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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 (Mon 16 Nov 2026 expiry): net dealer gamma exposure is $3.87M per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $71,000 strike ($1.62M per 1% move). The estimated zero-gamma level is $67,655.2, 2.5% below spot. Across every eligible expiry (unsigned, no positioning assumption), 33.4% of the $81.67M per 1% move expires within 24 hours and 66.4% within 7 days, counted from one hour ahead.

Model estimate11 expiriesSource: Bybit and Binance public APIsServer snapshot Source fields may have different event times.

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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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. Learn how GEX and the dealer assumption work.

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.

This expiry on: max pain · IV smile · chain · delta OI

BTC gamma exposure, Mon 16 Nov 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$3.87M
calls $5.23Mputs -$1.37M
Largest |GEX| strike model estimate
$71,000
$1.62M per 1% move
Zero-gamma level model estimate
$67,655.2
2.5% below spotindex $69,418.2
Total gamma, unsigned model estimate
$6.60M
no positioning assumption

Estimated dealer gamma exposure by strike, Mon 16 Nov 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
-$500K $0 $500K $1M $1.5M $2M 63K 67K 69K 70.2K 71.2K 72.5K 75K 63,000: calls $0, puts -$7.96K, net -$7.96K per 1% move (model estimate) 64,000: calls $0, puts -$3.35K, net -$3.35K per 1% move (model estimate) 65,000: calls $0, puts -$341K, net -$341K per 1% move (model estimate) 66,000: calls $0, puts -$24.2K, net -$24.2K per 1% move (model estimate) 67,000: calls $1.84K, puts -$103K, net -$101K per 1% move (model estimate) 67,500: calls $56.7, puts -$70.4K, net -$70.3K per 1% move (model estimate) 68,000: calls $5.58K, puts -$216K, net -$211K per 1% move (model estimate) 68,500: calls $5.09K, puts -$222K, net -$217K per 1% move (model estimate) 69,000: calls $64.6K, puts -$278K, net -$213K per 1% move (model estimate) 69,500: calls $396K, puts -$38.1K, net $358K per 1% move (model estimate) 69,750: calls $22.9K, puts -$3.74K, net $19.2K per 1% move (model estimate) 70,000: calls $855K, puts -$55.9K, net $799K per 1% move (model estimate) 70,250: calls $31.2K, puts -$191, net $31K per 1% move (model estimate) 70,500: calls $845K, puts $0, net $845K per 1% move (model estimate) 70,750: calls $1M, puts $0, net $1M per 1% move (model estimate) 71,000: calls $1.62M, puts -$3.26K, net $1.62M per 1% move (model estimate) 71,250: calls $57.3K, puts -$67.5, net $57.2K per 1% move (model estimate) 71,750: calls $24.9K, puts $0, net $24.9K per 1% move (model estimate) 72,000: calls $108K, puts $0, net $108K per 1% move (model estimate) 72,250: calls $39K, puts $0, net $39K per 1% move (model estimate) 72,500: calls $39.2K, puts $0, net $39.2K per 1% move (model estimate) 73,000: calls $76.7K, puts $0, net $76.7K per 1% move (model estimate) 73,500: calls $21.2K, puts $0, net $21.2K per 1% move (model estimate) 74,000: calls $3.49K, puts $0, net $3.49K per 1% move (model estimate) 75,000: calls $7K, puts $0, net $7K per 1% move (model estimate) 76,000: calls $2.42K, puts $0, net $2.42K per 1% move (model estimate) 77,000: calls $177, puts $0, net $177 per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (27 of 27 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Mon 16 Nov 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 $2M 63K 67K 69K 70.2K 71.2K 72.5K 75K 63,000: total gamma $7.96K per 1% move (model estimate) 64,000: total gamma $3.35K per 1% move (model estimate) 65,000: total gamma $341K per 1% move (model estimate) 66,000: total gamma $24.2K per 1% move (model estimate) 67,000: total gamma $105K per 1% move (model estimate) 67,500: total gamma $70.4K per 1% move (model estimate) 68,000: total gamma $222K per 1% move (model estimate) 68,500: total gamma $227K per 1% move (model estimate) 69,000: total gamma $343K per 1% move (model estimate) 69,500: total gamma $434K per 1% move (model estimate) 69,750: total gamma $26.7K per 1% move (model estimate) 70,000: total gamma $911K per 1% move (model estimate) 70,250: total gamma $31.4K per 1% move (model estimate) 70,500: total gamma $845K per 1% move (model estimate) 70,750: total gamma $1M per 1% move (model estimate) 71,000: total gamma $1.62M per 1% move (model estimate) 71,250: total gamma $57.3K per 1% move (model estimate) 71,750: total gamma $24.9K per 1% move (model estimate) 72,000: total gamma $108K per 1% move (model estimate) 72,250: total gamma $39K per 1% move (model estimate) 72,500: total gamma $39.2K per 1% move (model estimate) 73,000: total gamma $76.7K per 1% move (model estimate) 73,500: total gamma $21.2K per 1% move (model estimate) 74,000: total gamma $3.49K per 1% move (model estimate) 75,000: total gamma $7K per 1% move (model estimate) 76,000: total gamma $2.42K per 1% move (model estimate) 77,000: total gamma $177 per 1% move (model estimate)

