Gamma layer · updated 06.11.2026 08:02 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 $75 478 (▲ mark on the axis) — between the put wall $74 000 and the call wall $80 000; zero-gamma $75 869; regime: acceleration — moves get amplified
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 $2 224 (▲ mark on the axis) — between the put wall $2 000 and the call wall $2 500; zero-gamma $2 201; 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 | 88 | -3.2M | 75 945 | +0.6% |
| ≤ 7 d | 165 | -15.5M | 76 166 | +0.9% |
| ≤ 14 d | 198 | -18.5M | 76 258 | +1.0% |
| ≤ 30 d | 287 | -41.0M | 76 742 | +1.7% |
| ≤ 60 d | 401 | -20.8M | 76 054 | +0.8% |
| whole book | 736 | -14.4M | 75 869 | +0.5% |
| horizon | contracts | GEX per 1% | zero-gamma | vs spot |
|---|---|---|---|---|
| ≤ 2 d | 106 | -1.0M | 2 284 | +2.7% |
| ≤ 7 d | 179 | -5.0M | 2 344 | +5.4% |
| ≤ 14 d | 211 | -4.9M | 2 331 | +4.8% |
| ≤ 30 d | 278 | -6.0M | 2 330 | +4.8% |
| ≤ 60 d | 362 | -0.0M | 2 224 | +0.0% |
| whole book | 620 | +1.4M | 2 201 | -1.0% |
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: 242 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 35 weeks on record the accelerating regime held for 5 weeks (14% of the time); right now — acceleration
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 35 weeks on record the accelerating regime held for 6 weeks (17% of the time); right now — acceleration
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 +1.0% away from spot, ETH +1.6% — price is close to the regime line, so changing the character of the move is cheap
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.
📥 These weekly points as a file: CSV and JSON, open data.
Bitcoin has a large listed options market on Deribit, so it has GEX like any asset with options. The number estimates how much BTC options dealers would have to buy or sell to stay hedged as price moves. We take every Deribit option, compute its Black-Scholes gamma from the mark IV, multiply by open interest and add it up in dollars per 1% move in spot. A positive total means dealer hedging leans against the move; a negative total means hedging adds to it.
They are three prices on the levels card. The call wall is the strike with the largest positive net dealer gamma, the ceiling of hedging. The put wall is the strike with the most negative net gamma, the floor. Zero gamma, also called the gamma flip, is the price where total dealer gamma changes sign. None of them is a magnet or a guarantee: they show where hedging is densest and where it changes direction. Max pain and open-interest walls are a different measure; they live on the levels board.
The gamma flip is the spot price where aggregate dealer gamma crosses zero. Above it hedging dampens moves, below it hedging speeds them up. The level depends on which expiries you count. The nearest few days describe what moves price today, all expiries together describe the overall structure of positions, and the two answers can sit thousands of dollars apart. Different venues and model assumptions add their own gaps. So before comparing a flip across sites, ask which window was used. The gamma by expiry horizon table on this page shows the flip for 2, 7, 14, 30 and 60 days and for all expiries.
Yes. ETH is computed with the same method and shown next to BTC: the levels card, net GEX by strike, the horizon table and the regime history. Deribit holds only part of the ETH options market (Bybit is also large), so the ETH levels describe positioning on Deribit, not on every venue.
Levels are recomputed from the live Deribit option chain about every 2 hours; the time of the last update is at the top of the page. The regime history is our own archive of daily snapshots kept since March 2026, because the exchange only shows the current state. Publicly we chart it weekly and in percent of spot.
Dealers are the market makers on the other side of options trades; they hedge their delta in the underlying. Deribit does not publish who holds which side, so every GEX provider has to assume it. We use the standard assumption that dealers are long calls and short puts. On a day when real positioning differs, the sign is wrong too, which is why we treat GEX as a model of hedging flows, not a measurement.
Not the direction. The regime describes the character of the move. In a damping regime (positive gamma) levels tend to hold and breakouts fail more often. In an accelerating regime (negative gamma) the same news tends to produce a wider swing, up or down. Use it to judge how far a move may run, together with the volatility page, not as a reason to buy or sell.
📊 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.