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NFLX Options Chain – 2026-01-02

Detailed NFLX options chain for 2026-01-02 – real-time call and put contracts with last price, bid/ask, volume, open interest, implied volatility, and in-the-money status.

Tip: Use this page together with the price chart, short-term prediction, and multi-expiry options overview to build a complete view of positioning and risk for NFLX.

NFLX Call Options — 2026-01-02 Expiration

This page focuses on a single options expiration date for NFLX – 2026-01-02 – and lists every available call and put contract in a clean chain view. Each row shows the contract symbol, last trade, bid/ask quotes, daily change, percentage change, trading volume, open interest, implied volatility (IV), and whether the option is currently in-the-money (ITM).

Traders often use a specific expiry’s options chain to identify key strike levels, unusual activity, and risk hedging behavior. High open interest around certain strikes or sudden spikes in volume can reveal where large traders and market makers are concentrating their positions for NFLX into 2026-01-02.

This NFLX 2026-01-02 options chain provides a complete strike-by-strike breakdown of pricing, liquidity and volatility. By comparing changes in volume, open interest distribution and IV across calls and puts, traders can understand where the market is positioning ahead of this specific expiration date.

NFLX Put Options — 2026-01-02 Expiration

The table below shows all call options on NFLX expiring on 2026-01-02. You can quickly compare strikes, pricing, liquidity (volume and open interest), and implied volatility to spot popular strike zones and potential directional bets.

