SHOP Dark Pool Activity
Shopify Inc.
Data as of Oct 23, 2026 · Source: FINRA daily short sale volume (off-exchange)
On Oct 23, 2026, FINRA reported 1.4M SHOP shares in publicly disseminated off-exchange trades (dark pools and other off-exchange venues). 534K of those shares (37.0%) were marked short or short-exempt, below SHOP's 30-day rolling average of 43.3% (z-score -0.46). Over the last 10 FINRA sessions (Oct 12, 2026 – Oct 23, 2026), SHOP's off-exchange short volume ratio ranged from 20.2% to 58.1% and averaged 34.7%; the latest reading is above that 10-session average.
Off-Exchange Volume
1.4M
Short Volume
534K
Short Volume Ratio
37.0%
30-Day Average
43.3%
z-score -0.46
Daily readings — last 10 FINRA sessions
| Date | Off-exchange shares | Short shares | Short ratio |
|---|---|---|---|
| Oct 12, 2026 | 6.3M | 3.7M | 58.1% |
| Oct 13, 2026 | 2.9M | 1.1M | 38.7% |
| Oct 14, 2026 | 3.8M | 1.2M | 31.0% |
| Oct 15, 2026 | 4.6M | 1.5M | 33.2% |
| Oct 16, 2026 | 6.4M | 1.8M | 28.9% |
| Oct 19, 2026 | 3.1M | 1.1M | 34.5% |
| Oct 20, 2026 | 2.7M | 786K | 29.4% |
| Oct 21, 2026 | 2.3M | 803K | 35.6% |
| Oct 22, 2026 | 4.7M | 948K | 20.2% |
| Oct 23, 2026 Latest | 1.4M | 534K | 37.0% |
Source: FINRA daily short sale volume (off-exchange). Ratio = ShortVolume ÷ TotalVolume for the day.
SHOP dark pool FAQ
- How much SHOP off-exchange volume did FINRA report on Oct 23, 2026?
- FINRA's daily short sale volume file reported 1.4M SHOP shares in publicly disseminated off-exchange trades on Oct 23, 2026; 534K of those shares (37.0%) were marked short or short-exempt.
- Is SHOP's dark pool short volume ratio unusual right now?
- As of Oct 23, 2026, SHOP's short volume ratio of 37.0% is below SHOP's 30-day rolling average of 43.3% (z-score -0.46). Meridian's dark pool model does not flag this reading as an anomaly.
- What does the dark pool short volume ratio measure?
- FINRA publishes daily short sale volume for trades reported off-exchange to its trade reporting facilities, which include dark pools and other off-exchange venues. The ratio divides FINRA's ShortVolume figure, which counts both short and short-exempt sales, by the total off-exchange shares reported for that day. It is not short interest and not a directional signal: market-maker hedging and reporting mechanics can raise it, so it is context for other signals.