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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 (Fri 25 Dec 2026 expiry): net dealer gamma exposure is -$28K per 1% move, negative: under the assumption dealers would sell dips and buy rallies, amplifying moves. The largest estimated exposure sits at the $85,000 strike ($324K per 1% move). The estimated zero-gamma level is $82,755.9, 0.2% above spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 12:01 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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, Fri 25 Dec 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
-$28K
calls $2.60Mputs -$2.63M
Largest |GEX| strike model estimate
$85,000
$324K per 1% move
Zero-gamma level model estimate
$82,755.9
0.2% above spotindex $82,601.9
Total gamma, unsigned model estimate
$5.23M
no positioning assumption

Estimated dealer gamma exposure by strike, Fri 25 Dec 2026 expiry (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
-$400K -$200K $0 $200K $400K $600K 45K 60K 67K 76K 85K 94K 105K 45,000: calls $1.32K, puts -$12.2K, net -$10.9K per 1% move (model estimate) 50,000: calls $239, puts -$26.3K, net -$26.1K per 1% move (model estimate) 52,000: calls $0, puts -$5.76K, net -$5.76K per 1% move (model estimate) 54,000: calls $2.91K, puts -$14.7K, net -$11.8K per 1% move (model estimate) 55,000: calls $674, puts -$126K, net -$125K per 1% move (model estimate) 58,000: calls $0, puts -$12.7K, net -$12.7K per 1% move (model estimate) 60,000: calls $4.75K, puts -$252K, net -$247K per 1% move (model estimate) 62,000: calls $13.3K, puts -$42.6K, net -$29.3K per 1% move (model estimate) 63,000: calls $6.07K, puts -$33.9K, net -$27.9K per 1% move (model estimate) 64,000: calls $17.6K, puts -$35.6K, net -$18K per 1% move (model estimate) 65,000: calls $17.6K, puts -$105K, net -$86.9K per 1% move (model estimate) 66,000: calls $13.4K, puts -$46.1K, net -$32.8K per 1% move (model estimate) 67,000: calls $8.19K, puts -$36K, net -$27.8K per 1% move (model estimate) 68,000: calls $28.1K, puts -$90.3K, net -$62.3K per 1% move (model estimate) 70,000: calls $57.9K, puts -$259K, net -$201K per 1% move (model estimate) 72,000: calls $59.6K, puts -$131K, net -$71.6K per 1% move (model estimate) 74,000: calls $14.4K, puts -$40.6K, net -$26.1K per 1% move (model estimate) 75,000: calls $83.2K, puts -$136K, net -$53.1K per 1% move (model estimate) 76,000: calls $39.7K, puts -$46.2K, net -$6.52K per 1% move (model estimate) 77,000: calls $1.13K, puts -$72.9K, net -$71.7K per 1% move (model estimate) 78,000: calls $39.8K, puts -$51.2K, net -$11.4K per 1% move (model estimate) 80,000: calls $148K, puts -$310K, net -$162K per 1% move (model estimate) 82,000: calls $82.4K, puts -$134K, net -$51.4K per 1% move (model estimate) 84,000: calls $63.2K, puts -$45K, net $18.1K per 1% move (model estimate) 85,000: calls $458K, puts -$134K, net $324K per 1% move (model estimate) 86,000: calls $115K, puts -$125K, net -$10.4K per 1% move (model estimate) 88,000: calls $98.8K, puts -$78.9K, net $20K per 1% move (model estimate) 90,000: calls $253K, puts -$95.4K, net $157K per 1% move (model estimate) 91,000: calls $42.8K, puts -$14.3K, net $28.5K per 1% move (model estimate) 92,000: calls $48.2K, puts -$18.1K, net $30.2K per 1% move (model estimate) 94,000: calls $24.3K, puts -$11K, net $13.3K per 1% move (model estimate) 95,000: calls $189K, puts -$28.5K, net $161K per 1% move (model estimate) 96,000: calls $26.3K, puts $0, net $26.3K per 1% move (model estimate) 98,000: calls $61.4K, puts -$557, net $60.9K per 1% move (model estimate) 