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SOFR Reports & Commentary

SOFR Option Weekly Commentary 12/5/25

Wednesday's ISM Services Index results were higher (52.6) than expected (52), while ISM Services Prices Paid came in lower (65.4) than expected (68).

Today's PCE Price Index numbers were inline Month over Month (0.3%) as well as Year over Year (2.8%). Univ of Mich Sentiment numbers came in higher than expected due to improved future expectations.

Benign inflation data this week helped increase the odds of a 25 bp cut at the Fed's Dec 10th meeting to 87.2%

Sofr Option vols were mostly lower this week (see attached spd sheet).

SOFR OPTION PLAYERS to NOTE THIS WEEK:

sfrz5 9625 call paper sold 15k @ 3.5

sfrz5 9625 9612 ps paper sold 10k @ 1.25 ref 96.2675

sfrz5 9612 9606 p 1x2 paper paid .25-.5 20kx

sfrf6 9637 9625 ps vs 9656 9668 cs paper sold 25k @ .75 - ps ref 96.425

sfrf6 9650 9675 cs vs 9637 put paper paid 2.25-2.75 15kx ref 96.47

sfrh6 9662 9675 cs vs 9631 put paper paid .25 25kx +cs ref 96.46

sfrh6 9643 9656 9668 c fly paper paid 1.75 5kx ref 96.44

sfrg6 9650 9643 9637 9631 p condor paper paid 1.25 7500x

sfrg6 9643 9656 9668 c fly vs 9625 put paper paid 1.25 5kx + c fly ref 96.45

sfrg6 sfrh6 9643 9656 9668 c fly stupid paper paid 3.5 8kx

sfrh6 9656 9650 9637 9631 p condor paper paid 1.25 10kx

sfrh6 9637 9631 9618 p fly paper paid 2 15kx ref 96.44

sfrh6 9650 9643 9637 9631 p condor paper paid .75 7500x

sfrh6 9631 9618 ps vs 9643 9656 cs sprd paper paid 2 5kx +cs ref 96.44

sfrh6 9637 9650 cs paper paid 4.25 20kx ref 96.43

sfrh6 9631 9625 9618 p tree paper paid .00 20kx +1 leg

sfrh6 9637 ^ vs 9662 call paper paid 13.75 8kx ref 96.43

sfrh6 9637 9650 9662 9675 c condor (tied 96.45 d12) paper paid 2.5 10kx

sfrh6 9637 9656 9662 9687 c cond paper paid 3.25 10kx ref 96.45

sfrh6 9656 9643 9618 p fly paper paid .00 10kx +wings ref 96.44

sfrj6 9700 call (tied 96.66 d25) paper sold 10k at 6.75

sfrm6 9643 9656 9681 9693 c condor

w/ sfru6 9643 9656 9687 9700 c condor stupid paper paid 7.5 to 8.25 35kx

sfrm6 9800 call paper paid 2 40kx

sfrm6 9637p cov 96.665 d20 vs sfrh7 9675p cov 96.91 d48 paper sold 5k @ 21.5

sfru6 0qu6 9800 cs paper paid .00 to .25 15kx +sfru6

sfru6 2qu6 9700 9750 cs sprd paper paid .25 5kx +sfru6

sfru6 9900 10000 cs (tied 96.88 d05) paper paid 1.5 30kx

sfrz6 9650 9700 9750 c fly paper paid 12.5 10kx ref 96.95

0qz5 9675 9656 put stupid (tied 96.87 d08) paper sold 10k @ .75

0qz5 9706 9712 cs (tied 96.90 d08) paper paid .5 15kx

0qf6 9700 9725 cs paper sold 50k @ 6 ref 96.94

0qg6 9712 call (tied 96.935 d30) paper paid 8.5 10kx

0qg6 97.06/96.93/96.81 p tree with 0qg6 97.00/96.87/96.75 p tree stupid paper sold 6k @ .5 sold 2 legs in both

0qh6 9668 9712 rr (tied 96.93 d58) paper sold 5k @ 3.5 -c

2qf6 2qg6 9675^ stupid cov 96.765 d06 paper paid 54.5 2k

3qh6 9650 9700 squash (tied 96.78 d54) paper sold 5k @ 2.5 -c

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