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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 23 Oct 2026 expiry): net dealer gamma exposure is -$296K per 1% move, negative: under the assumption dealers would sell dips and buy rallies, amplifying moves. The largest estimated exposure sits at the $80,000 strike (-$823K per 1% move). The estimated zero-gamma level is $82,324, 0.2% above spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 12:46 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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 23 Oct 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
-$296K
calls $6.30Mputs -$6.60M
Largest |GEX| strike model estimate
$80,000
-$823K per 1% move
Zero-gamma level model estimate
$82,324
0.2% above spotindex $82,167.8
Total gamma, unsigned model estimate
$12.89M
no positioning assumption

Estimated dealer gamma exposure by strike, Fri 23 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 -$500K $0 $500K $1M 70K 77K 81K 83.5K 85.5K 89K 96K 70,000: calls $67.8, puts -$58.6K, net -$58.6K per 1% move (model estimate) 72,000: calls $15.6, puts -$40.3K, net -$40.3K per 1% move (model estimate) 73,000: calls $0, puts -$3.81K, net -$3.81K per 1% move (model estimate) 74,000: calls $286, puts -$168K, net -$168K per 1% move (model estimate) 76,000: calls $4.15K, puts -$428K, net -$424K per 1% move (model estimate) 77,000: calls $102, puts -$41.8K, net -$41.7K per 1% move (model estimate) 78,000: calls $2.06K, puts -$780K, net -$778K per 1% move (model estimate) 79,000: calls $12.1K, puts -$432K, net -$419K per 1% move (model estimate) 80,000: calls $135K, puts -$958K, net -$823K per 1% move (model estimate) 80,500: calls $272, puts -$37.4K, net -$37.1K per 1% move (model estimate) 81,000: calls $382K, puts -$788K, net -$406K per 1% move (model estimate) 81,500: calls $199K, puts -$185K, net $13.8K per 1% move (model estimate) 82,000: calls $491K, puts -$787K, net -$296K per 1% move (model estimate) 82,500: calls $185K, puts -$262K, net -$76.4K per 1% move (model estimate) 83,000: calls $568K, puts -$594K, net -$25.8K per 1% move (model estimate) 83,500: calls $267K, puts -$94.4K, net $173K per 1% move (model estimate) 84,000: calls $764K, puts -$260K, net $504K per 1% move (model estimate) 84,250: calls $109K, puts -$7.63K, net $101K per 1% move (model estimate) 84,500: calls $59.1K, puts -$9.64K, net $49.5K per 1% move (model estimate) 85,000: calls $855K, puts -$271K, net $584K per 1% move (model estimate) 85,500: calls $116K, puts -$20.9K, net $94.8K per 1% move (model estimate) 86,000: calls $754K, puts -$173K, net $581K per 1% move (model estimate) 86,500: calls $116K, puts $0, net $116K per 1% move (model estimate) 87,000: calls $435K, puts -$122K, net $313K per 1% move (model estimate) 88,000: calls $377K, puts -$59.6K, net $317K per 1% move (model estimate) 89,000: calls $119K, puts -$10.2K, net $109K per 1% move (model estimate) 90,000: calls $194K, puts -$4.34K, net $190K per 1% move (model estimate) 92,000: calls $103K, puts -$24.9, net $103K per 1% move (model estimate) 94,000: calls $14.1K, puts -$11.8, net $14.1K per 1% move (model estimate) 95,000: calls $29.9K, puts $0, net $29.9K per 1% move (model estimate) 96,000: calls $4.41K, puts -$1.16, net $4.41K per 1% move (model estimate) 98,000: calls $810, puts $0, net $810 per 