Options market report: December 2025

Median 30-day implied volatility across the 160 most-traded options names went from 45.6% at the start of December 2025 to 37.4% at the close (−8.2 pts), with 33% of names re-pricing higher. The middle half of the market sits between 27% and 56%. The biggest riser was LUNR (62% → 119%); the biggest faller GTLB (80% → 46%).

Implied volatility, month end

Median IV30, start: 45.6%
Median IV30, end: 37.4%
25th–75th pct: 27% – 56%
Names rising: 33%

Biggest IV risers

Ticker	IV30 start	IV30 end	Change
LUNR	62%	119%	+56.8 pts
SLV	50%	66%	+16.1 pts
SBUX	25%	39%	+14.3 pts
NFLX	28%	42%	+13.1 pts
UPS	25%	37%	+11.4 pts

Biggest IV fallers

Ticker	IV30 start	IV30 end	Change
GTLB	80%	46%	−34.0 pts
MDB	69%	37%	−32.7 pts
OKTA	58%	29%	−28.5 pts
LULU	66%	37%	−28.3 pts
UVXY	98%	70%	−28.3 pts

Richest and cheapest options, and the IV premium leaders

Highest IV30

LUNR119%
ONDS109%
APLD109%
SNDK94%
ASTS93%

Lowest IV30

TLT10%
DIA12%
SPY13%
KO14%
XLF14%

IV30 − HV30

AMC+34.3 pts
LCID+21.1 pts
SOUN+20.7 pts
ELF+20.2 pts
SMCI+18.1 pts

Method

IV30 is the at-the-money implied volatility of the expiration nearest 30 days (call and put averaged), solved from closing option prices and stored once per session for every ticker in the universe since July 2025. HV30 is 30-trading-day close-to-close realized volatility. Month start and end are each ticker's first and last stored session in the month. Dealer gamma sessions come from the nightly capture of the full SPY and QQQ chains. Names with fewer than 30 stored tickers in a month produce no IV section.

Cite this report

OptionScout, “Options market report: December 2025”, https://optionscout.ai/reports/options-market/2025-12. Data is free to quote with a link; the per-ticker pages behind every number are at /implied-volatility and /gamma-exposure.

Not advice.