What is Spot Price? The immediate delivery price of an underlying security. Share prices are always considered the spot price, while options are a derivative of that. We also referred to index prices as spot—in contrast to futures or options on them. When trading spot prices in isolation, there are no properties of theta (time decay), or vega (implied volatility), or gamma (acceleration of directional exposure). Related articles What is Straddle Spread? What is Tail Risk? What is Structural Dealer Positioning? What is Strangle Spread? What is Short Selling?