1% move (model estimate) 100,000: calls $4.25K, puts $0, net $4.25K per 1% move (model estimate) 104,000: calls $117, puts -$0.196, net $117 per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (34 of 34 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Fri 23 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 $500K $1M $1.5M 70K 77K 81K 83.5K 85.5K 89K 96K 70,000: total gamma $58.7K per 1% move (model estimate) 72,000: total gamma $40.3K per 1% move (model estimate) 73,000: total gamma $3.81K per 1% move (model estimate) 74,000: total gamma $168K per 1% move (model estimate) 76,000: total gamma $432K per 1% move (model estimate) 77,000: total gamma $41.9K per 1% move (model estimate) 78,000: total gamma $782K per 1% move (model estimate) 79,000: total gamma $444K per 1% move (model estimate) 80,000: total gamma $1.09M per 1% move (model estimate) 80,500: total gamma $37.6K per 1% move (model estimate) 81,000: total gamma $1.17M per 1% move (model estimate) 81,500: total gamma $383K per 1% move (model estimate) 82,000: total gamma $1.28M per 1% move (model estimate) 82,500: total gamma $447K per 1% move (model estimate) 83,000: total gamma $1.16M per 1% move (model estimate) 83,500: total gamma $362K per 1% move (model estimate) 84,000: total gamma $1.02M per 1% move (model estimate) 84,250: total gamma $116K per 1% move (model estimate) 84,500: total gamma $68.8K per 1% move (model estimate) 85,000: total gamma $1.13M per 1% move (model estimate) 85,500: total gamma $137K per 1% move (model estimate) 86,000: total gamma $927K per 1% move (model estimate) 86,500: total gamma $116K per 1% move (model estimate) 87,000: total gamma $557K per 1% move (model estimate) 88,000: total gamma $436K per 1% move (model estimate) 89,000: total gamma $129K per 1% move (model estimate) 90,000: total gamma $199K per 1% move (model estimate) 92,000: total gamma $103K per 1% move (model estimate) 94,000: total gamma $14.1K per 1% move (model estimate) 95,000: total gamma $29.9K per 1% move (model estimate) 96,000: total gamma $4.41K per 1% move (model estimate) 98,000: total gamma $810 per 1% move (model estimate) 100,000: total gamma $4.25K per 1% move (model estimate) 104,000: total gamma $117 per 1% move (model estimate)

Gamma exposure by strike table, Fri 23 Oct 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$70,000$68-$59K-$59K$59K
$72,000$16-$40K-$40K$40K
$73,000$0-$3,809-$3,809$3,809
$74,000$286-$168K-$168K$168K
$76,000$4,148-$428K-$424K$432K
$77,000$102-$42K-$42K$42K
$78,000$2,063-$780K-$778K$782K
$79,000$12K-$432K-$419K$444K
$80,000$135K-$958K-$823K$1.09M
$80,500$272-$37K-$37K$38K
$81,000$382K-$788K-$406K$1.17M
$81,500$199K-$185K$14K$383K
$82,000$491K-$787K-$296K$1.28M
$82,500$185K-$262K-$76K$447K
$83,000$568K-$594K-$26K$1.16M
$83,500$267K-$94K$173K$362K
$84,000$764K-$260K$504K$1.02M
$84,250$109K-$7,635$101K$116K
$84,500$59K-$9,636$50K$69K
$85,000$855K-$271K$584K$1.13M
$85,500$116K-$21K$95K$137K
$86,000$754K-$173K$581K$927K
$86,500$116K$0$116K$116K
$87,000$435K-$122K$313K$557K
$88,000$377K-$60K$317K$436K
$89,000$119K-$10K$109K$129K
$90,000$194K-$4,337$190K$199K
$92,000$103K-$25$103K$103K
$94,000$14K-$12$14K$14K
$95,000$30K$0$30K$30K
$96,000$4,409-$1$4,407$4,410
$98,000$810$0$810$810
$100,000$4,248$0$4,248$4,248
$104,000$117-$0$117$117

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
$22.35M
