Gamma layer · updated 08.09.2026 01:39 UTC · auto-refresh every ~2 h · Deribit data (≈29% of ETH options; Bybit ≈38%)
Options are held together by hedging, not opinion. When dealers are long gamma, every move forces them to trade against it — the market gets dampened. When they are short, they trade with it, and candles get longer. This page shows exactly where the line between the two regimes runs (zero-gamma, the gamma flip), where the hedging walls sit — and how the regime has shifted over recent months. Max pain and open-interest walls live on the separate levels board →
where hedging dampens the move, and below which line it starts amplifying it · recomputed from the live chain every ~2 h
📍 Now: spot $79 300 (▲ mark on the axis) — between the put wall $77 000 and the call wall $81 000; zero-gamma $69 391; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
📍 Now: spot $2 499 (▲ mark on the axis) — between the put wall $2 100 and the call wall $2 500; zero-gamma $2 278; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
there is no single gamma-flip number — it depends on which expiries you count
| horizon | contracts | GEX per 1% | zero-gamma | vs spot |
|---|---|---|---|---|
| ≤ 2 d | 68 | +25.8M | 78 709 | -0.7% |
| ≤ 7 d | 152 | +73.7M | 77 788 | -1.9% |
| ≤ 14 d | 186 | +81.6M | 77 760 | -1.9% |
| ≤ 30 d | 310 | +225.7M | 73 073 | -7.9% |
| ≤ 60 d | 409 | +249.7M | 72 095 | -9.1% |
| whole book | 778 | +299.7M | 69 391 | -12.5% |
| horizon | contracts | GEX per 1% | zero-gamma | vs spot |
|---|---|---|---|---|
| ≤ 2 d | 81 | +3.5M | 2 471 | -1.1% |
| ≤ 7 d | 161 | +4.9M | 2 471 | -1.1% |
| ≤ 14 d | 189 | +6.0M | 2 466 | -1.3% |
| ≤ 30 d | 313 | +12.5M | 2 421 | -3.1% |
| ≤ 60 d | 380 | +13.1M | 2 415 | -3.4% |
| whole book | 648 | +21.3M | 2 278 | -8.8% |
Why this matters. Near-dated expiries describe what moves price today; the whole book describes the structure of positioning. Those are different questions, and the answers differ by thousands of dollars. When someone quotes a single gamma-flip number with no horizon, ask which window they used. We show all of them.
our own archive: 182 days of daily snapshots since 10 Mar 2026 — no public source hands out this series, because the exchange only shows the current state
📍 Now: BTC: across 27 weeks on record the accelerating regime held for 4 weeks (15% of the time); right now — damping
The line is price, the background is the regime from our end-of-week snapshot. Green: aggregate dealer gamma is positive, hedging works against the move — price sticks to levels and candles stay short. Red: gamma is negative, hedging pushes with the move — the same headline produces a wider swing. This is not a direction call: the regime describes the character of the move, not its side.
📍 Now: ETH: across 27 weeks on record the accelerating regime held for 5 weeks (19% of the time); right now — damping
The line is price, the background is the regime from our end-of-week snapshot. Green: aggregate dealer gamma is positive, hedging works against the move — price sticks to levels and candles stay short. Red: gamma is negative, hedging pushes with the move — the same headline produces a wider swing. This is not a direction call: the regime describes the character of the move, not its side.
📍 Now: the BTC flip is -12.2% away from spot, ETH -8.3% — there is room before the regime line
Zero means price sits exactly on zero-gamma. Above zero the flip is above price, below zero it is under it. The closer the line runs to zero, the smaller the move needed to switch regimes — those are the weeks that produce sharp accelerations. We show percent because a percentage is comparable between BTC and ETH and across price levels.
📊 Data — from Deribit (options) and Hyperliquid (futures). Both venues are our partners: signing up through our links gets you −10% / −4% off fees; it does not affect the analysis.
We compute GEX ourselves: Black-Scholes gamma from each instrument’s mark_iv × open interest, aggregated under the standard dealer-book assumption, in dollars per 1% move in spot. Zero-gamma is the point where aggregate gamma changes sign (interpolated over a ±20% grid around spot). A journal of the system’s decisions, not investment advice. © 2026 INDICIA DESK.