Billion dollar week for options market makers. As last week's selloff battered portfolios and exhausted traders, record option volume and increased volatility led to extraordinary profit potential for liquidity providers, who handled 2 to 3 times normal volume at bid-ask spreads nearly double their January width. Friday's flow was the most extreme, with over 47M contracts trading and quotes widening out to nearly 2% of premiums traded. For Index products, primarily SPX and VIX, edge approached $300M on Friday, 15x normal, while ETF total edge was near $133M, 10x normal. Single stock options were also active, with total edge near $165M on Friday, about 3x average. Last week's estimated total edge of $1.5B is more than half the entire month of January. hashtag#trading hashtag#options hashtag#liquidity