Contract Strike Last Bid Ask Volume Open Int. Implied Vol ITM
NFLX 260102C00110000 110.00 0.01 0.01 0.04 1 23883 43.36%
NFLX 260102C00100000 100.00 0.13 0.13 0.14 609 8059 26.86%
NFLX 260102C00095000 95.00 0.84 0.81 0.85 2305 7139 23.46%
NFLX 260102C00115000 115.00 0.02 0 0.05 1 5023 50.00%
NFLX 260102C00105000 105.00 0.05 0.04 0.06 42 4743 34.96%
NFLX 260102C00098000 98.00 0.25 0.24 0.28 1839 4179 25.10%
NFLX 260102C00097000 97.00 0.4 0.37 0.41 232 3130 24.56%
NFLX 260102C00120000 120.00 0.01 0 0.04 1 2734 57.42%
NFLX 260102C00104000 104.00 0.06 0.05 0.08 13 2696 34.18%
NFLX 260102C00094000 94.00 1.18 1.14 1.2 723 2121 23.05%
NFLX 260102C00099000 99.00 0.18 0.18 0.2 91 2103 26.07%
NFLX 260102C00095500 95.50 0.7 0.67 0.72 164 2085 23.88%
NFLX 260102C00096000 96.00 0.58 0.57 0.59 213 1881 23.93%
NFLX 260102C00100500 100.50 0.11 0.1 0.13 115 1842 27.83%
NFLX 260102C00102000 102.00 0.08 0.08 0.11 80 1573 31.06%
NFLX 260102C00093000 93.00 1.65 1.6 1.65 366 1273 22.63% ITM
NFLX 260102C00108500 108.50 0.03 0.01 0.07 595 1241 43.95%
NFLX 260102C00094500 94.50 0.98 0.98 1 74 1180 23.05%
NFLX 260102C00108000 108.00 0.01 0 0.07 72 1171 42.77%
NFLX 260102C00096500 96.50 0.43 0.43 0.5 43 1160 24.37%
NFLX 260102C00102500 102.50 0.08 0.06 0.08 38 1126 30.47%
NFLX 260102C00093500 93.50 1.39 1.35 1.41 618 1115 22.80%
NFLX 260102C00118000 118.00 0.02 0 0.02 10 1068 50.00%
NFLX 260102C00113000 113.00 0.03 0.02 0.06 4 929 52.34%
NFLX 260102C00106000 106.00 0.05 0.03 0.06 16 906 37.31%
NFLX 260102C00113500 113.50 0.04 0 0.07 2 893 54.49%
NFLX 260102C00101000 101.00 0.11 0.09 0.11 56 884 28.22%
NFLX 260102C00099500 99.50 0.14 0.15 0.17 19 883 26.56%
NFLX 260102C00107000 107.00 0.04 0.03 0.08 19 790 41.41%
NFLX 260102C00090000 90.00 3.6 3.55 3.75 110 766 23.73% ITM
NFLX 260102C00103000 103.00 0.08 0.05 0.09 11 748 32.42%
NFLX 260102C00092000 92.00 2.22 2.17 2.25 691 623 22.85% ITM
NFLX 260102C00097500 97.50 0.34 0.3 0.36 84 603 25.34%
NFLX 260102C00112000 112.00 0.03 0.02 0.06 43 595 50.20%
NFLX 260102C00109000 109.00 0.1 0.01 0.15 24 584 51.37%
NFLX 260102C00110500 110.50 0.02 0 0.08 1 574 49.22%
NFLX 260102C00129000 129.00 0.13 0 0.06 10 560 75.00%
NFLX 260102C00103500 103.50 0.04 0.01 0.07 72 556 32.23%
NFLX 260102C00119000 119.00 0.04 0.01 0.05 485 527 58.59%
NFLX 260102C00101500 101.50 0.1 0.06 0.13 1 484 30.66%
NFLX 260102C00098500 98.50 0.21 0.2 0.26 18 445 26.32%
NFLX 260102C00114000 114.00 0.02 0.02 0.02 2 440 46.88%
NFLX 260102C00106500 106.50 0.12 0 0.05 53 394 37.31%
NFLX 260102C00130000 130.00 0.02 0 0.04 2 393 73.44%
NFLX 260102C00121000 121.00 0.02 0 0.05 23 295 60.55%
NFLX 260102C00104500 104.50 0.06 0.02 0.1 23 268 36.91%
NFLX 260102C00111000 111.00 0.01 0 0.07 30 268 49.22%
NFLX 260102C00122000 122.00 0.01 0 0.05 1 262 62.50%
NFLX 260102C00105500 105.50 0.07 0.01 0.09 23 256 38.67%
NFLX 260102C00109500 109.50 0.06 0 0.07 6 237 46.09%
NFLX 260102C00085000 85.00 8.2 7.9 9.35 4 223 61.33% ITM
NFLX 260102C00135000 135.00 0.04 0 0.04 17 210 80.47%
NFLX 260102C00111500 111.50 0.06 0 0.07 1 204 50.39%
NFLX 260102C00092500 92.50 1.94 1.88 1.96 128 200 23.12% ITM
NFLX 260102C00112500 112.50 0.05 0 0.06 8 194 51.17%
NFLX 260102C00116000 116.00 0.01 0 0.05 21 177 51.95%
NFLX 260102C00125000 125.00 0.04 0 0.04 1 176 65.63%
NFLX 260102C00127000 127.00 0.06 0 0.05 21 175 70.31%
NFLX 260102C00150000 150.00 0.02 0 0.04 10 159 100.00%
NFLX 260102C00123000 123.00 0.28 0 0.05 20 142 64.06%
NFLX 260102C00107500 107.50 0.04 0 0.06 10 139 40.63%
