BTC & ETH Options Gamma Exposure

Spot $83,553 · est. flip $89,549 · $349.34K contracts OI

Spot $2,587 · est. flip $3,184 · $1.27M contracts OI

What is gamma exposure (GEX)?

Gamma exposure estimates how much option sellers' hedging activity might amplify or dampen price moves at each strike, based on open interest and implied volatility. It is a public, open-interest-weighted ESTIMATE — not exchange-reported dealer positioning data, since no exchange discloses who actually holds each side of the open interest.

What do "net positive" and "net negative" mean?

This follows the common public convention: call open interest is treated as contributing positive gamma exposure and put open interest as contributing negative. Positive readings are conventionally associated with hedging flows that dampen volatility; negative readings with flows that can amplify it. Treat it as one data point, not a forecast or trading signal.

What is the "zero-gamma flip" level?

The strike where estimated cumulative gamma exposure crosses from negative to positive (or vice versa), interpolated between the two nearest strikes. It is an estimate derived from public open interest and implied volatility, not a verified price level.

How is this calculated?

For every live BTC and ETH option on Deribit, gamma is computed with the Black-Scholes formula using Deribit's own mark implied volatility, then multiplied by open interest and aggregated by strike across all listed expiries. Same public book-summary data source as the Options Max Pain and Put/Call Ratio tools.

What does "by maturity" mean?

The by-maturity breakdown splits the same estimated gamma exposure into the nearest four individual Deribit expiry dates instead of aggregating across every listed expiry. It uses the identical open-interest-weighted Black-Scholes methodology as the all-expiries view above — just grouped by expiry date rather than summed across all of them.