Gamma exposure by strike table, Mon 16 Nov 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$63,000$0-$7,965-$7,965$7,965
$64,000$0-$3,345-$3,345$3,345
$65,000$0-$341K-$341K$341K
$66,000$0-$24K-$24K$24K
$67,000$1,841-$103K-$101K$105K
$67,500$57-$70K-$70K$70K
$68,000$5,577-$216K-$211K$222K
$68,500$5,087-$222K-$217K$227K
$69,000$65K-$278K-$213K$343K
$69,500$396K-$38K$358K$434K
$69,750$23K-$3,738$19K$27K
$70,000$855K-$56K$799K$911K
$70,250$31K-$191$31K$31K
$70,500$845K$0$845K$845K
$70,750$1.00M$0$1.00M$1.00M
$71,000$1.62M-$3,256$1.62M$1.62M
$71,250$57K-$68$57K$57K
$71,750$25K$0$25K$25K
$72,000$108K$0$108K$108K
$72,250$39K$0$39K$39K
$72,500$39K$0$39K$39K
$73,000$77K$0$77K$77K
$73,500$21K$0$21K$21K
$74,000$3,488$0$3,488$3,488
$75,000$7,005$0$7,005$7,005
$76,000$2,421$0$2,421$2,421
$77,000$177$0$177$177

