The ratio of the change in present value of an option with respect to the change in spot, where both changes are expressed in terms of the same pair of currencies (exchange rate), that is, currency 2/ currency 1(or ccy2/ccy1). This represents the number of units of foreign currency required in order to hedge an FX option with a notional of one unit of foreign currency and an equivalent notional of a given number of domestic currency units. The spot delta is thus expressed as a percentage of foreign currency.

It is sometimes known as a pips spot delta.