Loading broker comparison data…
Options Hub
Best Brokers for 0DTE Options: SPX Fees and Rules
Most brokers here let you trade SPX options on expiration day, but costs and cutoffs differ. Broker fees run from $0.10 to $1.00 per contract, plus Cboe’s $0.60 SPX fee, and some brokers stop new positions in the last hour, like Webull from 3:40 PM ET. tastytrade has no paper trading. Checked September 25, 2026.
Which Broker Fits How You Trade 0DTE
Most 0DTE trading happens in SPX options, so the costs and rules that matter are the ones for index options on expiration day. These picks use the official figures in the table above, checked September 25, 2026.
Active 0DTE spread traders
tastytrade
SPX options trade through the close on expiration day, and all legs of a spread fill together at one exchange. There’s no paper trading.
tastytrade review →
Lowest published SPX cost
Tradier
On the $35/month Pro Plus plan, SPX costs $0.10/contract plus clearing and Cboe’s $0.60 fee. SPX options trade from 8 AM to 5 PM ET.
See in comparison table ↑
Practice before risking money
Schwab thinkorswim
0DTE SPX every market day, the Analyze tab with risk profiles and thinkBack, and paperMoney for practice.
Schwab review →
Risk tools and portfolio margin
Interactive Brokers
IB Risk Navigator, the Options Strategy Builder, paper trading, and portfolio margin from $110,000.
Interactive Brokers review →
Automated 0DTE rules
TradeStation
EasyLanguage can automate entries and exits, and OptionStation Pro models scenarios. The index option fee is $1.00 per side at the entry tier.
TradeStation review →
Low fees, with earlier cutoffs
Webull
$0.50/contract on index options and paper trading, but no new single-leg positions after 3:40 PM ET on expiration day, or spreads after 3:00 PM.
Webull review →What a 0DTE SPX Trade Costs
Opening and closing 10 SPX contracts (20 contract-sides), with Cboe’s $0.60 SPX exchange fee added to each side. The lowest cost is highlighted.
| Broker | Broker feeper contract | With $0.60 SPX feeopen / close | 10 contractsround trip |
|---|---|---|---|
| Tradier Pro Plus ($35/mo) | $0.10 + $0.0775 clearing | $0.78 / $0.78 | $15.55 |
| Tradier Pro ($10/mo) | $0.35 + $0.0775 clearing | $1.03 / $1.03 | $20.55 |
| Webull, Moomoo | $0.50 | $1.10 / $1.10 | $22.00 |
| tastytrade | $1.00 open, $0 close + $0.10 clearing | $1.70 / $0.70 | $24.00 |
| Schwab, IBKR, E*TRADE | $0.65 | $1.25 / $1.25 | $25.00 |
Assumes each broker passes Cboe’s $0.60 SPX fee through, as tastytrade and Tradier publish. Schwab, IBKR and E*TRADE don’t publish their SPX fee amounts, and Webull and Moomoo say exchange fees may apply. TradeStation charges a $1.00 index option fee per side at its entry tier, but doesn’t say whether its commission also applies. Excludes regulatory fees and subscription costs.
The Four Things That Matter for 0DTE
SPX vs. SPY
Index or ETF options
SPX options are cash-settled and European-style, so there’s no early assignment or delivery of shares. SPY options are American-style and settle in shares.
Cutoff times
Expiration-day rules
Brokers set their own limits on expiring contracts. Some stop new positions in the last hour, and some close cash-account positions early.
$0.78 – $1.70 per side
Cost per contract
Index options carry exchange fees that stock options don’t. At several round trips a day, the difference adds up quickly.
Your limits
Risk controls
Gamma is highest on expiration day, so positions can swing from profit to max loss in minutes. Defined-risk spreads and a hard daily loss limit are essential.
Rules To Check Before You Trade 0DTE
- Expiration-day cutoffs. Webull blocks new single-leg positions after 3:40 PM ET and spreads after 3:00 PM. tastytrade blocks new short legs on expiring stock and ETF options in the last 30 minutes.
