DAX Daily Options: How Eurex 0DTE Works

DAX daily options are Eurex contracts on Germany's DAX index that expire at the close of a single trading day, listed under the product code ODAP since 13 November 2023. They settle in cash against the DAX closing value at 17:30 CET, they carry European exercise, and one index point is worth five euros. For a reader who already trades US 0DTE, the concept carries over and four mechanical details do not: the settlement print, the currency, the contract size, and the clock.

What are DAX daily options (ODAP)?

Eurex, the derivatives arm of Deutsche Börse, lists two index products with an expiry on every trading day. Daily options on the DAX carry the product code ODAP and started trading on 13 November 2023. They followed EURO STOXX 50 End-of-Day Index Options, code OEXP, which began on 28 August 2023. Eurex files both under the label End-of-Day options, and the label is the specification: the contract dies at the end of the session it names. If the term 0DTE is new, what 0DTE options are covers the idea first.

The terms below come from the Eurex contract pages:

• Underlying: the DAX for ODAP, the EURO STOXX 50 for OEXP. Both are cash-settled index contracts, so no German shares change hands at expiry.
• Contract value: EUR 5 per index point for ODAP, EUR 10 per point for OEXP.
• Exercise: European style. An option is exercisable only on its final settlement day, up to the end of the post-trading period at 20:30 CET.
• Settlement: cash, payable on the first exchange day following the final settlement day.
• Expirations: every trading day, Monday through Friday. Eurex opened the series with the next five trading days listed plus month-end expiries for the next three months, and the live ladder sits on the product pages.
• Trading hours: 09:00 to 17:30 CET.

How DAX daily options differ from SPX 0DTE

Start with what matches. Both markets list cash-settled index options with European exercise, so a short position cannot be assigned early in either place. American vs European options separates the two styles. Now the parts that do not match.

The settlement print. ODAP settles against the DAX closing value at 17:30 CET, taken from the closing auction in the index constituents on Xetra. The standard DAX option, ODAX, uses a different print entirely: its final settlement price comes from the Xetra intraday auction that starts at 13:00 CET, in the middle of the session. Eurex built the daily series around the close instead. The US split runs along a different seam. The monthly SPX contract settles against SET, a value assembled from Friday morning opening prints, while the SPXW series that carries the daily expiries settles against the 4:00 p.m. ET close. AM and PM settled options walks through the difference between those two prints, and the closing auction explains the mechanism ODAP settles against.

The contract size and the currency. An SPX contract moves 100 dollars per index point. ODAP moves 5 euros per index point. Premium and margin are euro-denominated, as is the settlement payment. A currency conversion sits between the trade result and a dollar account balance.

The clock. Continuous trading runs 09:00 to 17:30 CET, which is 03:00 to 11:30 a.m. ET for most of the year. The Frankfurt-to-New York offset is usually six hours, and it narrows to five for the two short stretches each year when the US and EU clock changes fall out of step. A DAX daily option finishes its life before lunchtime in New York.

The trading day. German exchange holidays define which days carry an expiry. Xetra trades on days the NYSE is shut, and the reverse happens too, so the two daily-expiry calendars drift apart several times a year.

How many expirations trade at once?

The Eurex daily ladder is deliberately short: a run of consecutive trading days plus a few month-end contracts. The US board most readers picture is longer. Here is every SPY expiration listed over the following 30 days, as of Thursday 16 July 2026.

SELECT expiration_date,
       formatDateTime(expiration_date, '%a %b %e') AS expiry_label,
       count() AS contracts_listed,
       round(sum(volume) / 1e6, 2) AS traded_millions
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
  AND date = toDate('2026-07-16')
  AND expiration_date >= toDate('2026-07-16')
  AND expiration_date <= toDate('2026-08-14')
GROUP BY expiration_date
ORDER BY expiration_date

That board carried 13 separate expirations inside 30 days. The nearest one, Fri Jul 17, listed 265 contracts and traded 2.25 million of them in the session. The far end of the window, Fri Aug 14, listed 193. Read the chart left to right and the shape is a dense run of near-dated expiries with a spike at the monthly anchor. Eurex reproduced the near-dated part of that shape and stopped there.

Which products list an expiration every trading day?

Daily expiries live on the largest index products and on a short list of very active single names. Same July board, eight familiar tickers, counting the distinct expirations each one listed for the rest of the month.

SELECT underlying_symbol,
       uniqExact(expiration_date) AS expirations_listed,
       round(sum(volume) / 1e6, 2) AS traded_millions
FROM global_markets.options_greeks
WHERE date = toDate('2026-07-16')
  AND underlying_symbol IN ('SPY', 'QQQ', 'IWM', 'AAPL', 'NVDA', 'MSFT', 'KO', 'XLU')
  AND expiration_date >= toDate('2026-07-16')
  AND expiration_date <= toDate('2026-07-31')
GROUP BY underlying_symbol
ORDER BY expirations_listed DESC, traded_millions DESC

SPY led the group with 11 expirations across that stretch, against 3 for XLU. Eurex's list is shorter still. Two index products carry a daily expiry, ODAP on the DAX and OEXP on the EURO STOXX 50, and everything else on the exchange keeps a weekly or monthly calendar. Which stocks have daily options covers the US side of that list.

