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Bitcoin (BTC) options gamma exposure by strike

Estimated dealer gamma exposure (GEX) by strike for Bitcoin options on Bybit and Binance, all expiries combined or one expiry, with the zero-gamma level. A model estimate: Black-76 gamma from each option's mark implied volatility, assuming dealers are long calls and short puts sold to customers.

Model estimate for BTC options on Bybit and Binance (all expiries): net dealer gamma exposure is $37.36M per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $84,000 strike ($10.27M per 1% move). The estimated zero-gamma level is $81,546.6, 1.3% below spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 11:16 UTC

Model estimate. Gamma exposure assumes dealers are long calls and short puts sold to customers (calls count +, puts count −). Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption. Not trading advice.

Coverage. Covers options listed on Bybit and Binance only, not the whole market. Deribit, the largest crypto options exchange, is not included, so max pain and put/call figures here can differ from numbers quoted elsewhere.

BTC gamma exposure, all expiries (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$37.36M
calls $76.03Mputs -$38.67M
Largest |GEX| strike model estimate
$84,000
$10.27M per 1% move
Zero-gamma level model estimate
$81,546.6
1.3% below spotindex $82,604.2
Total gamma, unsigned model estimate
$114.70M
no positioning assumption

Estimated dealer gamma exposure by strike, all expiries (model estimate)

