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A Record trading activity on Tesla stock

Tesla options activity hit a record Friday!

One of the most actively-traded options during the trading session that sent Tesla shares up around 11% was a call contract tied to the shares hitting $175, which expired on Friday.

Tweet on Tesla trading options 

Cboe Global Markets chart

The contract had been available to trade for a bit, but activity hit a fever pitch Friday, when more than 200,000 contracts changed hands. By comparison, the average volume in prior sessions was around 11,000 contracts, Cboe Global Markets data show.

The explosive gains offered by one of the most actively-traded bets that day help explain why.

On Thursday, the contracts changed hands for around $7 (each contract covers 100 shares of stock), Cboe Global Markets data show. By Friday, their value skyrocketed to around $288 at one point.

Of course, the value of the options likely swung wildly throughout the day, and whether the trader timed the trade correctly would be key to securing those gains. Still, the prospect of giant returns is drawing hordes of traders into the bets.