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
-$2.09M
calls $39.79Mputs -$41.88M
Largest |GEX| strike model estimate
$71,000
$6.10M per 1% move
Zero-gamma level model estimate
$69,531.3
0.2% above spotindex $69,418.2
Total gamma, unsigned model estimate
$81.67M
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 54K 64K 68.5K 70.5K 72.5K 74.5K 76.5K 83K 54,000: calls $14.7K, puts -$44.2K, net -$29.5K per 1% move (model estimate) 55,000: calls $4.55K, puts -$244K, net -$239K per 1% move (model estimate) 56,000: calls $2.75K, puts -$47.5K, net -$44.8K per 1% move (model estimate) 58,000: calls $9.34K, puts -$231K, net -$222K per 1% move (model estimate) 60,000: calls $21.3K, puts -$1.21M, net -$1.19M per 1% move (model estimate) 61,000: calls $64K, puts -$33.9K, net $30.1K per 1% move (model estimate) 62,000: calls $70.6K, puts -$687K, net -$616K per 1% move (model estimate) 63,000: calls $18.4K, puts -$188K, net -$170K per 1% move (model estimate) 64,000: calls $69K, puts -$2.17M, net -$2.1M per 1% move (model estimate) 65,000: calls $56.1K, puts -$1.34M, net -$1.28M per 1% move (model estimate) 66,000: calls $54.6K, puts -$2.92M, net -$2.87M per 1% move (model estimate) 66,500: calls $1.26K, puts -$19.7K, net -$18.4K per 1% move (model estimate) 67,000: calls $132K, puts -$1.9M, net -$1.76M per 1% move (model estimate) 67,500: calls $8.06K, puts -$559K, net -$551K per 1% move (model estimate) 68,000: calls $425K, puts -$4.59M, net -$4.16M per 1% move (model estimate) 68,250: calls $215K, puts -$299K, net -$84.3K per 1% move (model estimate) 68,500: calls $500K, puts -$1.24M, net -$740K per 1% move (model estimate) 68,750: calls $240K, puts -$263K, net -$23K per 1% move (model estimate) 69,000: calls $1.31M, puts -$3.73M, net -$2.42M per 1% move (model estimate) 69,250: calls $569K, puts -$478K, net $91.3K per 1% move (model estimate) 69,500: calls $2.18M, puts -$1.05M, net $1.12M per 1% move (model estimate) 69,750: calls $693K, puts -$228K, net $465K per 1% move (model estimate) 70,000: calls $4.42M, puts -$7.49M, net -$3.06M per 1% move (model estimate) 70,250: calls $772K, puts -$59.4K, net $713K per 1% move (model estimate) 70,500: calls $3.07M, puts -$219K, net $2.85M per 1% move (model estimate) 70,750: calls $1.78M, puts -$77K, net $1.71M per 1% move (model estimate) 71,000: calls $7.43M, puts -$1.33M, net $6.1M per 1% move (model estimate) 71,250: calls $757K, puts -$55.9K, net $701K per 1% move (model estimate) 71,500: calls $1.61M, puts -$374K, net $1.23M per 1% move (model estimate) 71,750: calls $208K, puts -$12.5K, net $195K per 1% move (model estimate) 72,000: calls $3.18M, puts -$2.08M, net $1.1M per 1% move (model estimate) 72,250: calls $126K, puts -$5.77K, net $121K per 1% move (model estimate) 72,500: calls $406K, puts -$38.5K, net $368K per 1% move (model estimate) 72,750: calls $47.2K, puts -$24.4K, net $22.8K per 1% move (model estimate) 73,000: calls $935K, puts -$844K, net $91.5K per 1% move (model estimate) 73,250: calls $59.6K, puts -$25.9K, net $33.8K per 1% move (model estimate) 73,500: calls $259K, puts -$57.3K, net $202K per 1% move (model estimate) 73,750: calls $44.4K, puts -$13.8K, net $30.7K per 1% move (model estimate) 74,000: calls $1.39M, puts -$1.35M, net $38.6K per 1% move (model estimate) 74,250: calls $23.6K, puts -$3.65K, net $19.9K per 1% move (model estimate) 74,500: calls $37.5K, puts -$10.7K, net $26.8K per 1% move (model estimate) 74,750: calls $22.6K, puts -$1.76K, net $20.9K per 1% move (model estimate) 