What does the front of the expiry curve look like?

A same-day contract behaves differently from a monthly one, and the board shows it. These are near-the-money SPY contracts on 16 July 2026, grouped by days to expiry, with the median implied volatility of each bucket. Implied volatility is the annualized move an option's price implies; implied volatility defines it properly.

SELECT multiIf(days_to_expiry = 0, '0 (same day)',
               days_to_expiry <= 2, '1-2',
               days_to_expiry <= 5, '3-5',
               days_to_expiry <= 10, '6-10',
               days_to_expiry <= 21, '11-21',
               '22-45') AS dte_bucket,
       count() AS contracts,
       round(quantileDeterministic(0.5)(toFloat64(implied_volatility) * 100, cityHash64(ticker)), 1) AS median_iv_pct,
       round(quantileDeterministic(0.9)(toFloat64(implied_volatility) * 100, cityHash64(ticker)), 1) AS p90_iv_pct
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
  AND date = toDate('2026-07-16')
  AND iv_converged = 1
  AND volume > 0
  AND days_to_expiry <= 45
  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05
GROUP BY dte_bucket
ORDER BY min(days_to_expiry)

Median implied volatility in the same-day bucket printed 24.3% against 14.4% in the 22-45 day bucket, and the ninetieth percentile of the front bucket reached 55.5%. Those are US contracts on a US index fund, so the levels belong to that board and not to Frankfurt. The mechanic travels, though. With hours of life left, a small index move is a large percentage move for an at-the-money strike, and the greeks of a daily contract behave the same way on either exchange. How option greeks change over time traces that decay hour by hour.

How much trading sits in same-day expiries?

Eurex describes its daily series as an answer to demand for very short-dated expirations, and the US board is where that demand is easiest to measure. Every session of July 2026 on the SPY board, with the share of contract volume in contracts expiring that same day.

SELECT date,
       round(sum(volume) / 1e6, 2) AS total_volume_millions,
       round(sumIf(volume, days_to_expiry = 0) / 1e6, 2) AS same_day_volume_millions,
       round(100 * sumIf(volume, days_to_expiry = 0) / sum(volume), 1) AS same_day_share_pct
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
  AND date >= toDate('2026-07-01')
  AND date <= toDate('2026-07-31')
  AND volume > 0
GROUP BY date
HAVING sum(volume) > 0
ORDER BY date

The month opened with same-day contracts at 0% of SPY option volume and closed at 0%, across 21 sessions. Eurex publishes its own daily-options volumes on the product pages and those figures move month to month, so the durable part is the structure: an expiry every trading day, settled at the close, denominated in euros.

What a US-based reader needs

• A broker with Eurex access. European derivatives are a separate entitlement at most US brokers, and plenty of retail accounts cannot reach the venue at all.
• Euro funding. Premium, margin, the settlement payment, and any conversion back to dollars all sit on the euro side.
• The CET calendar and clock. The session runs from before the US premarket to late morning ET, and German holidays govern which days list an expiry.
• Different tax and regulatory treatment from US-listed index options. That question belongs with a tax professional rather than a blog post.

The Eurex series is also the second non-US answer to the same question. Daily options from Japan covers the other one, and when 0DTE options trade lays out the US session clock for comparison.

FAQ

When did Eurex launch DAX daily options?

Trading in DAX End-of-Day Options (ODAP) started on 13 November 2023. The EURO STOXX 50 version (OEXP) came first, on 28 August 2023.

Are DAX daily options American or European style?

European. The option is exercisable only on its final settlement day, up to the end of the post-trading period at 20:30 CET, and it settles in cash. No one is assigned German shares.

How is the settlement price of a DAX daily option determined?

From the DAX closing value at 17:30 CET, built off the closing auction prices of the index constituents on Xetra. The standard monthly DAX option (ODAX) uses a different print, the Xetra intraday auction that starts at 13:00 CET.

Can a US investor trade DAX daily options?

Only through a broker that offers Eurex access, with a euro-funded account. Continuous trading runs 09:00 to 17:30 CET, roughly 03:00 to 11:30 a.m. ET depending on the season.

What is the difference between ODAX and ODAP?

Both are DAX index options worth EUR 5 per index point. ODAX runs a monthly and weekly expiry calendar and settles from the 13:00 CET intraday auction. ODAP expires at the end of a chosen trading day and settles against that day's 17:30 CET close.

The contract terms above are quoted from Eurex's own product pages, and every panel is a stored query you can open and rerun on the Strasmore terminal.