AerCap Hits a High With 78% Calls, FTAI Draws 95% Calls After a Drop: What GTA Terminal Data on Aircraft Lessors Means for Lease vs. Buy (November 9-10, 2026)

Leasing is how most of the world's airlines get their planes and engines, and the two big public lessors give a useful read on how investors feel about leased equipment as a business. In Tuesday's session, November 10, both drew call-heavy options money, but their charts could hardly look more different. According to GTA Terminal data from Global Traders Academy, AerCap, the largest aircraft lessor, saw 78% of its latest options premium go into calls with its stock at its 52-week high, while FTAI Aviation, which leases and rebuilds jet engines, drew 95% calls with its shares 42% below their high.

AerCap: heavier dark pool volume at a record level

The AerCap off-exchange trading report counted 581,239 shares traded away from the public exchanges on November 10. That was 1.3x the stock's 20-session average and 42.7% of all its volume that day, above the period average of 37%. The share has climbed for a week: 30.1% on November 4, 37.0% on November 5, 36.4% on November 6, 40.7% on November 9 and 42.7% on November 10. In the latest options scan, 78% of premium went into calls and 22% into puts.

There is a catch. AerCap is in an uptrend, above its 50-day and 200-day averages and 0% below its 52-week high, but its RSI reads 89, deep in overbought territory. The contract count also told a more careful story: across the next five expirations in Monday's session, November 9, 890 puts traded against 332 calls, with 843 of those puts in the January 15, 2027 expiration. Call-heavy by dollars, put-heavy by contracts, after a big run, is what hedging often looks like. You can follow the stock on the AerCap quote and chart.

FTAI Aviation: call money on a recovering chart

FTAI was down 5.6% at $187.16 on November 10 when the FTAI options flow report was written. Of $2.2M in premium, $2.1M went into calls and $100K into puts, 95% calls, with a put/call volume ratio of 0.13. Dark pool activity cooled: 610,645 shares traded off the exchanges that day, 0.6x the 20-session average and 38.9% of volume, down from 1,576,073 shares and 50.0% of volume on November 4. The chart is mixed, above the 50-day average and below the 200-day, with an RSI of 58. Neither lessor had a live setup in the GTA Proprietary Pattern Model.

What the pair says about leased equipment

Both lessors drew bullish-leaning options money on the same day, which suggests traders still like the economics of owning big-ticket equipment and renting it out. The difference is where each one sits. AerCap's strength is already in the price, with rising dark pool volume and long-dated put protection alongside the calls. FTAI's buyers were stepping into a stock that is well off its high, while large off-exchange trading faded. One looks like a crowded winner being protected, the other like a rebound bet without heavy institutional follow-through yet.

What it means for business owners who lease or buy equipment

• Lease vs. buy: when lessors are valued richly, it usually means leased assets are earning well for their owners. That margin is built into your lease payment. Compare the total lease cost with a purchase loan over the years you will really use the machine.

• Fleets and charter operators: strong lessor demand tends to keep lease rates firm. Owning an aircraft, truck or machine outright, financed over its useful life, can lock in a cost that a lease renewal will not.

• Residual values: lessors profit when used equipment holds value. A firm used market helps you too, because the trade-in on a financed unit is part of your equity.

• Mixed signals: call-heavy premium in both, but an overbought AerCap with put-heavy contract volume, and FTAI's dark pool activity well below normal.

A word of caution

Options flow and dark pool data are a signal, not a guarantee. A scan reflects where premium went at one moment, an RSI of 89 can stay high or reverse fast, and one session is not a trend. This is market context, not investment advice.

The bottom line

GTA Terminal data for November 10 showed AerCap at 78% call premium with 42.7% of its volume off the exchanges at a 52-week high, and FTAI at 95% calls on $2.2M of premium after a 5.6% drop. You can track both lessors each session with options and dark pool data on aircraft lessors. For more, see our earlier look at FTAI and the lease-versus-own decision and our read on rental car fleets and van buyers.

Whether you lease today or want to own your next machine, BFC Equipment Loans finances new and used equipment for businesses nationwide. You can apply to finance equipment you will own.