assumes dealers are long calls and short puts sold to customers: calls above the line, puts below · USD per 1% move
  • Calls (+)
  • Puts (−)
  • Zero-gamma level
  • Index price
-$5M $0 $5M $10M $15M 62K 70K 78K 80.8K 82.8K 84.8K 89K 97K 62,000: calls $22K, puts -$95.5K, net -$73.5K per 1% move (model estimate) 63,000: calls $8.58K, puts -$47.9K, net -$39.3K per 1% move (model estimate) 64,000: calls $32.4K, puts -$132K, net -$99.7K per 1% move (model estimate) 65,000: calls $20.9K, puts -$143K, net -$122K per 1% move (model estimate) 66,000: calls $30.4K, puts -$178K, net -$147K per 1% move (model estimate) 67,000: calls $14.1K, puts -$74.2K, net -$60.1K per 1% move (model estimate) 68,000: calls $42K, puts -$327K, net -$285K per 1% move (model estimate) 69,000: calls $6.76K, puts -$104K, net -$97.3K per 1% move (model estimate) 70,000: calls $110K, puts -$799K, net -$689K per 1% move (model estimate) 71,000: calls $15.9K, puts -$159K, net -$143K per 1% move (model estimate) 72,000: calls $81.7K, puts -$536K, net -$454K per 1% move (model estimate) 73,000: calls $33.8K, puts -$353K, net -$319K per 1% move (model estimate) 74,000: calls $75.5K, puts -$701K, net -$625K per 1% move (model estimate) 75,000: calls $142K, puts -$644K, net -$503K per 1% move (model estimate) 76,000: calls $214K, puts -$1.2M, net -$983K per 1% move (model estimate) 77,000: calls $99.1K, puts -$926K, net -$827K per 1% move (model estimate) 78,000: calls $293K, puts -$1.91M, net -$1.62M per 1% move (model estimate) 78,500: calls $0, puts -$74K, net -$74K per 1% move (model estimate) 79,000: calls $140K, puts -$1.64M, net -$1.5M per 1% move (model estimate) 79,500: calls $27.5, puts -$122K, net -$122K per 1% move (model estimate) 79,750: calls $0, puts -$24K, net -$24K per 1% move (model estimate) 80,000: calls $1.21M, puts -$4.33M, net -$3.12M per 1% move (model estimate) 80,250: calls $2.86K, puts -$79.1K, net -$76.3K per 1% move (model estimate) 80,500: calls $40.2K, puts -$621K, net -$581K per 1% move (model estimate) 80,750: calls $5.59K, puts -$109K, net -$103K per 1% move (model estimate) 81,000: calls $1.19M, puts -$3.32M, net -$2.13M per 1% move (model estimate) 81,250: calls $84.5K, puts -$417K, net -$332K per 1% move (model estimate) 81,500: calls $543K, puts -$1.07M, net -$526K per 1% move (model estimate) 81,750: calls $387K, puts -$1.04M, net -$648K per 1% move (model estimate) 82,000: calls $3.54M, puts -$4.63M, net -$1.09M per 1% move (model estimate) 82,250: calls $1.27M, puts -$1.31M, net -$33.9K per 1% move (model estimate) 82,500: calls $5.2M, puts -$2.21M, net $2.99M per 1% move (model estimate) 82,750: calls $5.28M, puts -$746K, net $4.54M per 1% move (model estimate) 83,000: calls $8.84M, puts -$1.95M, net $6.89M per 1% move (model estimate) 83,250: calls $2.25M, puts -$196K, net $2.06M per 1% move (model estimate) 83,500: calls $3.96M, puts -$107K, net $3.85M per 1% move (model estimate) 83,750: calls $5.26M, puts -$121K, net $5.14M per 1% move (model estimate) 84,000: calls $11.7M, puts -$1.46M, net $10.3M per 1% move (model estimate) 84,250: calls $2.75M, puts $0, net $2.75M per 1% move (model estimate) 84,500: calls $1.65M, puts -$14.8K, net $1.63M per 1% move (model estimate) 84,750: calls $389K, puts $0, net $389K per 1% move (model estimate) 85,000: calls $3.63M, puts -$1.14M, net $2.5M per 1% move (model estimate) 85,250: calls $122K, puts $0, net $122K per 1% move (model estimate) 85,500: calls $449K, puts -$24.1K, net $424K per 1% move (model estimate) 86,000: calls $2.85M, puts -$1.15M, net $1.7M per 1% move (model estimate) 86,500: calls $305K, puts -$24.4K, net $280K per 1% move (model estimate) 87,000: calls $1.42M, puts -$597K, net $826K per 1% move (model estimate) 88,000: calls $2.83M, puts -$534K, net $2.3M per 1% move (model estimate) 89,000: calls $1.59M, puts -$120K, net $1.47M per 1% move (model estimate) 90,000: calls $2.08M, puts -$207K, net $1.87M per 1% move (model estimate) 91,000: calls $469K, puts -$33.5K, net $436K per 1% move (model estimate) 92,000: calls $718K, puts -$37K, net $681K per 1% move (model estimate) 93,000: calls $90.8K, puts -$1.41K, net $89.4K per 1% move (model estimate) 94,000: calls $485K, puts -$16.1K, net $468K per 1% move (model estimate) 95,000: calls $383K, puts -$34.4K, net $349K per 1% move (model estimate) 96,000: calls $217K, puts -$4.23K, net $212K per 1% move (model estimate) 97,000: calls $23.1K, puts $0, net $23.1K per 1% move (model estimate) 98,000: calls $227K, puts -$8K, net $219K per 1% move (model estimate) 100,000: calls $419K, puts -$36.3K, net $383K per 1% move (model estimate) 102,000: calls $134K, puts -$106, net $134K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (60 of 98 shown). Net GEX per strike = calls + puts.

Total gamma by strike, all expiries (model estimate)

