How DAX 0DTE Options for Eurex Dey Work

DAX daily options na Eurex contracts on Germany DAX index wey dey expire when one trading day close. Dem dey trade under product code ODAP since 13 November 2023. Dem settle for cash against DAX closing value by 17:30 CET, dem get European exercise, and one index point worth five euros. If you already dey trade US 0DTE, the concept still apply. But four mechanical details different: settlement print, currency, contract size, and time.

Wetin be DAX daily options (ODAP)?

Eurex, wey be Deutsche Börse derivatives arm, dey list two index products wey expire every trading day. Daily options on the DAX get product code ODAP, and trading start on 13 November 2023. Dem follow EURO STOXX 50 End-of-Day Index Options, code OEXP, wey start on 28 August 2023. Eurex dey put both under End-of-Day options. The name na the specification: contract dey finish when the session wey e name close. If 0DTE still new to you, wetin 0DTE options be explain the idea first.

The terms below come from Eurex contract pages:

• Underlying: DAX for ODAP, and EURO STOXX 50 for OEXP. Both na cash-settled index contracts, so German shares no dey change hand when expiry reach.
• Contract value: EUR 5 per index point for ODAP, and EUR 10 per point for OEXP.
• Exercise: European style. You fit exercise option only on the final settlement day, up to the end of post-trading period by 20:30 CET.
• Settlement: cash, payable on the first exchange day after the final settlement day.
• Expirations: every trading day, Monday to Friday. Eurex start the series with the next five trading days listed, plus month-end expiries for the next three months. The live ladder dey on the product pages.
• Trading hours: 09:00 to 17:30 CET.

How DAX daily options different from SPX 0DTE

Make we start with the things wey match. Both markets list cash-settled index options with European exercise, so short position no fit get early assignment for either market. American and European options separate the two styles. Now make we look the things wey no match.

The settlement print. ODAP settle against DAX closing value by 17:30 CET. The value come from the closing auction for index constituents on Xetra. Standard DAX option, ODAX, use another print entirely. Its final settlement price come from Xetra intraday auction wey start by 13:00 CET, for the middle of the session. Eurex design the daily series around the close instead. The US split dey follow another line. Monthly SPX contract settle against SET, wey dem build from Friday morning opening prints. SPXW series, wey carry daily expiries, settle against 4:00 p.m. ET close. AM and PM settled options explain the difference between the two prints, while the closing auction explain the mechanism wey ODAP settle against.

The contract size and the currency. SPX contract move 100 dollars per index point. ODAP move 5 euros per index point. Premium and margin dey denominated in euros, and settlement payment too. Currency conversion dey between the trade result and dollar account balance.

The clock. Continuous trading run from 09:00 to 17:30 CET. That na 03:00 to 11:30 a.m. ET for most of the year. Frankfurt-to-New York time difference normally na six hours. E reduce to five during the two short periods every year when US and EU clock changes no align. DAX daily option life finish before lunchtime for New York.

The trading day. German exchange holidays determine the days wey get expiry. Xetra fit trade on days wey NYSE close, and the reverse fit happen too. So the two daily-expiry calendars dey separate several times every year.

How many expirations dey trade at once?

Eurex daily ladder short by design. E get consecutive trading days plus small number of month-end contracts. The US board wey most readers know longer. Here na every SPY expiration listed for the next 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 get 13 separate expirations inside 30 days. The nearest one, Fri Jul 17, list 265 contracts and trade 2.25 million of dem during the session. The far end of the window, Fri Aug 14, list 193. If you read the chart from left to right, you go see plenty near-dated expiries, with one spike at the monthly anchor. Eurex copy the near-dated part of that pattern and stop there.

Which products dey list expiration every trading day?

Daily expiries dey for the biggest index products and small list of very active single names. Same July board, eight familiar tickers, counting the distinct expirations each one list 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 lead the group with 11 expirations across that period, compared with 3 for XLU. Eurex list shorter still. Two index products get daily expiry: ODAP on DAX and OEXP on EURO STOXX 50. Every other product for the exchange keep weekly or monthly calendar. Which stocks get daily options cover the US side of the list.

Wetin the front of expiry curve look like?

Same-day contract dey behave differently from monthly contract, and the board show am. These na near-the-money SPY contracts on 16 July 2026, grouped by days to expiry, with median implied volatility for each bucket. Implied volatility na the annualized move wey option price dey imply; implied volatility define am 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 for the same-day bucket print 24.3%, compared with 14.4% for the 22-45 day bucket. The ninetieth percentile of the front bucket reach 55.5%. These na US contracts on US index fund, so the levels belong to that board, no be Frankfurt. But the mechanic still carry over. When only few hours remain, small index move fit become large percentage move for at-the-money strike. The greeks of daily contract behave the same way on both exchanges. How option greeks change over time follow that decay hour by hour.

How much trading dey inside same-day expiries?

Eurex describe its daily series as response to demand for very short-dated expirations. The US board na where you fit measure that demand most easily. This show every SPY-board session for July 2026, with the share of contract volume wey expire 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 open with same-day contracts at 0% of SPY option volume and close at 0%, across 21 sessions. Eurex dey publish its daily-options volumes on the product pages, and those figures change from month to month. The lasting structure na this: expiry every trading day, settlement at the close, and denomination in euros.

Wetin US-based reader need

• Broker wey get Eurex access. European derivatives na separate entitlement for most US brokers, and plenty retail accounts no fit reach the venue at all.
• Euro funding. Premium, margin, settlement payment, and any conversion back to dollars all dey for the euro side.
• CET calendar and clock. The session start before US premarket and finish late morning ET. German holidays determine which days get expiry.
• Different tax and regulatory treatment from US-listed index options. You suppose discuss that matter with tax professional, no be blog post.

The Eurex series na also the second non-US answer to the same question. Daily options from Japan cover the other one, while when 0DTE options dey trade show US session clock for comparison.

FAQ

When Eurex launch DAX daily options?

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

DAX daily options na American or European style?

European. You fit exercise the option only on its final settlement day, up to the end of post-trading period by 20:30 CET, and e settle for cash. Nobody dey get German shares assigned.

How dem determine settlement price of DAX daily option?

Dem use DAX closing value by 17:30 CET, built from closing auction prices of index constituents on Xetra. Standard monthly DAX option (ODAX) use another print: Xetra intraday auction wey start by 13:00 CET.

US investor fit trade DAX daily options?

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

Wetin be the difference between ODAX and ODAP?

Both na DAX index options wey worth EUR 5 per index point. ODAX get monthly and weekly expiry calendar, and e settle from 13:00 CET intraday auction. ODAP expire at the end of the trading day wey you choose, and e settle against that day 17:30 CET close.

The contract terms above na quotes from Eurex own product pages, and every panel na stored query wey you fit open and rerun on Strasmore terminal.