calls $67.85Mputs -$45.50M
Largest |GEX| strike model estimate
$83,000
$8.06M per 1% move
Zero-gamma level model estimate
$81,501.1
0.8% below spotindex $82,167.8
Total gamma, unsigned model estimate
$113.35M
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
-$10M -$5M $0 $5M $10M $15M 62K 70K 78K 80.8K 82.8K 84.8K 89K 97K 62,000: calls $24K, puts -$112K, net -$88.1K per 1% move (model estimate) 63,000: calls $10K, puts -$55.9K, net -$45.9K per 1% move (model estimate) 64,000: calls $35.9K, puts -$157K, net -$122K per 1% move (model estimate) 65,000: calls $22.9K, puts -$162K, net -$139K per 1% move (model estimate) 66,000: calls $35.9K, puts -$210K, net -$174K per 1% move (model estimate) 67,000: calls $16.3K, puts -$97.5K, net -$81.2K per 1% move (model estimate) 68,000: calls $45.2K, puts -$370K, net -$325K per 1% move (model estimate) 69,000: calls $8.76K, puts -$132K, net -$123K per 1% move (model estimate) 70,000: calls $118K, puts -$930K, net -$812K per 1% move (model estimate) 71,000: calls $19.9K, puts -$197K, net -$177K per 1% move (model estimate) 72,000: calls $85.3K, puts -$624K, net -$539K per 1% move (model estimate) 73,000: calls $40.5K, puts -$419K, net -$379K per 1% move (model estimate) 74,000: calls $84.8K, puts -$808K, net -$723K per 1% move (model estimate) 75,000: calls $150K, puts -$712K, net -$561K per 1% move (model estimate) 76,000: calls $229K, puts -$1.37M, net -$1.14M per 1% move (model estimate) 77,000: calls $106K, puts -$1.1M, net -$992K per 1% move (model estimate) 78,000: calls $304K, puts -$2.24M, net -$1.94M per 1% move (model estimate) 78,500: calls $0, puts -$126K, net -$126K per 1% move (model estimate) 79,000: calls $143K, puts -$1.97M, net -$1.83M per 1% move (model estimate) 79,500: calls $40.4, puts -$198K, net -$198K per 1% move (model estimate) 79,750: calls $0, puts -$40.7K, net -$40.7K per 1% move (model estimate) 80,000: calls $1.27M, puts -$5.46M, net -$4.2M per 1% move (model estimate) 80,250: calls $4.5K, puts -$127K, net -$122K per 1% move (model estimate) 80,500: calls $62.4K, puts -$1.15M, net -$1.08M per 1% move (model estimate) 80,750: calls $8.62K, puts -$259K, net -$250K per 1% move (model estimate) 81,000: calls $1.24M, puts -$4.18M, net -$2.95M per 1% move (model estimate) 81,250: calls $123K, puts -$622K, net -$499K per 1% move (model estimate) 81,500: calls $638K, puts -$1.66M, net -$1.02M per 1% move (model estimate) 81,750: calls $459K, puts -$1.63M, net -$1.17M per 1% move (model estimate) 82,000: calls $3.53M, puts -$5.59M, net -$2.06M per 1% move (model estimate) 82,250: calls $1.41M, puts -$1.4M, net $7.77K per 1% move (model estimate) 82,500: calls $4.86M, puts -$2.13M, net $2.73M per 1% move (model estimate) 82,750: calls $4.37M, puts -$759K, net $3.61M per 1% move (model estimate) 83,000: calls $10.2M, puts -$2.11M, net $8.06M per 1% move (model estimate) 83,250: calls $1.54M, puts -$142K, net $1.39M per 1% move (model estimate) 83,500: calls $2.91M, puts -$150K, net $2.76M per 1% move (model estimate) 83,750: calls $3.57M, puts -$82K, net $3.48M per 1% move (model estimate) 84,000: calls $9.19M, puts -$1.43M, net $7.76M per 1% move (model estimate) 84,250: calls $1.95M, puts -$7.63K, net $1.94M per 1% move (model estimate) 84,500: calls $1.08M, puts -$22K, net $1.06M per 1% move (model estimate) 84,750: calls $257K, puts $0, net $257K