SPX vs SPY — 0DTE Scalp Picker

Both expire daily and both are penny-liquid enough to scalp. Pick the four answers below and see which fits your account.

Account / risk per scalp
Small < $10k, 1–3 contracts
Large $25k+, size matters
Do you care about tax treatment?
Not really
Yes — want 60/40
Holding into the close / pin risk?
No — out before close
Sometimes hold late
What hurts you more?
Paying the spread
Per-contract commissions
SPY
recommended for this profile

SPX

  • Cash-settled — no shares, no assignment
  • 60/40 tax (Section 1256)
  • ~10× SPY notional per contract
  • Wider spread, fewer commissions for size

SPY

  • Penny-wide spread — cheapest fills
  • American-style (0DTE assignment ~nil)
  • Small notional — scale 1 contract at a time
  • Short-term capital gains tax