NFLX 260102C00115500 115.50 0.01 0 0.05 100 138 51.17%
NFLX 260102C00091500 91.50 2.5 2.48 2.59 2 132 23.02% ITM
NFLX 260102C00117000 117.00 0.09 0 0.05 5 112 53.91%
NFLX 260102C00050000 50.00 44 41.05 45 100 99 285.16% ITM
NFLX 260102C00118500 118.50 0.06 0 0.05 1 88 56.25%
NFLX 260102C00117500 117.50 0.11 0 0.05 5 87 54.69%
NFLX 260102C00119500 119.50 0.02 0 0.05 1 86 57.81%
NFLX 260102C00091000 91.00 2.92 2.75 3 21 76 24.07% ITM
NFLX 260102C00137000 137.00 0.11 0 0.05 10 62 85.16%
NFLX 260102C00120500 120.50 0.05 0 0.05 1 58 59.77%
NFLX 260102C00088000 88.00 5.48 5 5.6 12 56 27.88% ITM
NFLX 260102C00114500 114.50 0.06 0 0.06 5 52 50.39%
NFLX 260102C00080000 80.00 13.05 13 14.9 6 52 72.80% ITM
NFLX 260102C00126000 126.00 0.03 0 0.05 14 47 68.75%
NFLX 260102C00140000 140.00 0.04 0 0.1 15 46 96.88%
NFLX 260102C00132000 132.00 0.02 0 0.05 7 45 78.13%
NFLX 260102C00124000 124.00 0.01 0 0.05 8 42 65.63%
NFLX 260102C00089000 89.00 4.9 4.2 4.65 1 41 25.44% ITM
NFLX 260102C00087000 87.00 6.57 6 6.4 6 37 21.09% ITM
NFLX 260102C00116500 116.50 0.13 0 0.05 1 29 52.73%
NFLX 260102C00121500 121.50 0.02 0 0.05 1 28 61.72%
NFLX 260102C00128000 128.00 0.04 0 0.05 2 25 71.88%
NFLX 260102C00138000 138.00 0.03 0 0.05 9 25 86.72%
NFLX 260102C00220000 220.00 0.05 0 0.01 1 24 150.00%
NFLX 260102C00131000 131.00 0.11 0 0.01 1 23 65.63%
NFLX 260102C00040000 40.00 54.45 51 55 20 21 368.95% ITM
NFLX 260102C00122500 122.50 0.17 0 0.05 1 20 63.28%
NFLX 260102C00064000 64.00 30.8 27.15 31 20 20 191.80% ITM
NFLX 260102C00066000 66.00 27.6 25.15 29.05 10 20 181.64% ITM
NFLX 260102C00086000 86.00 7.56 6.85 8.3 1 18 55.27% ITM
NFLX 260102C00084000 84.00 9.25 8.8 10.1 1 16 59.67% ITM
NFLX 260102C00127500 127.50 0.16 0 0.05 10 15 71.09%
NFLX 260102C00083000 83.00 11.5 9.85 11.05 4 14 62.79% ITM
NFLX 260102C00045000 45.00 49.74 46.05 50.05 22 14 327.25% ITM
NFLX 260102C00046000 46.00 48.76 45.05 49 22 14 316.41% ITM
NFLX 260102C00081000 81.00 14.25 11.75 13.1 13 13 73.34% ITM
NFLX 260102C00143000 143.00 0.02 0 0.18 1 13 108.79%
NFLX 260102C00126500 126.50 0.39 0 0.05 1 12 69.53%
NFLX 260102C00136000 136.00 0.33 0 0.05 0 12 83.59%
NFLX 260102C00134000 134.00 0.41 0 0.05 1 11 80.86%
NFLX 260102C00139000 139.00 0.06 0 0.05 6 11 88.28%
NFLX 260102C00062000 62.00 31.08 29.1 33 10 11 203.96% ITM
NFLX 260102C00082000 82.00 13 10.75 12.35 0 10 75.83% ITM
NFLX 260102C00044000 44.00 51.18 47 51.05 10 10 335.74% ITM
NFLX 260102C00068000 68.00 33.16 23.2 27.05 10 10 169.97% ITM
NFLX 260102C00048000 48.00 47.82 43.05 47 10 10 300.39% ITM
NFLX 260102C00125500 125.50 0.96 0 0.05 0 10 67.97%
NFLX 260102C00128500 128.50 0.02 0 0.05 2 7 72.66%
NFLX 260102C00159000 159.00 0.31 0 0.13 5 6 125.78%
NFLX 260102C00072000 72.00 23.1 19.8 22.25 0 5 120.70% ITM
NFLX 260102C00124500 124.50 0.07 0 0.05 2 5 66.41%
NFLX 260102C00070000 70.00 24.45 21.35 25.05 0 5 158.55% ITM
NFLX 260102C00202000 202.00 0.04 0 0.01 0 4 137.50%
NFLX 260102C00123500 123.50 0.2 0 0.05 1 4 64.84%
NFLX 260102C00130500 130.50 0.28 0 0.05 2 4 75.78%
NFLX 260102C00079000 79.00 14.7 13.75 15.1 0 2 82.42% ITM
NFLX 260102C00153000 153.00 0.08 0 0.05 0 1 106.25%
NFLX 260102C00058000 58.00 49.5 33.1 37 1 1 229.30% ITM
NFLX 260102C00041000 41.00 54.79 50 54 1 1 359.57% ITM
NFLX 260102C00145000 145.00 0.22 0 0.1 0 1 103.91%
NFLX 260102C00133000 133.00 0.09 0 0.05 2 1 79.69%
NFLX 260102C00210000 210.00 0.02 0 0.01 0 1 143.75%
NFLX 260102C00149000 149.00 0.01 0 0.05 1 0 101.56%