per 1% move (model estimate) 85,000: calls $3.36M, puts -$1.04M, net $2.32M per 1% move (model estimate) 85,250: calls $80.5K, puts $0, net $80.5K per 1% move (model estimate) 85,500: calls $362K, puts -$20.9K, net $341K per 1% move (model estimate) 86,000: calls $2.55M, puts -$1.06M, net $1.5M per 1% move (model estimate) 86,500: calls $224K, puts -$17.5K, net $207K per 1% move (model estimate) 87,000: calls $1.35M, puts -$553K, net $793K per 1% move (model estimate) 88,000: calls $2.6M, puts -$495K, net $2.1M per 1% move (model estimate) 89,000: calls $1.47M, puts -$113K, net $1.36M per 1% move (model estimate) 90,000: calls $1.99M, puts -$198K, net $1.79M per 1% move (model estimate) 91,000: calls $443K, puts -$32.2K, net $411K per 1% move (model estimate) 92,000: calls $706K, puts -$35.7K, net $670K per 1% move (model estimate) 93,000: calls $89.8K, puts -$1.4K, net $88.4K per 1% move (model estimate) 94,000: calls $484K, puts -$15.7K, net $468K per 1% move (model estimate) 95,000: calls $394K, puts -$33.3K, net $361K per 1% move (model estimate) 96,000: calls $219K, puts -$4.07K, net $215K per 1% move (model estimate) 97,000: calls $22K, puts $0, net $22K per 1% move (model estimate) 98,000: calls $238K, puts -$7.83K, net $231K per 1% move (model estimate) 100,000: calls $415K, puts -$35.3K, net $380K per 1% move (model estimate) 102,000: calls $139K, puts -$103, net $139K 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 $2.5M $5M $7.5M $10M $12.5M 62K 70K 78K 80.8K 82.8K 84.8K 89K 97K 62,000: total gamma $136K per 1% move (model estimate) 63,000: total gamma $65.9K per 1% move (model estimate) 64,000: total gamma $193K per 1% move (model estimate) 65,000: total gamma $185K per 1% move (model estimate) 66,000: total gamma $246K per 1% move (model estimate) 67,000: total gamma $114K per 1% move (model estimate) 68,000: total gamma $415K per 1% move (model estimate) 69,000: total gamma $140K per 1% move (model estimate) 70,000: total gamma $1.05M per 1% move (model estimate) 71,000: total gamma $217K per 1% move (model estimate) 72,000: total gamma $709K per 1% move (model estimate) 73,000: total gamma $460K per 1% move (model estimate) 74,000: total gamma $893K per 1% move (model estimate) 75,000: total gamma $862K per 1% move (model estimate) 76,000: total gamma $1.6M per 1% move (model estimate) 77,000: total gamma $1.21M per 1% move (model estimate) 78,000: total gamma $2.55M per 1% move (model estimate) 78,500: total gamma $126K per 1% move (model estimate) 79,000: total gamma $2.12M per 1% move (model estimate) 79,500: total gamma $198K per 1% move (model estimate) 79,750: total gamma $40.7K per 1% move (model estimate) 80,000: total gamma $6.73M per 1% move (model estimate) 80,250: total gamma $131K per 1% move (model estimate) 80,500: total gamma $1.21M per 1% move (model estimate) 80,750: total gamma $267K per 1% move (model estimate) 81,000: total gamma $5.42M per 1% move (model estimate) 81,250: total gamma $744K per 1% move (model estimate) 81,500: total gamma $2.3M per 1% move (model estimate) 81,750: total gamma $2.09M per 1% move (model estimate) 82,000: total gamma $9.11M per 1% move (model estimate) 82,250: total gamma $2.81M per 1% move (model estimate) 82,500: total gamma $6.98M per 1% move (model estimate) 82,750: total gamma $5.13M per 1% move (model estimate) 83,000: total