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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 (Sat 17 Oct 2026 expiry): net dealer gamma exposure is $6.48M 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 ($2.84M per 1% move). The estimated zero-gamma level is $2,441.2, 1.4% below 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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.

ETH gamma exposure, Sat 17 Oct 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$6.48M
calls $10.89Mputs -$4.41M
Largest |GEX| strike model estimate
$2,500
$2.84M per 1% move
Zero-gamma level model estimate
$2,441.2
1.4% below spotindex $2,476.4
Total gamma, unsigned model estimate
$15.30M
no positioning assumption

Estimated dealer gamma exposure by strike, Sat 17 Oct 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
-$1M $0 $1M $2M $3M $4M 2.1K 2.28K 2.36K 2.41K 2.46K 2.51K 2.56K 2.7K 2,100: calls $0, puts -$265, net -$265 per 1% move (model estimate) 2,150: calls $0.678, puts -$724, net -$723 per 1% move (model estimate) 2,200: calls $0.0312, puts -$5.79K, net -$5.79K per 1% move (model estimate) 2,225: calls $0, puts -$1.27K, net -$1.27K per 1% move (model estimate) 2,250: calls $1.27, puts -$16.8K, net -$16.8K per 1% move (model estimate) 2,275: calls $0, puts -$6.19K, net -$6.19K per 1% move (model estimate) 2,280: calls $88.5, puts -$2.21K, net -$2.12K per 1% move (model estimate) 2,300: calls $663, puts -$34.4K, net -$33.8K per 1% move (model estimate) 2,320: calls $73.5, puts -$14.1K, net -$14.1K per 1% move (model estimate) 2,325: calls $4.46K, puts -$24.2K, net -$19.7K per 1% move (model estimate) 2,340: calls $699, puts -$10.3K, net -$9.57K per 1% move (model estimate) 2,350: calls $24.3K, puts -$80.7K, net -$56.4K per 1% move (model estimate) 2,360: calls $11K, puts -$25K, net -$14K per 1% move (model estimate) 2,370: calls $3.18K, puts -$18.3K, net -$15.1K per 1% move (model estimate) 2,375: calls $39.3K, puts -$172K, net -$133K per 1% move (model estimate) 2,380: calls $16.2K, puts -$147K, net -$130K per 1% move (model estimate) 2,390: calls $68.1, puts -$25.8K, net -$25.7K per 1% move (model estimate) 2,400: calls $108K, puts -$452K, net -$344K per 1% move (model estimate) 2,410: calls $19K, puts -$212K, net -$193K per 1% move (model estimate) 2,420: calls $41.1K, puts -$358K, net -$317K per 1% move (model estimate) 2,425: calls $117K, puts -$474K, net -$357K per 1% move (model estimate) 2,430: calls $34.8K, puts -$123K, net -$88.4K per 1% move (model estimate) 2,440: calls $156K, puts -$291K, net -$135K per 1% move (model estimate) 2,450: calls $704K, puts -$920K, net -$217K per 1% move (model estimate) 2,460: calls $512K, puts -$180K, net $332K per 1% move (model estimate) 2,470: calls $385K, puts -$219K, net $166K per 1% move (model estimate) 2,475: calls $880K, puts -$241K, net $639K per 1% move (model estimate) 2,480: calls $353K, puts -$104K, net $248K per 1% move (model estimate) 2,490: calls $777K, puts -$39K, net $738K per 1% move (model estimate) 2,500: calls $3.01M, puts -$169K, net $2.84M per 1% move (model estimate) 2,510: calls $478K, puts -$6.98K, net $471K per 1% move (model estimate) 2,520: calls $407K, puts -$9.38K, net $397K per 1% move (model estimate) 2,525: calls $830K, puts -$386, net $830K per 1% move (model estimate) 2,530: calls $676K, puts -$8.58K, net $668K per 1% move (model estimate) 2,540: calls $279K, puts -$7.84K, net $271K per 1% move (model estimate) 2,550: calls $291K, puts -$1.96, net $291K per 1% move (model estimate) 2,560: calls $179K, puts -$618, net $179K per 1% move (model estimate) 2,575: calls $79.5K, puts -$46.5, net $79.5K per 1% move (model estimate) 2,580: calls $102K, puts -$10.5, net $102K per 1% move (model estimate) 2,600: calls $222K, puts -$5.42K, net $216K per 1% move (model estimate) 2,625: calls $43.2K, puts $0, net $43.2K per 1% move (model estimate) 2,650: calls $78.5K, puts -$2.61K, net $75.9K per 1% move (model estimate) 2,700: calls $10.8K, puts -$278, net $10.5K per 1% move (model estimate) 2,750: calls $14.9K, puts -$1K, net $13.9K per 1% move (model estimate) 2,800: calls $3.96K, puts $0, net $3.96K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (45 of 45 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Sat 17 Oct 2026 expiry (model estimate)

assumption-free: calls and puts both counted positive · USD per 1% move
  • Total gamma
  • Zero-gamma level
  • Index price
$0 $1M $2M $3M $4M 2.1K 2.28K 2.36K 2.41K 2.46K 2.51K 2.56K 2.7K 2,100: total gamma $265 per 1% move (model estimate) 2,150: total gamma $725 per 1% move (model estimate) 2,200: total gamma $5.79K per 1% move (model estimate) 2,225: total gamma $1.27K per 1% move (model estimate) 2,250: total gamma $16.8K per 1% move (model estimate) 2,275: total gamma $6.19K per 1% move (model estimate) 2,280: total gamma $2.29K per 1% move (model estimate) 2,300: total gamma $35.1K per 1% move (model estimate) 2,320: total gamma $14.2K per 1% move (model estimate) 2,325: total gamma $28.7K per 1% move (model estimate) 2,340: total gamma $11K per 1% move (model estimate) 2,350: total gamma $105K per 1% move (model estimate) 2,360: total gamma $36K per 1% move (model estimate) 2,370: total gamma $21.5K per 1% move (model estimate) 2,375: total gamma $212K per 1% move (model estimate) 2,380: total gamma $163K per 1% move (model estimate) 2,390: total gamma $25.8K per 1% move (model estimate) 2,400: total gamma $560K per 1% move (model estimate) 2,410: total gamma $231K per 1% move (model estimate) 2,420: total gamma $399K per 1% move (model estimate) 2,425: total gamma $591K per 1% move (model estimate) 2,430: total gamma $158K per 1% move (model estimate) 2,440: total gamma $446K per 1% move (model estimate) 2,450: total gamma $1.62M per 1% move (model estimate) 2,460: total gamma $692K per 1% move (model estimate) 2,470: total gamma $605K per 1% move (model estimate) 2,475: total gamma $1.12M per 1% move (model estimate) 2,480: total gamma $457K per 1% move (model estimate) 2,490: total gamma $816K per 1% move (model estimate) 2,500: total gamma $3.18M per 1% move (model estimate) 2,510: total gamma $485K per 1% move (model estimate) 2,520: total gamma $416K per 1% move (model estimate) 2,525: total gamma $830K per 1% move (model estimate) 2,530: total gamma $685K per 1% move (model estimate) 2,540: total gamma $286K per 1% move (model estimate) 2,550: total gamma $291K per 1% move (model estimate) 2,560: total gamma $180K per 1% move (model estimate) 2,575: total gamma $79.6K per 1% move (model estimate) 2,580: total gamma $102K per 1% move (model estimate) 2,600: total gamma $227K per 1% move (model estimate) 2,625: total gamma $43.2K per 1% move (model estimate) 2,650: total gamma $81.1K per 1% move (model estimate) 2,700: total gamma $11.1K per 1% move (model estimate) 2,750: total gamma $15.9K per 1% move (model estimate) 2,800: total gamma $3.96K per 1% move (model estimate)

Gamma exposure by strike table, Sat 17 Oct 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$2,100$0-$265-$265$265
$2,150$1-$724-$723$725
$2,200$0-$5,788-$5,788$5,788
$2,225$0-$1,271-$1,271$1,271
$2,250$1-$17K-$17K$17K
$2,275$0-$6,190-$6,190$6,190
