{"slug":"spx-vs-spy-options","qid":"contract_notional","label":"What one contract controls: SPX, SPY and XSP","post_title":"SPX vs SPY Options: Which One to Trade","post_url":"/blog/spx-vs-spy-options#q-contract_notional","columns":["ticker","priced_on","quoted_level","contract_notional_usd"],"rows":[{"ticker":"SPX","priced_on":"Aug 21, 2026","quoted_level":"7659","contract_notional_usd":765912},{"ticker":"SPY","priced_on":"Aug 21, 2026","quoted_level":"766","contract_notional_usd":76591},{"ticker":"XSP","priced_on":"Aug 21, 2026","quoted_level":"766","contract_notional_usd":76591}],"shape":"ranking","sql":"WITH latest AS\n(\n    SELECT\n        argMax(toFloat64(close), date) AS spy_close,\n        max(date)                      AS pricing_date\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'SPY'\n      AND date >= today() - 45\n)\nSELECT\n    ticker,\n    formatDateTime(pricing_date, '%b %e, %Y')                    AS priced_on,\n    toString(toUInt32(round(spy_close * spy_multiple)))          AS quoted_level,\n    toUInt32(round(spy_close * spy_multiple * 100))              AS contract_notional_usd\nFROM latest\nARRAY JOIN\n    ['SPX', 'SPY', 'XSP'] AS ticker,\n    [10.0, 1.0, 1.0]      AS spy_multiple\nORDER BY ticker","computed_at":"2026-08-22T04:22:04.437821+00:00","elapsed":0.019880266}