Notable Wednesday Option Activity: WLY, CVNA, PYPL

Carvana (CVNA) and PayPal (PYPL) are exhibiting notably high options trading volume today, with CVNA's options volume reaching 163% of its average daily share trading and PYPL's at 150.8%. Specific activity highlights include significant volume in CVNA's $300 put option expiring October 2025 and PYPL's $75 call option expiring October 2025.

Analysis

Carvana Co (Symbol: CVNA) options are showing a volume of 44,349 contracts thus far today. That number of contracts represents approximately 4.4 million underlying shares, working out to a sizeable 163% of CVNA's average daily trading volume over the past month, of 2.7 million shares. Especially high volume was seen for the $300 strike put option expiring October 31, 2025, with 8,017 contracts trading so far today, representing approximately 801,700 underlying shares of CVNA. Below is a chart showing CVNA's trailing twelve month trading history, with the $300 strike highlighted in orange: And PayPal Holdings Inc (Symbol: PYPL) options are showing a volume of 224,893 contracts thus far today. That number of contracts represents approximately 22.5 million underlying shares, working out to a sizeable 150.8% of PYPL's average daily trading volume over the past month, of 14.9 million shares. Especially high volume was seen for the $75 strike call option expiring October 17, 2025, with 12,247 contracts trading so far today, representing approximately 1.2 million underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $75 strike highlighted in orange: For the various different available expirations for WLY options, CVNA options, or PYPL options, visit StockOptionsChannel.com. Today's Most Active Call & Put Options of the S&P 500 » Also see: LQDT shares outstanding history JGRO Videos URI Historical Stock Prices The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Carvana (CVNA) and PayPal (PYPL) are exhibiting significantly elevated options trading volume today, with CVNA's volume reaching 163% of its average daily share volume and PYPL's at 150.8%. This substantial increase well above typical levels suggests heightened speculative interest or hedging activity in both equities. Specifically, CVNA saw immense activity in the $300 strike put option expiring October 2025, with 8,017 contracts representing 801,700 underlying shares. For PYPL, the $75 strike call option expiring October 2025 garnered 12,247 contracts, translating to 1.2 million underlying shares. These concentrated, longer-dated positions indicate strong directional conviction or strategic risk management. While the overall market sentiment remains neutral, this pronounced options flow highlights specific investor positioning within CVNA and PYPL. Such activity, particularly in out-of-the-money or deep in-the-money strikes, can influence short-term price dynamics through dealer hedging and reflect institutional views on future performance.

Key Decisions for Investors

• Investors should monitor CVNA and PYPL for potential increased volatility and price movements influenced by these significant options positions.
• Evaluate the implications of substantial open interest in CVNA's $300 October 2025 puts and PYPL's $75 October 2025 calls, as large positions can exert gamma and delta hedging pressures.