$2,280$88-$2,207-$2,118$2,295
$2,300$663-$34K-$34K$35K
$2,320$74-$14K-$14K$14K
$2,325$4,457-$24K-$20K$29K
$2,340$699-$10K-$9,570$11K
$2,350$24K-$81K-$56K$105K
$2,360$11K-$25K-$14K$36K
$2,370$3,183-$18K-$15K$21K
$2,375$39K-$172K-$133K$212K
$2,380$16K-$147K-$130K$163K
$2,390$68-$26K-$26K$26K
$2,400$108K-$452K-$344K$560K
$2,410$19K-$212K-$193K$231K
$2,420$41K-$358K-$317K$399K
$2,425$117K-$474K-$357K$591K
$2,430$35K-$123K-$88K$158K
$2,440$156K-$291K-$135K$446K
$2,450$704K-$920K-$217K$1.62M
$2,460$512K-$180K$332K$692K
$2,470$385K-$219K$166K$605K
$2,475$880K-$241K$639K$1.12M
$2,480$353K-$104K$248K$457K
$2,490$777K-$39K$738K$816K
$2,500$3.01M-$169K$2.84M$3.18M
$2,510$478K-$6,980$471K$485K
$2,520$407K-$9,381$397K$416K
$2,525$830K-$386$830K$830K
$2,530$676K-$8,578$668K$685K
$2,540$279K-$7,844$271K$286K
$2,550$291K-$2$291K$291K
$2,560$179K-$618$179K$180K
$2,575$80K-$46$79K$80K
$2,580$102K-$11$102K$102K
$2,600$222K-$5,421$216K$227K
$2,625$43K$0$43K$43K
$2,650$79K-$2,614$76K$81K
$2,700$11K-$278$11K$11K
$2,750$15K-$1,002$14K$16K
$2,800$3,963$0$3,963$3,963

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
$15.25M
calls $29.28Mputs -$14.02M
Largest |GEX| strike model estimate
$2,500
$5.87M per 1% move
Zero-gamma level model estimate
$2,425.2
2.1% below spotindex $2,476.4
Total gamma, unsigned model estimate
$43.30M
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 $8.92K, puts -$55K, net -$46.1K per 1% move (model estimate) 1,850: calls $181, puts -$5.78K, net -$5.59K per 1% move (model estimate) 1,900: calls $16.5K, puts -$73.3K, net -$56.8K per 1% move (model estimate) 1,950: calls $3.14K, puts -$15.6K, net -$12.5K per 1% move (model estimate) 2,000: calls $27.7K, puts -$246K, net -$219K per 1% move (model estimate) 2,050: calls $2.36K, puts -$10.5K, net -$8.14K per 1% move (model estimate) 2,100: calls $37.3K, puts -$216K, net -$178K per 1% move (model estimate) 2,150: calls $82.1, puts -$49K, net -$48.9K per 1% move (model estimate) 2,200: calls $47.4K, puts -$409K, net -$361K per 1% move (model estimate) 2,225: calls $0.419, puts -$7.03K, net -$7.03K per 1% move (model estimate) 2,250: calls $675, puts -$211K, net -$211K per 1% move (model estimate) 2,275: calls $0.614, puts -$36.4K, net -$36.4K per 1% move (model estimate) 2,280: calls $88.5, puts -$8K, net -$7.91K per 1% move (model estimate) 2,300: calls $118K, puts -$575K, net -$457K per 1% move (model estimate) 2,320: calls $73.5, puts -$18.3K, net -$18.3K per 1% move (model estimate) 2,325: calls $16.2K, puts -$135K, net -$119K per 1% move (model estimate) 2,340: calls $3.64K, puts -$20.8K, net -$17.2K per 1% move (model estimate) 2,350: calls $107K, puts -$353K, net -$246K per 1% move (model estimate) 2,360: calls $14.9K, puts -$50.8K, net -$35.8K per 1% move (model estimate) 2,370: calls $3.18K, puts -$18.3K, net -$15.1K per 1% move (model estimate) 2,375: calls $114K, puts -$353K, net -$239K per 1% move (model estimate) 2,380: calls $28.5K, puts -$184K, net -$155K per 1% move (model estimate) 2,390: calls $12.2K, puts -$49.7K, net -$37.5K per 1% move (model estimate) 2,400: calls $568K, puts -$1.85M, net -$1.28M per 1% move (model estimate) 2,410: calls $49.1K, puts -$319K, net -$270K per 1% move (model estimate) 2,420: calls $67.9K, puts -$558K, net -$490K per 1% move (model estimate) 2,425: calls $215K, puts -$1.58M, net -$1.37M per 1% move (model estimate) 2,430: calls $48.4K, puts -$376K, net -$327K per 1% move (model estimate) 2,440: calls $233K, puts -$487K, net -$254K per 1% move (model estimate) 2,450: calls $1.32M, puts -$1.63M, net -$308K per 1% move (model estimate) 