their proprietary method uses real-time trade data for more accurate dealer positioning insights than simpler metrics like GEX. This data helps traders assess market risks but should be combined with broader factors for decisions.
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Volland SPX dealer premium: $203.83B
Volland SPX Dealer Premium Reaches $203.83 Billion, Highlighting Market Hedging Activity
As of February 27, 2026, the S&P 500 (SPX) options dealer premium totaled $203.83 billion, according to data from Volland. This figure reflects the aggregate exposure of market makers and dealers to SPX options, derived through advanced methodologies that differentiate between buying and selling pressure.
Volland's approach to calculating dealer positioning relies on a proprietary methodology that processes real-time trade data, including bid/ask dynamics, execution prices, and fair-value adjustments. Unlike simpler metrics, such as Gamma-Exposure (GEX), which assumes all puts are bought and calls sold based on open interest, Volland's system accounts for nuanced scenarios like shallow-order-book adjustments and late-trade corrections. This reduces inaccuracies inherent in alternative methods, such as Dealer-Derived Open Interest (DDOI) or bid/ask-only trade categorization.
The $203.83 billion premium suggests elevated hedging activity among dealers, particularly in response to near-term volatility expectations. By analyzing first-, second-, and third-order Greeks (e.g., gamma, vanna, charm), Volland provides insights into dealer stress levels and potential market-moving hedging actions. For instance, high gamma exposure indicates dealers may need to dynamically hedge SPX index movements, while vanna and charm metrics highlight sensitivity to volatility shifts and time decay, respectively.
Critically, Volland's data storage of all executed trades—unlike competitors that aggregate trades into broad categories—enables more precise tracking of dealer positioning trends. This granularity allows traders to anticipate liquidity imbalances or directional biases, particularly in highly liquid products like SPX.
While the platform emphasizes its technical advantages, users should note that dealer positioning is not a predictive indicator but rather a snapshot of current risk profiles. Market participants are advised to contextualize Volland's data with broader macroeconomic and event-driven factors when making trading decisions.
Vol.land by Wizard of Ops: Vol.land by Wizard of Ops
What Makes Volland the Best Source for Option Dealer Positioning?: What Makes Volland the Best Source for Option Dealer Positioning? (Wizard of Ops)