100,000: calls $212K, puts -$14.4K, net $198K per 1% move (model estimate) 102,000: calls $61.2K, puts -$105, net $61.1K per 1% move (model estimate) 105,000: calls $87.9K, puts -$8.58K, net $79.4K per 1% move (model estimate) 106,000: calls $4.67K, puts $0, net $4.67K per 1% move (model estimate) 108,000: calls $10.1K, puts $0, net $10.1K per 1% move (model estimate) 110,000: calls $81.5K, puts -$3.87K, net $77.6K per 1% move (model estimate) 115,000: calls $22.8K, puts -$12.1, net $22.8K per 1% move (model estimate) 120,000: calls $46.1K, puts -$643, net $45.4K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (42 of 54 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Fri 25 Dec 2026 expiry (model estimate)

assumption-free: calls and puts both counted positive · USD per 1% move
  • Total gamma
  • Zero-gamma level
  • Index price
$0 $200K $400K $600K 45K 60K 67K 76K 85K 94K 105K 45,000: total gamma $13.5K per 1% move (model estimate) 50,000: total gamma $26.6K per 1% move (model estimate) 52,000: total gamma $5.76K per 1% move (model estimate) 54,000: total gamma $17.6K per 1% move (model estimate) 55,000: total gamma $126K per 1% move (model estimate) 58,000: total gamma $12.7K per 1% move (model estimate) 60,000: total gamma $257K per 1% move (model estimate) 62,000: total gamma $55.8K per 1% move (model estimate) 63,000: total gamma $40K per 1% move (model estimate) 64,000: total gamma $53.2K per 1% move (model estimate) 65,000: total gamma $122K per 1% move (model estimate) 66,000: total gamma $59.5K per 1% move (model estimate) 67,000: total gamma $44.2K per 1% move (model estimate) 68,000: total gamma $118K per 1% move (model estimate) 70,000: total gamma $316K per 1% move (model estimate) 72,000: total gamma $191K per 1% move (model estimate) 74,000: total gamma $55K per 1% move (model estimate) 75,000: total gamma $220K per 1% move (model estimate) 76,000: total gamma $85.8K per 1% move (model estimate) 77,000: total gamma $74K per 1% move (model estimate) 78,000: total gamma $91K per 1% move (model estimate) 80,000: total gamma $458K per 1% move (model estimate) 82,000: total gamma $216K per 1% move (model estimate) 84,000: total gamma $108K per 1% move (model estimate) 85,000: total gamma $592K per 1% move (model estimate) 86,000: total gamma $240K per 1% move (model estimate) 88,000: total gamma $178K per 1% move (model estimate) 90,000: total gamma $348K per 1% move (model estimate) 91,000: total gamma $57.1K per 1% move (model estimate) 92,000: total gamma $66.3K per 1% move (model estimate) 94,000: total gamma $35.3K per 1% move (model estimate) 95,000: total gamma $218K per 1% move (model estimate) 96,000: total gamma $26.3K per 1% move (model estimate) 98,000: total gamma $62K per 1% move (model estimate) 100,000: total gamma $227K per 1% move (model estimate) 102,000: total gamma $61.3K per 1% move (model estimate) 105,000: total gamma $96.5K per 1% move (model estimate) 106,000: total gamma $4.67K per 1% move (model estimate) 108,000: total gamma $10.1K per 1% move (model estimate) 110,000: total gamma $85.4K per 1% move (model estimate) 115,000: total gamma $22.8K per 1% move (model estimate) 120,000: total gamma $46.7K per 1% move (model estimate)

Gamma exposure by strike table, Fri 25 Dec 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$45,000$1,317-$12K-$11K$14K
$50,000$239-$26K-$26K$27K
$52,000$0-$5,758-$5,758$5,758
$54,000$2,908-$15K-$12K$18K
$55,000$674-$126K-$125K$126K
$58,000$0-$13K-$13K$13K
$60,000$4,751-$252K-$247K$257K
$62,000$13K-$43K-$29K$56K
$63,000$6,069-$34K-$28K$40K
$64,000$18K-$36K-$18K$53K
