$2.66M in FIG Calls: Someone Just Made a Massive Bullish Bet on Figma
Disclaimer: This article is for educational purposes only. It is not investment advice, a recommendation, or a solicitation to trade. Options carry substantial risk of loss. Do your own research and consult a licensed advisor before acting on any information here.
Figma (NYSE: FIG) lit up the options tape on July 16, 2026. One theme dominated. Bullish call buying. And a lot of it.
Total premium across the session topped $4.1 million. Calls accounted for $3.59 million of that flow. Puts drew just $536K. That is a call-to-put premium ratio near 6.7 to 1.
The standout print was cleaner than most. Someone paid $2.66 million for Figma July 24 $29 calls. That is a one-week bet. The stock closed the day near $23.50.
A trader bought roughly 65,000 FIG $29 calls expiring July 24. Prior open interest at that strike was just 183. That is a 355x volume-to-OI print. The bet needs a 23% move in eight sessions to pay off.
The Print That Mattered
Let’s break down the top line of the tape. It tells the whole story.
- Ticker: FIG (Figma)
- Stock price at time of print: ~$23.50
- Contract: July 24, 2026 $29 Call
- Total volume at strike: 65,013 contracts
- Prior open interest: 183 contracts
- Volume-to-OI ratio: ~355x
- Total premium paid: ~$2.66 million
- Implied volatility: ~136%
- Delta: 0.18
The single largest slice was a 45,000-contract sweep. That trade printed at the ask for $0.39. It carried a coded tag of BuyToOpen. That is unusually clean signal.
Buying at the ask means the buyer was the aggressor. They lifted the offer instead of waiting. Combined with the BuyToOpen tag, this was a fresh, opening long call position. It was not a roll or a close.
Why 355x Volume-to-Open-Interest Matters
Open interest is the number of contracts already active before the day starts. Volume is what trades during the session.
When volume dwarfs open interest by 100x or more, it is almost always new positioning. A ratio above 300x is rare. It means someone showed up with a specific, dated view and needed size right now.
For context, the July 24 $28 strike also saw heavy call flow. Roughly 13,000 contracts traded for another $700K in premium. That strike had 26,893 OI, so it was less unusual. The $29 line was the standout.
The Structure: A Short-Dated, Out-of-the-Money Lottery
These are not conservative calls. The $29 strike sits about 23% above the current stock price. The expiry is only eight trading days out. The delta is just 0.18.
That combination has three implications:
- Low cost per contract. Each call cost roughly $39 to $42. That is why the buyer could accumulate 65,000 of them.
- High leverage on any breakout. A 15% move in FIG could easily double or triple the option’s price.
- High risk of a zero. If FIG closes below $29 on July 24, every contract expires worthless. That is $2.66M gone.
Implied volatility on the strike was already 136%. The market knows a big move is possible. The buyer paid for that expectation.
Bullish Signal — With Caveats
On the surface, this looks like a clean bullish bet on Figma. A trader wants FIG above $29 in eight sessions. But the tape has nuance worth respecting.
The Bullish Read
- Calls were bought at the ask. The buyer was the aggressor.
- The BuyToOpen code confirms fresh long exposure.
- Total call premium ($3.59M) is nearly 7x total put premium ($535K).
- The trader chose the tightest expiry available. That means they expect a move soon.
- No matching short-call block traded against it. This does not look like a spread leg.
The Skeptical Read
- This may be a hedge, not a directional bet. A large short-stock holder could buy calls to cap upside risk.
- It could also be tail-risk insurance for a book that is short FIG shares or short volatility.
- The delta of 0.18 means the position only truly wins on a sharp gap higher. A slow drift up still leaves the calls worthless.
- One trader’s conviction is not a thesis. It is a data point on positioning.
What Could Move FIG in Eight Days?
A move from $23.50 to $29 in one week needs a catalyst. There are a few plausible triggers.
- Earnings speculation. Figma’s next quarterly report is a known volatility event.
- Product news. Any AI-related feature launch could re-rate the stock.
- M&A chatter. Figma’s failed Adobe deal in 2023 keeps takeover rumors alive.
- Sector rotation. A broad rally in high-multiple design and SaaS names could lift FIG with it.
None of these are confirmed. The options buyer may know something. They may also be wrong. That is the nature of asymmetric bets.
How Retail Traders Should Read This
- Do not chase the print. By the time flow like this shows up, the initial move has often already happened.
- Treat it as positioning data. Someone with real capital thinks FIG could gap. That is worth noting, not blindly copying.
- Understand the risk profile. A 23% out-of-the-money weekly call is a lottery ticket. Most expire worthless.
- If you want exposure, structure matters. A longer-dated call, a call spread, or shares carry very different risk than a naked weekly.
The Bottom Line
Someone spent $2.66 million betting Figma trades above $29 by July 24. That is a specific, testable view. It shows up as a 355x volume-to-OI print at a single strike.
The rest of the tape confirms the bias. Calls outweighed puts nearly 7 to 1 by premium. That is not random flow. It is directional conviction.
Whether the buyer is right or wrong, this print goes on the radar. Watch FIG price action into July 24. The market will tell you what the trader already suspected.
Frequently Asked Questions
What does volume-to-open-interest mean?
Open interest is the number of contracts that existed at the start of the day. Volume is how many traded during the session. A high ratio means most of the activity is new positioning, not existing traders closing out.
Why is buying calls at the ask bullish?
Buying at the ask means the trader accepted the seller’s price instead of negotiating. They wanted the contracts badly enough to lift the offer. That aggression usually signals directional conviction, not passive hedging.
Can this $2.66M FIG call bet still be a hedge?
Yes. Large funds sometimes buy out-of-the-money calls to cap the risk on a short-stock position. Without seeing the full book, no one can be certain the trade is a pure directional bet.
What happens if FIG stays below $29 on July 24?
Every contract expires worthless. The buyer loses the full $2.66 million in premium paid. That is the risk of buying short-dated, out-of-the-money calls.
Is unusual options activity a reliable trading signal?
Not on its own. It is a data point about how professional capital is positioned. Use it alongside fundamentals, technicals, and your own risk framework. Never treat a single print as a trade signal.