- Cash-account handling. Moomoo starts closing or exercising same-day options in cash accounts from 1:00 PM ET, and may cancel unfilled 0DTE opening orders an hour before the close.
- AM- vs. PM-settled SPX. Standard monthly SPX options are AM-settled and stop trading the day before expiration. The daily and weekly contracts used for 0DTE are PM-settled.
- Approval level. Spreads need a higher options level, usually with a margin account. Check which level your broker requires before the day you want to trade.
- Index option fees. SPX costs more per contract than SPY at most brokers because of exchange fees, and a per-leg commission cap may not cover index options.
- Practice options. tastytrade has no paper trading, and Tradier offers only an API sandbox. Schwab, IBKR, TradeStation, E*TRADE, Webull and Moomoo all have paper trading.
How To Start Trading 0DTE Safely
- Practise on paper first. Trade the same setups for a few weeks in a simulator, including the last hour before the close.
- Start with defined-risk spreads. Verticals and iron condors cap the maximum loss, which matters when gamma is highest.
- Set a daily loss limit. Decide the most you’ll lose in a day, and stop trading when you hit it.
- Know your broker’s cutoffs. Note when you can no longer open or close expiring positions, and plan exits before then.
- Price the trade before placing it. Include index fees on both sides, especially if you trade several times a day.
- Review every trade. Log entries, exits and whether you followed your rules. Rule-following matters more than any single day’s result.
How We Compared
Fees, expiration-day rules and tools come from each broker’s official pricing, help-center and options pages, and trading hours from Cboe, checked September 25, 2026 and summarized in the comparison table. Brokers marked “Special Offer” are AInvest partners, and AInvest may be compensated when you open an account through this page. 0DTE options are extremely risky and can lose their full value within hours; confirm current terms with the broker before trading.
FAQ & Glossary
Is 0DTE appropriate for new traders?
Usually no. 0DTE requires strict discipline, robust risk controls, and ability to manage gamma shocks. Not beginner-friendly.
What is the most important 0DTE metric?
Risk-adjusted consistency and rule adherence matter more than raw win rate. A disciplined losing setup beats an undisciplined winner.
What is 0DTE (Zero Days To Expiration)?
Options on their expiration day. Gamma (rate of delta change) is highest, making prices move fast. High risk, high reward.
What is Gamma?
The rate at which Delta changes as the stock price moves. High gamma = delta accelerates quickly = higher risk on sharp moves.
What is Theta (Time Decay)?
The option price decay per day as expiration approaches. OTM options lose value daily; 0DTE has extreme theta.
What is Vega?
How much option price changes with a 1% shift in implied volatility. Relevant for 0DTE volatility trades.
What is Volatility Smile/Skew?
Options at different strikes trade at different implied volatilities. 0DTE skew can be steep and unpredictable.
What is Expiration Day?
The last day an option can be exercised. 0DTE traders focus on intraday swings as extrinsic value approaches zero.
What time do 0DTE options expire?
Expiring stock and ETF options stop trading at 4:00 PM ET. SPX options trade in regular hours until 4:15 PM ET, and PM-settled SPX options settle in cash to the index close. Brokers can set earlier cutoffs for expiring contracts: Webull stops new single-leg positions at 3:40 PM ET. In-the-money options are generally exercised automatically at expiration.
Which broker is best for 0DTE options trading?
It depends on how you trade. tastytrade lets SPX options trade through the close and fills all legs of a spread together, but has no paper trading. Tradier has the lowest published SPX costs on its Pro Plus plan, Schwab's thinkorswim offers strong analysis tools with paperMoney, and IBKR adds Risk Navigator and portfolio margin. Check each broker's expiration-day cutoffs; Webull stops new positions from 3:40 PM ET.
How much should I risk per 0DTE trade?
Most professional 0DTE traders limit single-trade risk to 0.5–2% of account value and set a hard daily loss limit of 3–5%. Without predefined stops, losses can accelerate quickly due to high gamma near expiration.