2,460: calls $785K, puts -$330K, net $455K per 1% move (model estimate) 2,470: calls $540K, puts -$245K, net $295K per 1% move (model estimate) 2,475: calls $2.85M, puts -$351K, net $2.5M per 1% move (model estimate) 2,480: calls $2.17M, puts -$157K, net $2.01M per 1% move (model estimate) 2,490: calls $926K, puts -$51.8K, net $874K per 1% move (model estimate) 2,500: calls $6.99M, puts -$1.11M, net $5.87M per 1% move (model estimate) 2,510: calls $483K, puts -$6.98K, net $476K per 1% move (model estimate) 2,520: calls $559K, puts -$9.45K, net $549K per 1% move (model estimate) 2,525: calls $1.22M, puts -$80.1K, net $1.14M per 1% move (model estimate) 2,530: calls $676K, puts -$8.58K, net $668K per 1% move (model estimate) 2,540: calls $320K, puts -$7.84K, net $312K per 1% move (model estimate) 2,550: calls $1.15M, puts -$332K, net $822K per 1% move (model estimate) 2,560: calls $179K, puts -$618, net $179K per 1% move (model estimate) 2,570: calls $68.4K, puts $0, net $68.4K per 1% move (model estimate) 2,575: calls $235K, puts -$19.9K, net $215K per 1% move (model estimate) 2,580: calls $102K, puts -$10.5, net $102K per 1% move (model estimate) 2,600: calls $2.96M, puts -$552K, net $2.41M per 1% move (model estimate) 2,625: calls $128K, puts -$1.81K, net $126K per 1% move (model estimate) 2,650: calls $551K, puts -$179K, net $372K per 1% move (model estimate) 2,700: calls $774K, puts -$324K, net $451K per 1% move (model estimate) 2,750: calls $225K, puts -$38.2K, net $187K per 1% move (model estimate) 2,800: calls $572K, puts -$129K, net $444K per 1% move (model estimate) 2,850: calls $74.7K, puts -$3.98K, net $70.7K per 1% move (model estimate) 2,900: calls $303K, puts -$35.6K, net $267K per 1% move (model estimate) 2,950: calls $28.8K, puts -$92.5, net $28.7K per 1% move (model estimate) 3,000: calls $558K, puts -$23.5K, net $534K per 1% move (model estimate) 3,050: calls $18.3K, puts $0, net $18.3K per 1% move (model estimate) 3,100: calls $77.3K, puts -$5.29K, net $72K per 1% move (model estimate) 3,150: calls $6.98K, puts -$155, net $6.83K per 1% move (model estimate) 3,200: calls $194K, puts -$10.4K, net $183K 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 $63.9K per 1% move (model estimate) 1,850: total gamma $5.96K per 1% move (model estimate) 1,900: total gamma $89.8K per 1% move (model estimate) 1,950: total gamma $18.7K per 1% move (model estimate) 2,000: total gamma $274K per 1% move (model estimate) 2,050: total gamma $12.9K per 1% move (model estimate) 2,100: total gamma $253K per 1% move (model estimate) 2,150: total gamma $49.1K per 1% move (model estimate) 2,200: total gamma $456K per 1% move (model estimate) 2,225: total gamma $7.04K per 1% move (model estimate) 2,250: total gamma $212K per 1% move (model estimate) 2,275: total gamma $36.4K per 1% move (model estimate) 2,280: total gamma $8.08K per 1% move (model estimate) 2,300: total gamma $693K per 1% move (model estimate) 2,320: total gamma $18.4K per 1% move (model estimate) 2,325: total gamma $152K per 1% move (model estimate) 2,340: total gamma $24.4K per 1% move (model estimate) 2,350: total gamma $460K per 1% move (model estimate) 2,360: total gamma $65.7K per 1% move (model estimate) 2,370: total gamma $21.5K per 1% move (model estimate) 2,375: total gamma $467K per 1% move (model estimate) 2,380: total gamma $212K per 1% move (model estimate) 2,390: total gamma $61.8K per 1% move (model estimate) 2,400: total gamma $2.42M per 1% move (model estimate) 2,410: total gamma $369K per 1% move (model estimate) 2,420: total gamma $626K per 1% move (model