NFLX Put Options Chain – 2026-01-02

The table below lists all put options on NFLX expiring on 2026-01-02. Use it to track downside protection demand, hedge activity, and deep out-of-the-money puts that may indicate tail-risk hedging or speculation.

Contract Strike Last Bid Ask Volume Open Int. Implied Vol ITM
NFLX 260102P00098500 98.50 5.65 5.5 5.9 101 9122 38.43% ITM
NFLX 260102P00088000 88.00 0.2 0.2 0.25 28 3824 28.37%
NFLX 260102P00095000 95.00 2.78 2.62 2.72 544 2935 27.37% ITM
NFLX 260102P00100000 100.00 7.2 6.9 7.45 203 2402 45.61% ITM
NFLX 260102P00090000 90.00 0.48 0.48 0.5 266 2288 26.32%
NFLX 260102P00106500 106.50 13.2 12.5 14.05 6 1998 71.48% ITM
NFLX 260102P00087000 87.00 0.13 0.12 0.17 5 1952 29.20%
NFLX 260102P00089000 89.00 0.33 0.31 0.37 45 1549 27.74%
NFLX 260102P00080000 80.00 0.03 0 0.06 45 1488 44.92%
NFLX 260102P00093000 93.00 1.41 1.41 1.47 1006 1486 25.51%
NFLX 260102P00092000 92.00 1.02 1.02 1.08 253 1328 26.10%
NFLX 260102P00086000 86.00 0.1 0.09 0.11 6 1292 29.79%
NFLX 260102P00084000 84.00 0.06 0.02 0.09 110 1280 35.06%
NFLX 260102P00094000 94.00 2.04 1.96 2.05 103 1073 26.42% ITM
NFLX 260102P00085000 85.00 0.07 0.06 0.08 105 1010 31.06%
NFLX 260102P00099000 99.00 6 5.85 6 24 877 31.06% ITM
NFLX 260102P00092500 92.50 1.24 1.22 1.28 98 864 26.07%
NFLX 260102P00091000 91.00 0.72 0.68 0.73 134 798 25.83%
NFLX 260102P00096000 96.00 3.2 3.35 3.7 20 759 32.47% ITM
NFLX 260102P00096500 96.50 3.37 3.7 4.1 1 734 33.23% ITM
NFLX 260102P00102000 102.00 8.82 8.1 9.55 133 702 55.57% ITM
NFLX 260102P00093500 93.50 1.74 1.7 1.77 60 655 26.29% ITM
NFLX 260102P00097000 97.00 4.3 4.1 4.55 5 645 34.72% ITM
NFLX 260102P00098000 98.00 5.2 5.05 5.45 12 548 37.31% ITM
NFLX 260102P00094500 94.50 2.35 2.29 2.36 72 541 26.66% ITM
NFLX 260102P00083000 83.00 0.04 0.03 0.08 432 501 37.50%
NFLX 260102P00101000 101.00 7.8 7.7 8.5 8 425 50.64% ITM
NFLX 260102P00099500 99.50 6.4 6 6.9 31 358 42.53% ITM
NFLX 260102P00102500 102.50 8.95 8.45 9.8 56 281 51.42% ITM
NFLX 260102P00095500 95.50 2.61 3 3.3 1 278 31.49% ITM
NFLX 260102P00097500 97.50 4.73 4.6 5.05 1 261 37.04% ITM
NFLX 260102P00091500 91.50 0.91 0.84 0.9 48 259 26.07%
NFLX 260102P00079000 79.00 0.06 0 0.06 11 248 48.05%
NFLX 260102P00103000 103.00 9.43 8.45 10.35 2 241 54.44% ITM
NFLX 260102P00101500 101.50 8.59 8.4 8.95 20 191 51.42% ITM
NFLX 260102P00082000 82.00 0.02 0 0.06 86 179 38.67%
NFLX 260102P00081000 81.00 0.09 0 0.07 20 176 42.97%
NFLX 260102P00100500 100.50 7.18 6.45 7.9 10 165 46.44% ITM
NFLX 260102P00104000 104.00 10.5 9.95 11.15 7 161 52.34% ITM
NFLX 260102P00103500 103.50 9.15 9.45 10.9 2 153 57.42% ITM
NFLX 260102P00078000 78.00 0.06 0 0.06 102 102 51.17%
NFLX 260102P00104500 104.50 10.94 10.5 12.05 15 47 64.65% ITM
NFLX 260102P00105000 105.00 11.5 11.45 12.3 6 41 59.86% ITM
NFLX 260102P00070000 70.00 0.03 0 0.05 4 34 68.75%
NFLX 260102P00074000 74.00 0.03 0 0.05 1 31 56.64%
NFLX 260102P00110000 110.00 15.1 15 19.1 49 26 66.70% ITM
NFLX 260102P00060000 60.00 0.02 0 0.04 10 16 98.44%
NFLX 260102P00105500 105.50 10.59 11.35 12.8 5 7 61.52% ITM
NFLX 260102P00110500 110.50 15.47 15.6 19.6 6 6 70.02% ITM
NFLX 260102P00076000 76.00 0.08 0 0.06 3 6 51.95%
NFLX 260102P00072000 72.00 0.01 0 0.06 2 5 64.06%
