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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 (Fri 24 Sep 2027 expiry): net dealer gamma exposure is $574 per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $7,000 strike ($505 per 1% move). The estimated zero-gamma level is $2,035, 17.8% 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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, Fri 24 Sep 2027 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$574
calls $2,224puts -$1,650
Largest |GEX| strike model estimate
$7,000
$505 per 1% move
Zero-gamma level model estimate
$2,035
17.8% below spotindex $2,476.4
Total gamma, unsigned model estimate
$3,874
no positioning assumption

Estimated dealer gamma exposure by strike, Fri 24 Sep 2027 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
-$400 -$200 $0 $200 $400 $600 1.5K 2K 2.4K 2.6K 2.8K 3K 3.2K 3.4K 1,500: calls $0.0838, puts -$269, net -$269 per 1% move (model estimate) 1,800: calls $0, puts -$380, net -$380 per 1% move (model estimate) 2,000: calls $58.6, puts -$58.6, net $0 per 1% move (model estimate) 2,200: calls $16.7, puts -$66.9, net -$50.2 per 1% move (model estimate) 2,400: calls $197, puts -$189, net $7.57 per 1% move (model estimate) 2,500: calls $6.93, puts -$187, net -$180 per 1% move (model estimate) 2,600: calls $562, puts -$211, net $351 per 1% move (model estimate) 2,700: calls $0.584, puts $0, net $0.584 per 1% move (model estimate) 2,800: calls $201, puts $0, net $201 per 1% move (model estimate) 2,900: calls $12.5, puts $0, net $12.5 per 1% move (model estimate) 3,000: calls $206, puts -$74.1, net $132 per 1% move (model estimate) 3,100: calls $0.394, puts $0, net $0.394 per 1% move (model estimate) 3,200: calls $200, puts -$150, net $50.2 per 1% move (model estimate) 3,300: calls $11.2, puts $0, net $11.2 per 1% move (model estimate) 3,400: calls $19.2, puts -$19.2, net $0 per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (15 of 23 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Fri 24 Sep 2027 expiry (model estimate)

assumption-free: calls and puts both counted positive · USD per 1% move
  • Total gamma
  • Zero-gamma level
  • Index price
$0 $200 $400 $600 $800 1.5K 2K 2.4K 2.6K 2.8K 3K 3.2K 3.4K 1,500: total gamma $270 per 1% move (model estimate) 1,800: total gamma $380 per 1% move (model estimate) 2,000: total gamma $117 per 1% move (model estimate) 2,200: total gamma $83.6 per 1% move (model estimate) 2,400: total gamma $386 per 1% move (model estimate) 2,500: total gamma $194 per 1% move (model estimate) 2,600: total gamma $773 per 1% move (model estimate) 2,700: total gamma $0.584 per 1% move (model estimate) 2,800: total gamma $201 per 1% move (model estimate) 2,900: total gamma $12.5 per 1% move (model estimate) 3,000: total gamma $280 per 1% move (model estimate) 3,100: total gamma $0.394 per 1% move (model estimate) 3,200: total gamma $351 per 1% move (model estimate) 3,300: total gamma $11.2 per 1% move (model estimate) 3,400: total gamma $38.5 per 1% move (model estimate)

Gamma exposure by strike table, Fri 24 Sep 2027 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$1,500$0-$269-$269$270
$1,800$0-$380-$380$380
$2,000$59-$59$0$117
$2,200$17-$67-$50$84
$2,400$197-$189$8$386
$2,500$7-$187-$180$194
$2,600$562-$211$351$773
$2,700$1$0$1$1
$2,800$201$0$201$201
$2,900$12$0$12$12
$3,000$206-$74$132$280
$3,100$0$0$0$0
$3,200$200-$150$50$351
$3,300$11$0$11$11
$3,400$19-$19$0$38

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.