estimate) 2,425: total gamma $1.8M per 1% move (model estimate) 2,430: total gamma $424K per 1% move (model estimate) 2,440: total gamma $720K per 1% move (model estimate) 2,450: total gamma $2.95M per 1% move (model estimate) 2,460: total gamma $1.12M per 1% move (model estimate) 2,470: total gamma $784K per 1% move (model estimate) 2,475: total gamma $3.2M per 1% move (model estimate) 2,480: total gamma $2.33M per 1% move (model estimate) 2,490: total gamma $977K per 1% move (model estimate) 2,500: total gamma $8.1M per 1% move (model estimate) 2,510: total gamma $490K per 1% move (model estimate) 2,520: total gamma $568K per 1% move (model estimate) 2,525: total gamma $1.3M per 1% move (model estimate) 2,530: total gamma $685K per 1% move (model estimate) 2,540: total gamma $328K per 1% move (model estimate) 2,550: total gamma $1.49M per 1% move (model estimate) 2,560: total gamma $180K per 1% move (model estimate) 2,570: total gamma $68.4K per 1% move (model estimate) 2,575: total gamma $254K per 1% move (model estimate) 2,580: total gamma $102K per 1% move (model estimate) 2,600: total gamma $3.51M per 1% move (model estimate) 2,625: total gamma $130K per 1% move (model estimate) 2,650: total gamma $729K per 1% move (model estimate) 2,700: total gamma $1.1M per 1% move (model estimate) 2,750: total gamma $263K per 1% move (model estimate) 2,800: total gamma $701K per 1% move (model estimate) 2,850: total gamma $78.6K per 1% move (model estimate) 2,900: total gamma $339K per 1% move (model estimate) 2,950: total gamma $28.9K per 1% move (model estimate) 3,000: total gamma $581K per 1% move (model estimate) 3,050: total gamma $18.3K per 1% move (model estimate) 3,100: total gamma $82.5K per 1% move (model estimate) 3,150: total gamma $7.14K per 1% move (model estimate) 3,200: total gamma $204K 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$8,922-$55K-$46K$64K
$1,850$181-$5,775-$5,594$5,957
$1,900$16K-$73K-$57K$90K
$1,950$3,138-$16K-$12K$19K
$2,000$28K-$246K-$219K$274K
$2,050$2,364-$11K-$8,144$13K
$2,100$37K-$216K-$178K$253K
$2,150$82-$49K-$49K$49K
$2,200$47K-$409K-$361K$456K
$2,225$0-$7,035-$7,035$7,035
$2,250$675-$211K-$211K$212K
$2,275$1-$36K-$36K$36K
$2,280$88-$7,995-$7,907$8,084
$2,300$118K-$575K-$457K$693K
$2,320$74-$18K-$18K$18K
$2,325$16K-$135K-$119K$152K
$2,340$3,637-$21K-$17K$24K
$2,350$107K-$353K-$246K$460K
$2,360$15K-$51K-$36K$66K
$2,370$3,183-$18K-$15K$21K
$2,375$114K-$353K-$239K$467K
$2,380$28K-$184K-$155K$212K
$2,390$12K-$50K-$38K$62K
$2,400$568K-$1.85M-$1.28M$2.42M
$2,410$49K-$319K-$270K$369K
$2,420$68K-$558K-$490K$626K
$2,425$215K-$1.58M-$1.37M$1.80M
$2,430$48K-$376K-$327K$424K
$2,440$233K-$487K-$254K$720K
$2,450$1.32M-$1.63M-$308K$2.95M
$2,460$785K-$330K$455K$1.12M
$2,470$540K-$245K$295K$784K
$2,475$2.85M-$351K$2.50M$3.20M
$2,480$2.17M-$157K$2.01M$2.33M
$2,490$926K-$52K$874K$977K
$2,500$6.99M-$1.11M$5.87M$8.10M
$2,510$483K-$6,980$476K$490K
$2,520$559K-$9,446$549K$568K
$2,525$1.22M-$80K$1.14M$1.30M
$2,530$676K-$8,578$668K$685K
$2,540$320K-$7,844$312K$328K
$2,550$1.15M-$332K$822K$1.49M
$2,560$179K-$618$179K$180K
$2,570$68K$0$68K$68K
$2,575$235K-$20K$215K$254K
$2,580$102K-$11$102K$102K
$2,600$2.96M-$552K$2.41M$3.51M
$2,625$128K-$1,807$126K$130K
$2,650$551K-$179K$372K$729K
$2,700$774K-$324K$451K$1.10M
$2,750$225K-$38K$187K$263K
$2,800$572K-$129K$444K$701K
$2,850$75K-$3,981$71K$79K
$2,900$303K-$36K$267K$339K
$2,950$29K-$93$29K$29K
$3,000$558K-$24K$534K$581K
$3,050$18K$0$18K$18K
$3,100$77K-$5,289$72K$83K
$3,150$6,984-$155$6,829$7,139
$3,200$194K-$10K$183K$204K

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.