$65,000$18K-$105K-$87K$122K
$66,000$13K-$46K-$33K$59K
$67,000$8,189-$36K-$28K$44K
$68,000$28K-$90K-$62K$118K
$70,000$58K-$259K-$201K$316K
$72,000$60K-$131K-$72K$191K
$74,000$14K-$41K-$26K$55K
$75,000$83K-$136K-$53K$220K
$76,000$40K-$46K-$6,519$86K
$77,000$1,126-$73K-$72K$74K
$78,000$40K-$51K-$11K$91K
$80,000$148K-$310K-$162K$458K
$82,000$82K-$134K-$51K$216K
$84,000$63K-$45K$18K$108K
$85,000$458K-$134K$324K$592K
$86,000$115K-$125K-$10K$240K
$88,000$99K-$79K$20K$178K
$90,000$253K-$95K$157K$348K
$91,000$43K-$14K$29K$57K
$92,000$48K-$18K$30K$66K
$94,000$24K-$11K$13K$35K
$95,000$189K-$28K$161K$218K
$96,000$26K$0$26K$26K
$98,000$61K-$557$61K$62K
$100,000$212K-$14K$198K$227K
$102,000$61K-$105$61K$61K
$105,000$88K-$8,581$79K$97K
$106,000$4,671$0$4,671$4,671
$108,000$10K$0$10K$10K
$110,000$81K-$3,867$78K$85K
$115,000$23K-$12$23K$23K
$120,000$46K-$643$45K$47K

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
$35.78M
calls $77.09Mputs -$41.31M
Largest |GEX| strike model estimate
$84,000
$10.68M per 1% move
Zero-gamma level model estimate
$81,548.3
1.3% below spotindex $82,601.9
Total gamma, unsigned model estimate
$118.40M
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 $23K, puts -$106K, net -$82.9K per 1% move (model estimate) 63,000: calls $9.13K, puts -$51.5K, net -$42.3K per 1% move (model estimate) 64,000: calls $33.7K, puts -$144K, net -$110K per 1% move (model estimate) 65,000: calls $21.8K, puts -$150K, net -$129K per 1% move (model estimate) 66,000: calls $31.9K, puts -$192K, net -$160K per 1% move (model estimate) 67,000: calls $15K, puts -$83.9K, net -$68.9K per 1% move (model estimate) 68,000: calls $43K, puts -$346K, net -$303K per 1% move (model estimate) 69,000: calls $7.77K, puts -$115K, net -$107K per 1% move (model estimate) 70,000: calls $112K, puts -$846K, net -$734K per 1% move (model estimate) 71,000: calls $18K, puts -$178K, net -$160K per 1% move (model estimate) 72,000: calls $82.5K, puts -$568K, net -$486K per 1% move (model estimate) 73,000: calls $36.9K, puts -$381K, net -$344K per 1% move (model estimate) 74,000: calls $78.8K, puts -$730K, net -$652K per 1% move (model estimate) 75,000: calls $144K, puts -$679K, net -$535K per 1% move (model estimate) 76,000: calls $216K, puts -$1.23M, net -$1.02M per 1% move (model estimate) 77,000: calls $98.2K, puts -$940K, net -$841K per 1% move (model estimate) 78,000: calls $291K, puts -$1.93M, net -$1.64M per 1% move (model estimate) 78,500: calls $0, puts -$80.9K, net -$80.9K per 1% move (model estimate) 79,000: calls $138K, puts -$1.65M, net -$1.51M per 1% move (model estimate) 79,500: calls $25.7, puts -$132K, net -$132K per 1% move (model estimate) 79,750: calls $0, puts -$27.7K, net -$27.7K per 1% move (model estimate) 80,000: calls $1.18M, puts -$4.39M, net -$3.21M per 1% move (model estimate) 80,250: calls $3.01K, puts -$83.2K, net -$80.2K per 1% move (model estimate) 80,500: calls $41.7K, puts -$664K, net -$622K per 1% move (model estimate) 80,750: calls $5.89K, puts -$126K, net -$120K per 1% move (model estimate) 81,000: calls $1.14M, puts -$3.49M, net -$2.35M per 1% move (model estimate) 81,250: calls $89.2K, puts -$456K, net -$366K per 1% move (model estimate) 81,500: calls $527K, puts -$1.25M, net -$721K per 1% move (model estimate) 81,750: calls $378K, puts -$1.31M, net -$937K per 1% move (model estimate) 82,000: calls $3.4M, puts -$4.88M, net -$1.49M per 1% move (model estimate) 82,250: calls $1.16M, puts -$1.52M, net -$353K per 1% move (model estimate) 82,500: calls $4.65M, puts -$2.41M, net $2.24M per 1% move (model estimate) 82,750: calls $4.85M, puts -$980K, net $3.87M per 