assumption-free: calls and puts both counted positive · USD per 1% move
  • Total gamma
  • Zero-gamma level
  • Index price
$0 $5M $10M $15M 62K 70K 78K 80.8K 82.8K 84.8K 89K 97K 62,000: total gamma $117K per 1% move (model estimate) 63,000: total gamma $56.5K per 1% move (model estimate) 64,000: total gamma $165K per 1% move (model estimate) 65,000: total gamma $163K per 1% move (model estimate) 66,000: total gamma $208K per 1% move (model estimate) 67,000: total gamma $88.3K per 1% move (model estimate) 68,000: total gamma $369K per 1% move (model estimate) 69,000: total gamma $111K per 1% move (model estimate) 70,000: total gamma $909K per 1% move (model estimate) 71,000: total gamma $174K per 1% move (model estimate) 72,000: total gamma $618K per 1% move (model estimate) 73,000: total gamma $386K per 1% move (model estimate) 74,000: total gamma $776K per 1% move (model estimate) 75,000: total gamma $786K per 1% move (model estimate) 76,000: total gamma $1.41M per 1% move (model estimate) 77,000: total gamma $1.02M per 1% move (model estimate) 78,000: total gamma $2.21M per 1% move (model estimate) 78,500: total gamma $74K per 1% move (model estimate) 79,000: total gamma $1.78M per 1% move (model estimate) 79,500: total gamma $122K per 1% move (model estimate) 79,750: total gamma $24K per 1% move (model estimate) 80,000: total gamma $5.53M per 1% move (model estimate) 80,250: total gamma $82K per 1% move (model estimate) 80,500: total gamma $661K per 1% move (model estimate) 80,750: total gamma $114K per 1% move (model estimate) 81,000: total gamma $4.51M per 1% move (model estimate) 81,250: total gamma $501K per 1% move (model estimate) 81,500: total gamma $1.61M per 1% move (model estimate) 81,750: total gamma $1.42M per 1% move (model estimate) 82,000: total gamma $8.17M per 1% move (model estimate) 82,250: total gamma $2.58M per 1% move (model estimate) 82,500: total gamma $7.4M per 1% move (model estimate) 82,750: total gamma $6.03M per 1% move (model estimate) 83,000: total gamma $10.8M per 1% move (model estimate) 83,250: total gamma $2.45M per 1% move (model estimate) 83,500: total gamma $4.07M per 1% move (model estimate) 83,750: total gamma $5.38M per 1% move (model estimate) 84,000: total gamma $13.2M per 1% move (model estimate) 84,250: total gamma $2.75M per 1% move (model estimate) 84,500: total gamma $1.66M per 1% move (model estimate) 84,750: total gamma $389K per 1% move (model estimate) 85,000: total gamma $4.77M per 1% move (model estimate) 85,250: total gamma $122K per 1% move (model estimate) 85,500: total gamma $473K per 1% move (model estimate) 86,000: total gamma $4M per 1% move (model estimate) 86,500: total gamma $329K per 1% move (model estimate) 87,000: total gamma $2.02M per 1% move (model estimate) 88,000: total gamma $3.37M per 1% move (model estimate) 89,000: total gamma $1.71M per 1% move (model estimate) 90,000: total gamma $2.29M per 1% move (model estimate) 91,000: total gamma $503K per 1% move (model estimate) 92,000: total gamma $755K per 1% move (model estimate) 93,000: total gamma $92.2K per 1% move (model estimate) 94,000: total gamma $501K per 1% move (model estimate) 95,000: total gamma $417K per 1% move (model estimate) 96,000: total gamma $221K per 1% move (model estimate) 97,000: total gamma $23.1K per 1% move (model estimate) 98,000: total gamma $235K per 1% move (model estimate) 100,000: total gamma $455K per 1% move (model estimate) 102,000: total gamma $134K per 1% move (model estimate)

