Options flow around D-Wave Quantum (QBTS) is signaling a pronounced bullish posture among derivative traders, centered on a near-term event tied to the CHIPS Act. Across 80,944 contracts traded today, calls outnumbered puts by a 3.16:1 margin, and much of the activity sits in contracts that mature in just three trading days.
The market snapshot
As of 2:20 PM EDT, the split between calls and puts was stark:
| Flow | Contracts | Share |
|---|---|---|
| Total Calls | 61,483 | 75.9% |
| Total Puts | 19,461 | 24.1% |
| Total Volume | 80,944 | — |
By 2:46 PM EDT the stock was trading at $17.60, up 6.15% on the day. That combination of a large call skew and a sizable intraday price move suggests directional speculation rather than passive hedging.
Expiration concentration and contract detail
Three of the five most-active strikes expire on September 11, 2026, which is this Friday. The top strikes by volume and open interest were:
| Strike | Type | Volume | Open Interest | Moneyness vs $17.60 |
|---|---|---|---|---|
| Sept 11 $20 | Call | 5,890 | 1,248 | +$2.40 OTM |
| Sept 11 $18 | Call | 4,759 | 974 | +$0.40 OTM |
| Sept 11 $18.50 | Call | 4,613 | 869 | +$0.90 OTM |
| Sept 11 $17 | Put | 2,685 | 1,085 | -$0.60 ITM |
| Oct 16 $21 | Call | 2,601 | 2,358 | +$3.40 OTM |
Notably, volume on each listed strike far exceeded existing open interest, indicating these were largely fresh positions established during today’s session rather than transfers of prior bets. The single most-traded contract was the Sept 11 $20 call, which sits 13.6% above the quoted price and expires in three trading days. These short-dated, out-of-the-money calls carry little intrinsic time value and function like high-leverage, low-premium tickets: they materialize significant upside only if the underlying moves substantially higher before Friday’s close.
Volatility structure and skew
Implied volatility and skew metrics back up the sense of a market preparing for continued movement. Three-month implied volatility stood at 79.34%, a rise of 1.56 percentage points on the day, which signals the options market is pricing in elevated near-term turbulence. Meanwhile, the 90/110 skew read at -1.25 percentage points, up 0.18 points versus the prior level. That negative skew denotes relatively higher implied volatility on upside calls versus downside puts, signaling that traders are attaching more probability and premium to future upside than to downside risk, a pattern that diverges from the more common put-dominated skew seen when markets fear declines.
Contrary signals and protective positions
Even amid the dominant call flow, there is evidence of downside protection. The Sept 11 $17 put recorded 2,685 contracts with 1,085 open interest and was $0.60 in-the-money relative to the stated equity price. Such a position may indicate traders who hold long equity exposure are buying protection into the near-term event, or that some participants are crystallizing gains. The presence of this put means not all market participants are exclusively positioned for further upside.
What the flow implies for market dynamics
In the short term, the concentration of September call open interest may create a gamma magnet in the roughly $18 to $18.50 range. Market makers who hedge those sold call positions may be forced to buy shares as the price approaches those strikes, potentially amplifying upward momentum while the catalyst remains salient. Looking further out, the Oct 16 $21 call, with 2,601 contracts traded and an existing open interest of 2,358, shows some participants are taking multi-week views that extend beyond this Friday’s expirations.
Underlying today’s options flow is the $100 million CHIPS Act-related catalyst. Beyond any immediate government equity stake, market participants appear to be interpreting the announcement as validation of D-Wave’s technology trajectory toward a 100,000-qubit annealing system. The options positioning suggests traders are betting the news will re-rate the shares rather than produce a temporary uptick, although that is reflected in positioning rather than guaranteed by the data.
Summary and next steps
Options activity shows a concentrated, bullish directional bet in ultra-short-dated calls, elevated implied volatility, and a call-skew that assigns relatively more probability to a near-term rally. At the same time, a notable in-the-money put position signals some market participants are hedging or taking profits ahead of expirations. Traders and market makers will likely watch price behavior into Friday’s close to see whether the gamma around the $18 to $18.50 strikes produces further buying pressure or whether the catalyst loses momentum.