NFLX 260102P00077000 77.00 0.15 0 0.06 3 4 54.30%
NFLX 260102P00107500 107.50 12.6 12.5 15.75 10 4 91.14% ITM
NFLX 260102P00125000 125.00 31.85 30 34.1 34 3 103.03% ITM
NFLX 260102P00121000 121.00 27.05 26.1 30.1 44 1 96.48% ITM
NFLX 260102P00046000 46.00 0.1 0 0.13 0 1 174.61%
NFLX 260102P00115500 115.50 21.5 20.6 24.55 1 1 82.13% ITM
NFLX 260102P00111500 111.50 15.43 16.45 20.6 2 1 69.73% ITM
NFLX 260102P00050000 50.00 0.05 0 0.1 0 1 150.78%
NFLX 260102P00056000 56.00 0.1 0 0.05 0 1 115.63%
NFLX 260102P00058000 58.00 0.04 0 0.05 0 1 107.81%
NFLX 260102P00117500 117.50 21.75 22.5 26.55 10 0 84.77% ITM
NFLX 260102P00106000 106.00 11.12 12.1 13.45 4 0 67.24% ITM
NFLX 260102P00062000 62.00 0.04 0 0.05 0 0 94.53%
NFLX 260102P00054000 54.00 0.05 0 0.05 0 0 123.44%
NFLX 260102P00052000 52.00 0.05 0 0.13 0 0 146.88%
NFLX 260102P00066000 66.00 0.06 0 0.05 0 0 81.25%
NFLX 260102P00068000 68.00 0.05 0 0.05 0 0 75.00%
NFLX 260102P00123000 123.00 13.53 28.1 32.05 2 0 99.80% ITM
NFLX 260102P00170000 170.00 60.4 75.1 79.1 6 0 183.79% ITM
NFLX 260102P00048000 48.00 0.08 0 0.13 0 0 164.84%
NFLX 260102P00126000 126.00 14 31 35.05 0 0 103.91% ITM
NFLX 260102P00124000 124.00 19.77 29.1 33.1 25 0 103.22% ITM
NFLX 260102P00122000 122.00 27.45 27.1 31.05 430 0 97.56% ITM
NFLX 260102P00045000 45.00 0.05 0 0.1 0 0 174.22%
NFLX 260102P00120000 120.00 25 25.1 29.05 11 0 92.97% ITM
NFLX 260102P00044000 44.00 0.04 0 0.13 0 0 184.38%
NFLX 260102P00043000 43.00 0.17 0 0.13 0 0 189.84%
NFLX 260102P00042000 42.00 0.04 0 0.13 0 0 195.31%
NFLX 260102P00041000 41.00 0.04 0 0.13 0 0 200.78%
NFLX 260102P00119500 119.50 26.85 24.5 28.55 150 0 89.45% ITM
NFLX 260102P00119000 119.00 22.79 24.1 28.05 40 0 90.63% ITM
NFLX 260102P00118000 118.00 23.95 22.95 27.1 10 0 85.94% ITM
NFLX 260102P00116500 116.50 12.58 21.45 25.6 0 0 82.32% ITM
NFLX 260102P00117000 117.00 19.77 21.95 26.05 5 0 82.42% ITM
NFLX 260102P00116000 116.00 13.95 21.05 25.1 10 0 83.35% ITM
NFLX 260102P00115000 115.00 19.2 20 24.1 9 0 79.79% ITM
NFLX 260102P00114500 114.50 20.5 19.45 23.6 1 0 77.44% ITM
NFLX 260102P00114000 114.00 19.55 18.95 23.1 2 0 76.17% ITM
NFLX 260102P00113500 113.50 17.61 18.45 22.6 1 0 74.90% ITM
NFLX 260102P00113000 113.00 19.91 18 22.05 1 0 73.63% ITM
NFLX 260102P00112500 112.50 17 17.6 21.55 9 0 74.41% ITM
NFLX 260102P00112000 112.00 16.83 16.95 21.1 15 0 71.05% ITM
NFLX 260102P00111000 111.00 16 16.1 20.05 16 0 70.41% ITM
NFLX 260102P00109500 109.50 14.48 14.5 18.6 7 0 65.33% ITM
NFLX 260102P00120500 120.50 23.35 25.5 29.55 0 0 91.80% ITM
NFLX 260102P00109000 109.00 12.4 14 18.1 1 0 63.97% ITM
NFLX 260102P00108500 108.50 13.3 13.5 17.6 97 0 62.55% ITM
NFLX 260102P00108000 108.00 12.81 13 17.05 4 0 60.21% ITM
NFLX 260102P00107000 107.00 12.14 13 14.9 10 0 54.44% ITM
NFLX 260102P00127000 127.00 33.49 32 36.05 0 0 105.96% ITM
NFLX 260102P00137000 137.00 41.59 42 46.1 1 0 127.15% ITM
NFLX 260102P00153000 153.00 57.2 58 62.05 1 0 153.22% ITM
NFLX 260102P00157000 157.00 62.21 62 66.05 0 0 159.57% ITM
NFLX 260102P00163000 163.00 67.41 68.1 72.1 1 0 173.63% ITM
NFLX 260102P00206000 206.00 110.59 111.1 115.1 1 0 228.52% ITM
NFLX 260102P00214000 214.00 118.57 119.05 123.05 1 0 232.91% ITM

