{"slug":"liquid-vs-volatile-options","qid":"premium_gap","label":"One near-money call each, premium as a share of the stock (Jul 6 2026)","post_title":"Why Some Options Cost So Much More","post_url":"/blog/liquid-vs-volatile-options#q-premium_gap","columns":["instrument","spot","call_premium","premium_pct_of_spot"],"rows":[{"instrument":"SPY","spot":751,"call_premium":7.35,"premium_pct_of_spot":0.98},{"instrument":"TSLA","spot":417,"call_premium":16,"premium_pct_of_spot":3.84}],"shape":"ranking","sql":"SELECT underlying_symbol AS instrument,\n       round(avg(underlying_close), 0) AS spot,\n       round(avg(option_close), 2) AS call_premium,\n       round(avg(option_close) / avg(underlying_close) * 100, 2) AS premium_pct_of_spot\nFROM global_markets.options_greeks\nWHERE date = '2026-07-06'\n  AND implied_volatility > 0.02\n  AND ticker IN ('O:SPY260717C00750000', 'O:TSLA260717C00415000')\nGROUP BY instrument\nORDER BY premium_pct_of_spot","computed_at":"2026-08-14T14:36:01.705358+00:00","elapsed":0.001814149}