Options trading tied to Gap Inc. accelerated on Monday as the company's shares moved lower. According to exchange data compiled by Bloomberg, total options volume reached 23,772 contracts by 2:30 p.m. New York time, split between 12,266 call contracts and 11,506 put contracts.
The single most active option was the July 17, 2026 $19 call, which registered 4,680 contracts. Open interest for that contract stood at 82 contracts as of June 26.
A large diagonal spread also featured prominently. The structure combining the August 21, 2026 $21 put and the July 17, 2026 $23 put accounted for 3,722 contracts in total. That position comprised 1,861 contracts of the July 17, 2026 $23 puts, which had open interest of 1,720 contracts, paired with 1,861 contracts of the August 21, 2026 $21 puts, which showed open interest of 17 contracts.
Other notable blocks included the January 21, 2028 $20 call, representing 1,485 contracts with open interest of 1,349 contracts. The August 21, 2026 $21 put appeared again on its own, with 1,057 contracts and open interest of 17 contracts. The September 18, 2026 $16 put also saw significant volume, with 1,053 contracts and open interest of 157 contracts.
On the equity side, Gap shares fell 7.17% to trade at $18.76 on Monday. Market-implied measures tracked alongside that move: Gap's three-month implied volatility rose 2.20 percentage points to 47.67%, and the three-month 90/110 skew increased 2.41 percentage points to 2.19 percentage points.
The trading day was characterized by concentrated activity in mid-2026 expirations across both calls and puts, and by measurable shifts in short-term volatility and skew metrics. The data released captures a snapshot of heightened derivatives interest in the name and concurrent pressure in the underlying equity during Monday's session.
Data notes: All contract volumes and open interest figures are presented as reported in the exchange data compiled by Bloomberg. Price and volatility figures reflect the status on Monday as reported in the same data set.