Gamma exposure by strike table, all expiries (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$62,000$22K-$95K-$73K$117K
$63,000$8,581-$48K-$39K$56K
$64,000$32K-$132K-$100K$165K
$65,000$21K-$143K-$122K$163K
$66,000$30K-$178K-$147K$208K
$67,000$14K-$74K-$60K$88K
$68,000$42K-$327K-$285K$369K
$69,000$6,759-$104K-$97K$111K
$70,000$110K-$799K-$689K$909K
$71,000$16K-$159K-$143K$174K
$72,000$82K-$536K-$454K$618K
$73,000$34K-$353K-$319K$386K
$74,000$75K-$701K-$625K$776K
$75,000$142K-$644K-$503K$786K
$76,000$214K-$1.20M-$983K$1.41M
$77,000$99K-$926K-$827K$1.02M
$78,000$293K-$1.91M-$1.62M$2.21M
$78,500$0-$74K-$74K$74K
$79,000$140K-$1.64M-$1.50M$1.78M
$79,500$27-$122K-$122K$122K
$79,750$0-$24K-$24K$24K
$80,000$1.21M-$4.33M-$3.12M$5.53M
$80,250$2,863-$79K-$76K$82K
$80,500$40K-$621K-$581K$661K
$80,750$5,592-$109K-$103K$114K
$81,000$1.19M-$3.32M-$2.13M$4.51M
$81,250$84K-$417K-$332K$501K
$81,500$543K-$1.07M-$526K$1.61M
$81,750$387K-$1.04M-$648K$1.42M
$82,000$3.54M-$4.63M-$1.09M$8.17M
$82,250$1.27M-$1.31M-$34K$2.58M
$82,500$5.20M-$2.21M$2.99M$7.40M
$82,750$5.28M-$746K$4.54M$6.03M
$83,000$8.84M-$1.95M$6.89M$10.80M
$83,250$2.25M-$196K$2.06M$2.45M
$83,500$3.96M-$107K$3.85M$4.07M
$83,750$5.26M-$121K$5.14M$5.38M
$84,000$11.72M-$1.46M$10.27M$13.18M
$84,250$2.75M$0$2.75M$2.75M
$84,500$1.65M-$15K$1.63M$1.66M
$84,750$389K$0$389K$389K
$85,000$3.63M-$1.14M$2.50M$4.77M
$85,250$122K$0$122K$122K
$85,500$449K-$24K$424K$473K
$86,000$2.85M-$1.15M$1.70M$4.00M
$86,500$305K-$24K$280K$329K
$87,000$1.42M-$597K$826K$2.02M
$88,000$2.83M-$534K$2.30M$3.37M
$89,000$1.59M-$120K$1.47M$1.71M
$90,000$2.08M-$207K$1.87M$2.29M
$91,000$469K-$34K$436K$503K
$92,000$718K-$37K$681K$755K
$93,000$91K-$1,413$89K$92K
$94,000$485K-$16K$468K$501K
$95,000$383K-$34K$349K$417K
$96,000$217K-$4,234$212K$221K
$97,000$23K$0$23K$23K
$98,000$227K-$8,001$219K$235K
$100,000$419K-$36K$383K$455K
$102,000$134K-$106$134K$134K

How it is estimated. For each option, GEX = Black-76 gamma (from the exchange's mark implied volatility, forward price, strike and time to expiry, rates at zero) × open interest in BTC × forward² × 1%: the dollar amount of BTC a hedger would trade for a 1% move. Calls count positive and puts negative under the stated assumption; total gamma counts both positive. The zero-gamma level re-evaluates every option's gamma at 81 prices from 20% below to 20% above the index and reports the crossing nearest the index. Expiries less than one hour away are left out. Snapshots every 5 minutes. Not financial advice.

For sensitivity to implied volatility without a positioning assumption, see BTC options vega open interest by expiry (unsigned model estimate).

Bitcoin options gamma exposure FAQ

What is gamma exposure (GEX)?

Gamma is how fast an option's delta changes as the price moves. Gamma exposure multiplies each option's Black-76 gamma (from the exchange's mark implied volatility) by its open interest and the forward price squared, times 1%: the dollar amount of the underlying that option hedgers would have to buy or sell for a 1% move. It is a model estimate, not a measured flow.

What does the dealer-positioning assumption mean?

Exchanges publish open interest but not who holds each side. This page assumes dealers are long calls and short puts sold to customers, so calls count as positive and puts as negative gamma for dealers. Positive net gamma means hedging would lean against moves; negative net gamma means hedging would chase them. If the real positioning differs, the sign of the estimate can be wrong; the unsigned total gamma chart makes no assumption about who is long or short.

What is the zero-gamma level?

The price where the estimated net dealer gamma changes sign. We re-evaluate every option's gamma with the forward moved to 81 prices from 20% below to 20% above the index price and report the crossing nearest the index price, or none in range.

Which exchanges are covered?

Bitcoin options on Bybit and Binance only, from their public APIs every 5 minutes. Deribit, the largest crypto options exchange, is not included, so these estimates cover part of the market and can differ from gamma figures quoted elsewhere. Expiries less than one hour away are left out because gamma explodes into expiry.

Is this trading advice?

No. Gamma exposure here is a model estimate under a stated assumption, for information only. It is not trading or financial advice.