1% move (model estimate) 83,000: calls $10.6M, puts -$2.33M, net $8.22M per 1% move (model estimate) 83,250: calls $2.03M, puts -$190K, net $1.84M per 1% move (model estimate) 83,500: calls $3.67M, puts -$179K, net $3.49M per 1% move (model estimate) 83,750: calls $5.11M, puts -$122K, net $4.99M per 1% move (model estimate) 84,000: calls $12.2M, puts -$1.52M, net $10.7M per 1% move (model estimate) 84,250: calls $2.81M, puts -$8.33K, net $2.8M per 1% move (model estimate) 84,500: calls $1.65M, puts -$28.6K, net $1.62M per 1% move (model estimate) 84,750: calls $392K, puts $0, net $392K per 1% move (model estimate) 85,000: calls $3.94M, puts -$1.12M, net $2.83M per 1% move (model estimate) 85,250: calls $121K, puts $0, net $121K per 1% move (model estimate) 85,500: calls $529K, puts -$23.8K, net $505K per 1% move (model estimate) 86,000: calls $2.8M, puts -$1.14M, net $1.66M per 1% move (model estimate) 86,500: calls $298K, puts -$26.5K, net $271K per 1% move (model estimate) 87,000: calls $1.52M, puts -$599K, net $925K per 1% move (model estimate) 88,000: calls $2.86M, puts -$540K, net $2.32M per 1% move (model estimate) 89,000: calls $1.63M, puts -$122K, net $1.51M per 1% move (model estimate) 90,000: calls $2.16M, puts -$209K, net $1.95M per 1% move (model estimate) 91,000: calls $483K, puts -$33.4K, net $450K per 1% move (model estimate) 92,000: calls $766K, puts -$37.1K, net $729K per 1% move (model estimate) 93,000: calls $95.9K, puts -$1.41K, net $94.5K per 1% move (model estimate) 94,000: calls $517K, puts -$16.4K, net $501K per 1% move (model estimate) 95,000: calls $406K, puts -$34.3K, net $372K per 1% move (model estimate) 96,000: calls $228K, puts -$4.27K, net $224K per 1% move (model estimate) 97,000: calls $23.2K, puts $0, net $23.2K per 1% move (model estimate) 98,000: calls $249K, puts -$8.09K, net $241K per 1% move (model estimate) 100,000: calls $429K, puts -$36.3K, net $393K per 1% move (model estimate) 102,000: calls $146K, puts -$107, net $146K 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 $129K per 1% move (model estimate) 63,000: total gamma $60.6K per 1% move (model estimate) 64,000: total gamma $177K per 1% move (model estimate) 65,000: total gamma $172K per 1% move (model estimate) 66,000: total gamma $224K per 1% move (model estimate) 67,000: total gamma $99K per 1% move (model estimate) 68,000: total gamma $390K per 1% move (model estimate) 69,000: total gamma $123K per 1% move (model estimate) 70,000: total gamma $958K per 1% move (model estimate) 71,000: total gamma $196K per 1% move (model estimate) 72,000: total gamma $650K per 1% move (model estimate) 73,000: total gamma $418K per 1% move (model estimate) 74,000: total gamma $809K per 1% move (model estimate) 75,000: total gamma $823K per 1% move (model estimate) 76,000: total gamma $1.45M per 1% move (model estimate) 77,000: total gamma $1.04M per 1% move (model estimate) 78,000: total gamma $2.22M per 1% move (model estimate) 78,500: total gamma $80.9K per 1% move (model estimate) 79,000: total gamma $1.78M per 1% move (model estimate) 79,500: total gamma $132K per 1% move (model estimate) 79,750: total gamma $27.7K per 1% move (model estimate) 80,000: total gamma $5.57M per 1% move (model estimate) 80,250: total gamma $86.2K per 1% move (model estimate) 80,500: total gamma $706K per 1% move (model estimate) 80,750: total gamma $132K per 1% move (model estimate) 81,000: total gamma $4.63M per 1% move (model estimate) 81,250: total gamma $545K per 1% move (model estimate) 81,500: total gamma $1.78M per 1% move (model estimate) 81,750: total gamma $1.69M per 