Put volume on the widely help SP 500 ’spider’ (SPY) saw a spike today, as a trader bought 75,000 downside June 65 Puts for $2.55 just before noon ET when spot was near $87.50. But rather than a hedge against a further 23.5% decline in the index, the trade was an intra-market spread, with the same trader selling 7500 SPX June 650 Puts for $25.30. The trader therefore paid a small debit to convert the same economic position from from the institutional SPX (the cash-settled index) to the actively traded SPY–an exchange-traded fund.