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Ethereum (ETH) options gamma exposure by strike

Estimated dealer gamma exposure (GEX) by strike for Ethereum 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 ETH options on Bybit and Binance (all expiries): net dealer gamma exposure is $16.85M per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $2,500 strike ($6.09M per 1% move). The estimated zero-gamma level is $2,422.4, 2.1% below spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 11:11 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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.

ETH 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
$16.85M
calls $29.98Mputs -$13.13M
Largest |GEX| strike model estimate
$2,500
$6.09M per 1% move
Zero-gamma level model estimate
$2,422.4
2.1% below spotindex $2,473.7
Total gamma, unsigned model estimate
$43.11M
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
-$2M $0 $2M $4M $6M $8M 1.8K 2.2K 2.34K 2.41K 2.48K 2.54K 2.65K 3.05K 1,800: calls $8.94K, puts -$55.2K, net -$46.2K per 1% move (model estimate) 1,850: calls $180, puts -$5.75K, net -$5.57K per 1% move (model estimate) 1,900: calls $16.4K, puts -$71.5K, net -$55K per 1% move (model estimate) 1,950: calls $3.11K, puts -$15.4K, net -$12.3K per 1% move (model estimate) 2,000: calls $27.7K, puts -$243K, net -$216K per 1% move (model estimate) 2,050: calls $2.35K, puts -$10.4K, net -$8.06K per 1% move (model estimate) 2,100: calls $37.1K, puts -$212K, net -$175K per 1% move (model estimate) 2,150: calls $83.2, puts -$48.8K, net -$48.7K per 1% move (model estimate) 2,200: calls $47.5K, puts -$390K, net -$343K per 1% move (model estimate) 2,225: calls $0.416, puts -$7.27K, net -$7.27K per 1% move (model estimate) 2,250: calls $682, puts -$205K, net -$204K per 1% move (model estimate) 2,275: calls $0.615, puts -$31.3K, net -$31.3K per 1% move (model estimate) 2,280: calls $106, puts -$6.79K, net -$6.68K per 1% move (model estimate) 2,300: calls $119K, puts -$565K, net -$446K per 1% move (model estimate) 2,320: calls $81.9, puts -$20.1K, net -$20K per 1% move (model estimate) 2,325: calls $16.4K, puts -$109K, net -$92.7K per 1% move (model estimate) 2,340: calls $3.29K, puts -$18.6K, net -$15.3K per 1% move (model estimate) 2,350: calls $110K, puts -$368K, net -$259K per 1% move (model estimate) 2,360: calls $15.8K, puts -$49.4K, net -$33.7K per 1% move (model estimate) 2,370: calls $3.5K, puts -$20.1K, net -$16.6K per 1% move (model estimate) 2,375: calls $117K, puts -$322K, net -$205K per 1% move (model estimate) 2,380: calls $29.2K, puts -$187K, net -$158K per 1% move (model estimate) 2,390: calls $11.8K, puts -$51.4K, net -$39.5K per 1% move (model estimate) 2,400: calls $581K, puts -$1.82M, net -$1.24M per 1% move (model estimate) 2,410: calls $50.4K, puts -$179K, net -$128K per 1% move (model estimate) 2,420: calls $72K, puts -$460K, net -$388K per 1% move (model estimate) 2,425: calls $228K, puts -$1.64M, net -$1.41M per 1% move (model estimate) 2,430: calls $53.7K, puts -$368K, net -$314K per 1% move (model estimate) 2,440: calls $248K, puts -$337K, net -$88.7K per 1% move (model estimate) 2,450: calls $1.51M, puts -$1.69M, net -$181K per 1% move (model estimate) 2,460: calls $935K, puts -$219K, net $716K per 1% move (model estimate) 2,470: calls $649K, puts -$75.9K, net $573K per 1% move (model estimate) 2,475: calls $3.3M, puts -$279K, net $3.02M per 1% move (model estimate) 2,480: calls $2.49M, puts -$46.3K, net $2.44M per 1% move (model estimate) 2,490: calls $908K, puts -$40.8K, net $867K per 1% move (model estimate) 2,500: calls $7.19M, puts -$1.1M, net $6.09M per 1% move (model estimate) 2,510: calls $411K, puts -$6.86K, net $404K per 1% move (model estimate) 2,520: calls $495K, puts -$9.17K, net $486K per 1% move (model estimate) 2,525: calls $1.31M, puts -$83.8K, net $1.22M per 1% move (model estimate) 2,530: calls $657K, puts -$8.09K, net $649K per 1% move (model estimate) 2,540: calls $275K, puts -$7.14K, net $268K per 1% move (model estimate) 2,550: calls $1.1M, puts -$342K, net $756K per 1% move (model estimate) 2,560: calls $83.3K, puts -$544, net $82.7K per 1% move (model estimate) 2,570: calls $6.33K, puts $0, net $6.33K per 1% move (model estimate) 2,575: calls $224K, puts -$20.3K, net $204K per 1% move (model estimate) 2,580: calls $76.6K, puts -$8.98, net $76.6K per 1% move (model estimate) 2,600: calls $2.83M, puts -$547K, net $2.29M per 1% move (model estimate) 2,625: calls $116K, puts -$1.76K, net $114K per 1% move (model estimate) 2,650: calls $463K, puts -$173K, net $290K per 1% move (model estimate) 2,700: calls $728K, puts -$317K, net $411K per 1% move (model estimate) 2,750: calls $198K, puts -$35.5K, net $163K per 1% move (model estimate) 2,800: calls $559K, puts -$126K, net $433K per 1% move (model estimate) 2,850: calls $68.2K, puts -$3.72K, net $64.5K per 1% move (model estimate) 2,900: calls $290K, puts -$35K, net $255K per 1% move (model estimate) 2,950: calls $26.4K, puts -$85.3, net $26.4K per 1% move (model estimate) 3,000: calls $545K, puts -$23.2K, net $522K per 1% move (model estimate) 3,050: calls $18K, puts $0, net $18K per 1% move (model estimate) 3,100: calls $73.9K, puts -$5.16K, net $68.7K per 1% move (model estimate) 3,150: calls $6.84K, puts -$152, net $6.69K per 1% move (model estimate) 3,200: calls $182K, puts -$10.3K, net $172K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (60 of 97 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 $2M $4M $6M $8M $10M 1.8K 2.2K 2.34K 2.41K 2.48K 2.54K 2.65K 3.05K 1,800: total gamma $64.1K per 1% move (model estimate) 1,850: total gamma $5.94K per 1% move (model estimate) 1,900: total gamma $87.9K per 1% move (model estimate) 1,950: total gamma $18.5K per 1% move (model estimate) 2,000: total gamma $271K per 1% move (model estimate) 2,050: total gamma $12.8K per 1% move (model estimate) 2,100: total gamma $249K per 1% move (model estimate) 2,150: total gamma $48.9K per 1% move (model estimate) 2,200: total gamma $438K per 1% move (model estimate) 2,225: total gamma $7.28K per 1% move (model estimate) 2,250: total gamma $205K per 1% move (model estimate) 2,275: total gamma $31.3K per 1% move (model estimate) 2,280: total gamma $6.89K per 1% move (model estimate) 2,300: total gamma $685K per 1% move (model estimate) 2,320: total gamma $20.1K per 1% move (model estimate) 2,325: total gamma $125K per 1% move (model estimate) 2,340: total gamma $21.8K per 1% move (model estimate) 2,350: total gamma $478K per 1% move (model estimate) 2,360: total gamma $65.2K per 1% move (model estimate) 2,370: total gamma $23.6K per 1% move (model estimate) 2,375: total gamma $439K per 1% move (model estimate) 2,380: total gamma $216K per 1% move (model estimate) 2,390: total gamma $63.2K per 1% move (model estimate) 2,400: total gamma $2.4M per 1% move (model estimate) 2,410: total gamma $229K per 1% move (model estimate) 2,420: total gamma $532K per 1% move (model estimate) 2,425: total gamma $1.87M per 1% move (model estimate) 2,430: total gamma $422K per 1% move (model estimate) 2,440: total gamma $585K per 1% move (model estimate) 2,450: total gamma $3.19M per 1% move (model estimate) 2,460: total gamma $1.15M per 1% move (model estimate) 2,470: total gamma $725K per 1% move (model estimate) 2,475: total gamma $3.58M per 1% move (model estimate) 2,480: total gamma $2.53M per 1% move (model estimate) 2,490: total gamma $948K per 1% move (model estimate) 2,500: total gamma $8.28M per 1% move (model estimate) 2,510: total gamma $418K per 1% move (model estimate) 2,520: total gamma $504K per 1% move (model estimate) 2,525: total gamma $1.39M per 1% move (model estimate) 2,530: total gamma $665K per 1% move (model estimate) 2,540: total gamma $282K per 1% move (model estimate) 2,550: total gamma $1.44M per 1% move (model estimate) 2,560: total gamma $83.8K per 1% move (model estimate) 2,570: total gamma $6.33K per 1% move (model estimate) 2,575: total gamma $244K per 1% move (model estimate) 2,580: total gamma $76.6K per 1% move (model estimate) 2,600: total gamma $3.38M per 1% move (model estimate) 2,625: total gamma $117K per 1% move (model estimate) 2,650: total gamma $636K per 1% move (model estimate) 2,700: total gamma $1.05M per 1% move (model estimate) 2,750: total gamma $234K per 1% move (model estimate) 2,800: total gamma $685K per 1% move (model estimate) 2,850: total gamma $72K per 1% move (model estimate) 2,900: total gamma $325K per 1% move (model estimate) 2,950: total gamma $26.5K per 1% move (model estimate) 3,000: total gamma $569K per 1% move (model estimate) 3,050: total gamma $18K per 1% move (model estimate) 3,100: total gamma $79K per 1% move (model estimate) 3,150: total gamma $6.99K per 1% move (model estimate) 3,200: total gamma $193K 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
$1,800$8,936-$55K-$46K$64K
$1,850$180-$5,755-$5,575$5,935
$1,900$16K-$71K-$55K$88K
$1,950$3,106-$15K-$12K$19K
$2,000$28K-$243K-$216K$271K
$2,050$2,348-$10K-$8,063$13K
$2,100$37K-$212K-$175K$249K
$2,150$83-$49K-$49K$49K
$2,200$48K-$390K-$343K$438K
$2,225$0-$7,275-$7,275$7,275
$2,250$682-$205K-$204K$205K
$2,275$1-$31K-$31K$31K
$2,280$106-$6,786-$6,680$6,892
$2,300$119K-$565K-$446K$685K
$2,320$82-$20K-$20K$20K
$2,325$16K-$109K-$93K$125K
$2,340$3,285-$19K-$15K$22K
$2,350$110K-$368K-$259K$478K
$2,360$16K-$49K-$34K$65K
$2,370$3,496-$20K-$17K$24K
$2,375$117K-$322K-$205K$439K
$2,380$29K-$187K-$158K$216K
$2,390$12K-$51K-$40K$63K
$2,400$581K-$1.82M-$1.24M$2.40M
$2,410$50K-$179K-$128K$229K
$2,420$72K-$460K-$388K$532K
$2,425$228K-$1.64M-$1.41M$1.87M
$2,430$54K-$368K-$314K$422K
$2,440$248K-$337K-$89K$585K
$2,450$1.51M-$1.69M-$181K$3.19M
$2,460$935K-$219K$716K$1.15M
$2,470$649K-$76K$573K$725K
$2,475$3.30M-$279K$3.02M$3.58M
$2,480$2.49M-$46K$2.44M$2.53M
$2,490$908K-$41K$867K$948K
$2,500$7.19M-$1.10M$6.09M$8.28M
$2,510$411K-$6,859$404K$418K
$2,520$495K-$9,167$486K$504K
$2,525$1.31M-$84K$1.22M$1.39M
$2,530$657K-$8,087$649K$665K
$2,540$275K-$7,144$268K$282K
$2,550$1.10M-$342K$756K$1.44M
$2,560$83K-$544$83K$84K
$2,570$6,332$0$6,332$6,332
$2,575$224K-$20K$204K$244K
$2,580$77K-$9$77K$77K
$2,600$2.83M-$547K$2.29M$3.38M
$2,625$116K-$1,763$114K$117K
$2,650$463K-$173K$290K$636K
$2,700$728K-$317K$411K$1.05M
$2,750$198K-$36K$163K$234K
$2,800$559K-$126K$433K$685K
$2,850$68K-$3,720$65K$72K
$2,900$290K-$35K$255K$325K
$2,950$26K-$85$26K$27K
$3,000$545K-$23K$522K$569K
$3,050$18K$0$18K$18K
$3,100$74K-$5,158$69K$79K
$3,150$6,841-$152$6,689$6,992
$3,200$182K-$10K$172K$193K

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 ETH × forward² × 1%: the dollar amount of ETH 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 ETH options vega open interest by expiry (unsigned model estimate).

Ethereum 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?

Ethereum 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.