gamma $12.3M per 1% move (model estimate) 83,250: total gamma $1.68M per 1% move (model estimate) 83,500: total gamma $3.06M per 1% move (model estimate) 83,750: total gamma $3.65M per 1% move (model estimate) 84,000: total gamma $10.6M per 1% move (model estimate) 84,250: total gamma $1.96M per 1% move (model estimate) 84,500: total gamma $1.11M per 1% move (model estimate) 84,750: total gamma $257K per 1% move (model estimate) 85,000: total gamma $4.4M per 1% move (model estimate) 85,250: total gamma $80.5K per 1% move (model estimate) 85,500: total gamma $383K per 1% move (model estimate) 86,000: total gamma $3.61M per 1% move (model estimate) 86,500: total gamma $242K per 1% move (model estimate) 87,000: total gamma $1.9M per 1% move (model estimate) 88,000: total gamma $3.09M per 1% move (model estimate) 89,000: total gamma $1.59M per 1% move (model estimate) 90,000: total gamma $2.19M per 1% move (model estimate) 91,000: total gamma $476K per 1% move (model estimate) 92,000: total gamma $742K per 1% move (model estimate) 93,000: total gamma $91.2K per 1% move (model estimate) 94,000: total gamma $500K per 1% move (model estimate) 95,000: total gamma $427K per 1% move (model estimate) 96,000: total gamma $223K per 1% move (model estimate) 97,000: total gamma $22K per 1% move (model estimate) 98,000: total gamma $246K per 1% move (model estimate) 100,000: total gamma $451K per 1% move (model estimate) 102,000: total gamma $139K 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$24K-$112K-$88K$136K
$63,000$10K-$56K-$46K$66K
$64,000$36K-$157K-$122K$193K
$65,000$23K-$162K-$139K$185K
$66,000$36K-$210K-$174K$246K
$67,000$16K-$97K-$81K$114K
$68,000$45K-$370K-$325K$415K
$69,000$8,756-$132K-$123K$140K
$70,000$118K-$930K-$812K$1.05M
$71,000$20K-$197K-$177K$217K
$72,000$85K-$624K-$539K$709K
$73,000$40K-$419K-$379K$460K
$74,000$85K-$808K-$723K$893K
$75,000$150K-$712K-$561K$862K
$76,000$229K-$1.37M-$1.14M$1.60M
$77,000$106K-$1.10M-$992K$1.21M
$78,000$304K-$2.24M-$1.94M$2.55M
$78,500$0-$126K-$126K$126K
$79,000$143K-$1.97M-$1.83M$2.12M
$79,500$40-$198K-$198K$198K
$79,750$0-$41K-$41K$41K
$80,000$1.27M-$5.46M-$4.20M$6.73M
$80,250$4,504-$127K-$122K$131K
$80,500$62K-$1.15M-$1.08M$1.21M
$80,750$8,625-$259K-$250K$267K
$81,000$1.24M-$4.18M-$2.95M$5.42M
$81,250$123K-$622K-$499K$744K
$81,500$638K-$1.66M-$1.02M$2.30M
$81,750$459K-$1.63M-$1.17M$2.09M
$82,000$3.53M-$5.59M-$2.06M$9.11M
$82,250$1.41M-$1.40M$7,771$2.81M
$82,500$4.86M-$2.13M$2.73M$6.98M
$82,750$4.37M-$759K$3.61M$5.13M
$83,000$10.17M-$2.11M$8.06M$12.27M
$83,250$1.54M-$142K$1.39M$1.68M
$83,500$2.91M-$150K$2.76M$3.06M
$83,750$3.57M-$82K$3.48M$3.65M
$84,000$9.19M-$1.43M$7.76M$10.62M
$84,250$1.95M-$7,635$1.94M$1.96M
$84,500$1.08M-$22K$1.06M$1.11M
$84,750$257K$0$257K$257K
$85,000$3.36M-$1.04M$2.32M$4.40M
$85,250$80K$0$80K$80K
$85,500$362K-$21K$341K$383K
$86,000$2.55M-$1.06M$1.50M$3.61M
$86,500$224K-$18K$207K$242K
$87,000$1.35M-$553K$793K$1.90M
$88,000$2.60M-$495K$2.10M$3.09M
$89,000$1.47M-$113K$1.36M$1.59M
$90,000$1.99M-$198K$1.79M$2.19M
$91,000$443K-$32K$411K$476K
$92,000$706K-$36K$670K$742K
$93,000$90K-$1,402$88K$91K
$94,000$484K-$16K$468K$500K
$95,000$394K-$33K$361K$427K
$96,000$219K-$4,069$215K$223K
$97,000$22K$0$22K$22K
$98,000$238K-$7,831$231K$246K
$100,000$415K-$35K$380K$451K
$102,000$139K-$103$139K$139K

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.