NFLX 2026-01-02 Options Chain FAQ

1. What does this NFLX options chain for 2026-01-02 show?

This page displays the full NFLX options chain for contracts expiring on 2026-01-02. Both call and put tables include contract symbols, last trade price, bid/ask quotes, daily change and percentage change, trading volume, open interest, implied volatility, and an in-the-money (ITM) flag. It is designed to give you a complete snapshot of how the market is pricing risk and direction for this specific expiry.

2. How can I use this NFLX options chain around key events?

Around earnings, macro data releases, or company-specific news, traders often focus on a single expiration such as 2026-01-02. By monitoring changes in implied volatility, volume, and open interest for each strike, you can see where traders are concentrating their bets and hedges. Large shifts in activity on out-of-the-money calls or puts can be early signs of expected volatility or directional moves in NFLX.

3. What is the difference between in-the-money and out-of-the-money options here?

The ITM column highlights whether a contract is currently in-the-money for NFLX: call options are ITM when their strike is below the current stock price, while put options are ITM when their strike is above the current stock price. ITM contracts have intrinsic value, while out-of-the-money options are purely time and volatility value. This distinction helps you quickly identify which strikes are already “in the money” for this expiry.

4. How should I read implied volatility (IV) in this NFLX options table?

Implied volatility reflects how much movement the market expects for NFLX between now and 2026-01-02. Higher IV typically means options are more expensive and the market is pricing in larger potential moves. You can compare IV across strikes and between calls and puts to identify skew – for example, expensive downside puts may indicate demand for crash protection, while rich upside calls can signal speculative interest.

5. Can this single-expiry chain replace a full multi-expiry options overview?

No. This 2026-01-02 options chain gives a granular view for one maturity only. For a complete picture of positioning in NFLX, you should also review the multi-expiry options overview where you can compare put/call ratios, total open interest and volume across different expiration dates. Combining both perspectives helps you understand whether traders are focused on very short-term moves or longer-dated themes.

6. How often is this NFLX options chain for 2026-01-02 updated?

The NFLX options data on this page is refreshed regularly during market hours to reflect the latest trades, mid-market quotes, and open interest updates. Intraday changes in volume, open interest, and implied volatility can provide important signals about how sentiment and risk pricing are evolving as 2026-01-02 approaches.