I’m baffled. I’m pretty sure you’re talking about SPY, not SPX. SPX is the S&P 500 Index, SPY trades at 10% of SPX. You could pay .15 for a 160 SPX put, but the likelihood that the market will drop over 90% is slim to none. Buying a 160 SPY is like buying a lottery ticket for the transaction cost. Invest a tiny bit at 200 makes way more sense, and there will be a significant return. I bought OCT contracts at $243 strike and didn’t cost much.

Added: I got out this morning. Cost me $50/contract for a couple weeks of protection.