1% move (model estimate) 82,000: total gamma $8.28M per 1% move (model estimate) 82,250: total gamma $2.68M per 1% move (model estimate) 82,500: total gamma $7.06M per 1% move (model estimate) 82,750: total gamma $5.83M per 1% move (model estimate) 83,000: total gamma $12.9M per 1% move (model estimate) 83,250: total gamma $2.22M per 1% move (model estimate) 83,500: total gamma $3.85M per 1% move (model estimate) 83,750: total gamma $5.23M per 1% move (model estimate) 84,000: total gamma $13.7M per 1% move (model estimate) 84,250: total gamma $2.82M per 1% move (model estimate) 84,500: total gamma $1.68M per 1% move (model estimate) 84,750: total gamma $392K per 1% move (model estimate) 85,000: total gamma $5.06M per 1% move (model estimate) 85,250: total gamma $121K per 1% move (model estimate) 85,500: total gamma $553K per 1% move (model estimate) 86,000: total gamma $3.95M per 1% move (model estimate) 86,500: total gamma $324K per 1% move (model estimate) 87,000: total gamma $2.12M per 1% move (model estimate) 88,000: total gamma $3.4M per 1% move (model estimate) 89,000: total gamma $1.75M per 1% move (model estimate) 90,000: total gamma $2.37M per 1% move (model estimate) 91,000: total gamma $517K per 1% move (model estimate) 92,000: total gamma $803K per 1% move (model estimate) 93,000: total gamma $97.3K per 1% move (model estimate) 94,000: total gamma $534K per 1% move (model estimate) 95,000: total gamma $440K per 1% move (model estimate) 96,000: total gamma $232K per 1% move (model estimate) 97,000: total gamma $23.2K per 1% move (model estimate) 98,000: total gamma $257K per 1% move (model estimate) 100,000: total gamma $465K per 1% move (model estimate) 102,000: total gamma $146K 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$23K-$106K-$83K$129K
$63,000$9,128-$51K-$42K$61K
$64,000$34K-$144K-$110K$177K
$65,000$22K-$150K-$129K$172K
$66,000$32K-$192K-$160K$224K
$67,000$15K-$84K-$69K$99K
$68,000$43K-$346K-$303K$390K
$69,000$7,766-$115K-$107K$123K
$70,000$112K-$846K-$734K$958K
$71,000$18K-$178K-$160K$196K
$72,000$82K-$568K-$486K$650K
$73,000$37K-$381K-$344K$418K
$74,000$79K-$730K-$652K$809K
$75,000$144K-$679K-$535K$823K
$76,000$216K-$1.23M-$1.02M$1.45M
$77,000$98K-$940K-$841K$1.04M
$78,000$291K-$1.93M-$1.64M$2.22M
$78,500$0-$81K-$81K$81K
$79,000$138K-$1.65M-$1.51M$1.78M
$79,500$26-$132K-$132K$132K
$79,750$0-$28K-$28K$28K
$80,000$1.18M-$4.39M-$3.21M$5.57M
$80,250$3,011-$83K-$80K$86K
$80,500$42K-$664K-$622K$706K
$80,750$5,888-$126K-$120K$132K
$81,000$1.14M-$3.49M-$2.35M$4.63M
$81,250$89K-$456K-$366K$545K
$81,500$527K-$1.25M-$721K$1.78M
$81,750$378K-$1.31M-$937K$1.69M
$82,000$3.40M-$4.88M-$1.49M$8.28M
$82,250$1.16M-$1.52M-$353K$2.68M
$82,500$4.65M-$2.41M$2.24M$7.06M
$82,750$4.85M-$980K$3.87M$5.83M
$83,000$10.56M-$2.33M$8.22M$12.89M
$83,250$2.03M-$190K$1.84M$2.22M
$83,500$3.67M-$179K$3.49M$3.85M
$83,750$5.11M-$122K$4.99M$5.23M
$84,000$12.20M-$1.52M$10.68M$13.72M
$84,250$2.81M-$8,329$2.80M$2.82M
$84,500$1.65M-$29K$1.62M$1.68M
$84,750$392K$0$392K$392K
$85,000$3.94M-$1.12M$2.83M$5.06M
$85,250$121K$0$121K$121K
$85,500$529K-$24K$505K$553K
$86,000$2.80M-$1.14M$1.66M$3.95M
$86,500$298K-$27K$271K$324K
$87,000$1.52M-$599K$925K$2.12M
$88,000$2.86M-$540K$2.32M$3.40M
$89,000$1.63M-$122K$1.51M$1.75M
$90,000$2.16M-$209K$1.95M$2.37M
$91,000$483K-$33K$450K$517K
$92,000$766K-$37K$729K$803K
$93,000$96K-$1,414$94K$97K
$94,000$517K-$16K$501K$534K
$95,000$406K-$34K$372K$440K
$96,000$228K-$4,266$224K$232K
$97,000$23K$0$23K$23K
$98,000$249K-$8,090$241K$257K
$100,000$429K-$36K$393K$465K
$102,000$146K-$107$146K$146K

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.