The 570% Warrant Borrow, Explained: Spread, Not Siege Tuesday, October 20, 2026. Data as of 9:58–10:03 AM ET (quotes 9:58 AM ET; model run 10:03 AM ET). Not investment advice. ELI5 Think of a GME WS warrant as a ticket that lets you buy one GameStop share for $32, good until Friday, Oct 30. GME is about $25.62, so right now the ticket only pays if the price jumps. People pay about 80¢ for that ticket. A nearly identical ticket on the options chain (the Oct-30 $32 call) costs about 23¢. So traders borrow the pricey tickets, sell them, buy the cheap ones, and keep the difference. Borrowing costs 570% a year, but at 80¢ that's only about a penny a day. If GME stays under $32, the tickets expire worthless and the borrowers win. If GME runs above $32, anyone who borrowed without the cheap ticket as a hedge has to buy warrants back in the same few days. That rush is the squeeze case. The GameStop warrants (GME WS) expire in ten days, and this morning one broker showed a borrow rate of 570.50% to short them. That number is going to get passed around as proof of a squeeze. It's real, but it means something narrower than that, and the reason is sitting in plain sight on the options chain. How to read the labels: T1 is a primary source (issuer, OCC, FINRA). T2 is a mirror, a delayed quote, or a broker screenshot. MODEL is Black-Scholes math on stated inputs. ASSUMPTION is an input that was picked. INF is inference.