SOFI Flow Report

Analysis based on market close March 28, 2026

Flow Verdict

Confidence:

8 / 10

base 5; +2 net premium bearish; +1 GEX/flow aligned; +0.5 spot below MP; -0.5 P/C ratio neutral

Watch next session: $15.00 Put OI and flow for defense; Spot vs $16.00 gamma flip level; Any large call block buys above $17

Flow Summary

Net premium: -$17.0M bearish

P/C volume ratio: 0.98 — neutral volume split

P/C OI ratio: 0.60 — moderate put lean in positioning

Bearish conviction has intensified. Net premium flipped dramatically more negative (-$17M vs -$4.7M), indicating massive premium paid for puts despite a neutral P/C volume ratio. Positioning (P/C OI 0.60) and negative GEX (-$16.3M) remain aligned with the bearish flow.

Notable Prints

SOFI 4/17 $9.00 Put

Vol: 8,039

OI: 57

Vol/OI: 141.0x

IV: 149.2%

Notional: ~$1.93M (8,039 * $0.24 avg price)

Intent: Fresh directional bearish bet or extreme downside hedge

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: Massive volume vs. tiny OI at a deep OTM strike (~40% below spot). This is a new, high-conviction bet on a significant breakdown. The high IV suggests expensive premium paid, not sold.

SOFI 4/24 $13.00 Put

Vol: 7,435

OI: 1,089

Vol/OI: 6.8x

IV: 75.5%

Notional: ~$1.19M (7,435 * $0.16 avg price)

Intent: Downside protection or directional bearish bet

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: Significant volume establishing a floor target ~15% below spot. The multi-week expiration and meaningful notional point to institutional hedging or bearish positioning extending the timeline for a decline.

SOFI 4/2 $12.50 Put

Vol: 2,265

OI: 122

Vol/OI: 18.6x

IV: 87.5%

Notional: ~$566K (2,265 * $0.25 avg price)

Intent: Near-term directional bearish bet

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: High vol/oi ratio at a strike ~18% below spot, targeting immediate downside. This complements the longer-dated bearish flow, showing conviction across expiries.

SOFI 4/2 $15.50 Call

Vol: 7,280

OI: 455

Vol/OI: 16.0x

IV: 62.1%

Notional: ~$873K (7,280 * $0.12 avg price)

Intent: Covered call writing or call selling

Dual read: Sold to open (neutral/bearish) or bought to close (bullish)

Read-through: Large volume just above spot. Given the low premium and proximity to price, this is likely sellers (institutions or shareholders) generating income or hedging, not bullish buyers. It fits the overall defensive posture.

SOFI 4/2 $9.00 Put

Vol: 614

OI: 2

Vol/OI: 307.0x

IV: 162.5%

Notional: ~$184K (614 * $0.30 avg price)

Intent: Extreme OTM lottery put or spread leg

Dual read: Bought (speculative crash put) or sold (premium capture)

Read-through: Extreme vol/oi and high IV suggest new, speculative positioning for a crash. While notional is smaller, it echoes the bearish sentiment seen in the 4/17 $9P.

Institutional Positioning

Call additions: Minimal bullish buying. Call flow appears dominated by selling/writing near spot ($15.50C). Some OTM call interest at $22.00 generated positive net premium, but this is likely speculative or part of multi-leg strategies.

Put additions: Heavy and broad-based. New bearish bets established at deep OTM strikes ($9P, $12.50P) and protective puts added at $13P and $15P (per premium flow). The $15.00 strike remains the largest net negative premium sink.

GEX/DEX consistency: Yes — strongly aligned. Negative GEX (-$16.3M) indicates dealers are short gamma and will hedge in a directionally reinforcing manner (sell on drops). This amplifies the bearish signal from the intense put flow.

OI clusters: Major Put Walls: $15.00 (71,570 OI), $16.00 (73,331 OI). Major Call Walls: $19.00 (90,689 OI), $22.00 (88,795 OI). Spot ($15.23) is pinned just above the massive $15 put wall, which is now being tested.

Hedging evidence: Overwhelming evidence of protective put buying and outright bearish bets. The deep OTM put purchases ($9P, $12.50P) suggest institutions are either hedging tail risk or positioning for a significant decline.

Max pain context: Spot ($15.23) remains significantly below the near-term max pain cluster of $17-$18. The gravitational pull higher is being decisively overridden by bearish flow and positioning.

Signal vs Noise

~High vol/oi on deep OTM calls (e.g., $9C 4/24, $13C 4/24) is noise due to tiny notional value and likely spread legs.

~The $1.00 Call with massive OI (56,935) is a legacy position or part of complex strategies, not indicative of current flow.

~Some of the high-volume call prints (e.g., $16C 4/2) may be part of put spreads (selling calls to finance put buys) given the overarching bearish context.

Key Conclusions

⚠️Bearish Conviction Intensified: Net premium flipped to -$17M, a 3.6x increase in bearish flow vs. prior report. This is a major escalation.

🛡️Institutions Buying Crash Protection: New, high-conviction puts at $9 and $12.50 strikes signal hedging for or betting on a severe breakdown.

🌀Negative Gamma + Bearish Flow = Accelerant: Dealers are short gamma (-$16.3M). A break below the $15.00 put wall could trigger accelerated selling from dealer hedging.

🎯Critical Test at $15.00: The massive put OI at $15 represents a major defensive line. A sustained break below is the key signal for the next leg down.

Read the Flow analysis for SOFI for 2026-03-28. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.