75,000: calls $965K, puts -$1.09M, net -$122K per 1% move (model estimate) 75,250: calls $13.8K, puts -$543, net $13.2K per 1% move (model estimate) 75,500: calls $72.2K, puts -$1.68K, net $70.6K per 1% move (model estimate) 75,750: calls $7.64K, puts -$1.14, net $7.64K per 1% move (model estimate) 76,000: calls $666K, puts -$787K, net -$121K per 1% move (model estimate) 76,250: calls $1.81K, puts $0, net $1.81K per 1% move (model estimate) 76,500: calls $3.82K, puts -$0.662, net $3.82K per 1% move (model estimate) 77,000: calls $473K, puts -$449K, net $25K per 1% move (model estimate) 77,500: calls $725, puts $0, net $725 per 1% move (model estimate) 78,000: calls $506K, puts -$378K, net $128K per 1% move (model estimate) 79,000: calls $343K, puts -$241K, net $102K per 1% move (model estimate) 80,000: calls $551K, puts -$381K, net $170K per 1% move (model estimate) 81,000: calls $153K, puts -$106K, net $47.1K per 1% move (model estimate) 82,000: calls $283K, puts -$225K, net $58K per 1% move (model estimate) 83,000: calls $176K, puts -$54.4K, net $122K per 1% move (model estimate) 84,000: calls $169K, puts -$73.7K, net $95.4K per 1% move (model estimate) 85,000: calls $316K, puts -$68.4K, net $248K per 1% move (model estimate) 86,000: calls $245K, puts -$77.7K, net $167K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (60 of 105 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 54K 64K 68.5K 70.5K 72.5K 74.5K 76.5K 83K 54,000: total gamma $58.9K per 1% move (model estimate) 55,000: total gamma $248K per 1% move (model estimate) 56,000: total gamma $50.3K per 1% move (model estimate) 58,000: total gamma $240K per 1% move (model estimate) 60,000: total gamma $1.24M per 1% move (model estimate) 61,000: total gamma $97.9K per 1% move (model estimate) 62,000: total gamma $758K per 1% move (model estimate) 63,000: total gamma $206K per 1% move (model estimate) 64,000: total gamma $2.24M per 1% move (model estimate) 65,000: total gamma $1.4M per 1% move (model estimate) 66,000: total gamma $2.98M per 1% move (model estimate) 66,500: total gamma $21K per 1% move (model estimate) 67,000: total gamma $2.03M per 1% move (model estimate) 67,500: total gamma $567K per 1% move (model estimate) 68,000: total gamma $5.01M per 1% move (model estimate) 68,250: total gamma $514K per 1% move (model estimate) 68,500: total gamma $1.74M per 1% move (model estimate) 68,750: total gamma $503K per 1% move (model estimate) 69,000: total gamma $5.04M per 1% move (model estimate) 69,250: total gamma $1.05M per 1% move (model estimate) 69,500: total gamma $3.23M per 1% move (model estimate) 69,750: total gamma $921K per 1% move (model estimate) 70,000: total gamma $11.9M per 1% move (model estimate) 70,250: total gamma $832K per 1% move (model estimate) 70,500: total gamma $3.29M per 1% move (model estimate) 70,750: total gamma $1.86M per 1% move (model estimate) 71,000: total gamma $8.76M per 1% move (model estimate) 71,250: total gamma $812K per 1% move (model estimate) 71,500: total gamma $1.98M per 1% move (model estimate) 71,750: total gamma $221K per 1% move (model estimate) 72,000: total gamma $5.25M per 1% move (model estimate) 72,250: total gamma $132K per 1% move (model estimate) 72,500: total gamma $445K per 1% move (model estimate) 72,750: total gamma $71.5K per 1% move (model estimate) 73,000: total gamma $1.78M per 1% move (model estimate) 73,250: total gamma $85.5K per 1% move (model estimate) 73,500: total gamma $316K per 1% move (model estimate) 73,750: total gamma $58.2K per 1% move (model estimate) 74,000: total gamma $2.74M per 1% move (model estimate) 74,250: total gamma $27.2K per 1% move (model estimate) 74,500: total gamma $48.2K per 1% move (model estimate) 74,750: total gamma $24.4K per 1% move (model estimate) 75,000: total gamma $2.05M per 1% move (model estimate) 75,250: total gamma $14.3K per 1% move (model estimate) 75,500: total gamma $73.9K per 1% move (model estimate) 75,750: total gamma $7.64K per 1% move (model estimate) 76,000: total gamma $1.45M per 1% move (model estimate) 76,250: total gamma $1.81K per 1% move (model estimate) 76,500: total gamma $3.82K per 1% move (model estimate) 77,000: total gamma $922K per 1% move (model estimate) 77,500: total gamma $725 per 1% move (model estimate) 78,000: total gamma $883K per 1% move (model estimate) 79,000: total gamma $585K per 1% move (model estimate) 80,000: total gamma $932K per 1% move (model estimate) 81,000: total gamma $260K per 1% move (model estimate) 82,000: total gamma $509K per 1% move (model estimate) 83,000: total gamma $231K per 1% move (model estimate) 84,000: total gamma $243K per 1% move (model estimate) 85,000: total gamma $384K per 1% move (model estimate) 86,000: total gamma $323K 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
$54,000$15K-$44K-$30K$59K
$55,000$4,553-$244K-$239K$248K
$56,000$2,748-$48K-$45K$50K
$58,000$9,340-$231K-$222K$240K
$60,000$21K-$1.21M-$1.19M$1.24M
$61,000$64K-$34K$30K$98K
$62,000$71K-$687K-$616K$758K
$63,000$18K-$188K-$170K$206K
$64,000$69K-$2.17M-$2.10M$2.24M
$65,000$56K-$1.34M-$1.28M$1.40M
$66,000$55K-$2.92M-$2.87M$2.98M
$66,500$1,257-$20K-$18K$21K
$67,000$132K-$1.90M-$1.76M$2.03M
$67,500$8,062-$559K-$551K$567K
$68,000$425K-$4.59M-$4.16M$5.01M
$68,250$215K-$299K-$84K$514K
$68,500$500K-$1.24M-$740K$1.74M
$68,750$240K-$263K-$23K$503K
$69,000$1.31M-$3.73M-$2.42M$5.04M
$69,250$569K-$478K$91K$1.05M
$69,500$2.18M-$1.05M$1.12M$3.23M
$69,750$693K-$228K$465K$921K
$70,000$4.42M-$7.49M-$3.06M$11.91M
$70,250$772K-$59K$713K$832K
$70,500$3.07M-$219K$2.85M$3.29M
$70,750$1.78M-$77K$1.71M$1.86M
$71,000$7.43M-$1.33M$6.10M$8.76M
$71,250$757K-$56K$701K$812K
$71,500$1.61M-$374K$1.23M$1.98M
$71,750$208K-$13K$195K$221K
$72,000$3.18M-$2.08M$1.10M$5.25M
$72,250$126K-$5,773$121K$132K
$72,500$406K-$39K$368K$445K
$72,750$47K-$24K$23K$72K
$73,000$935K-$844K$92K$1.78M
$73,250$60K-$26K$34K$85K
$73,500$259K-$57K$202K$316K
$73,750$44K-$14K$31K$58K
$74,000$1.39M-$1.35M$39K$2.74M
$74,250$24K-$3,645$20K$27K
$74,500$38K-$11K$27K$48K
$74,750$23K-$1,755$21K$24K
$75,000$965K-$1.09M-$122K$2.05M
$75,250$14K-$543$13K$14K
$75,500$72K-$1,681$71K$74K
$75,750$7,644-$1$7,643$7,645
$76,000$666K-$787K-$121K$1.45M
$76,250$1,813$0$1,813$1,813
$76,500$3,819-$1$3,818$3,819
$77,000$473K-$449K$25K$922K
$77,500$725$0$725$725
$78,000$506K-$378K$128K$883K
$79,000$343K-$241K$102K$585K
$80,000$551K-$381K$170K$932K
$81,000$153K-$106K$47K$260K
$82,000$283K-$225K$58K$509K
$83,000$176K-$54K$122K$231K
$84,000$169K-$74K$95K$243K
$85,000$316K-$68K$248K$384K
$86,000$245K-$78K$167K$323K

BTC unsigned gamma by expiry, all expiries (model estimate)

no positioning assumption · USD per 1% move · times UTC
Expires within 24 hours model estimate
33.4%
$27.26M of $81.67M per 1% move1 expiry from 1 hour to 24 hours ahead, until 2026-11-14 14:32 UTC
Expires within 7 days model estimate
66.4%
$54.25M of $81.67M per 1% move4 expiries from 1 hour to 7 days ahead, until 2026-11-20 14:32 UTC; includes the 24-hour sample
Eligible total, unsigned model estimate
$81.67M
calls $39.79Mputs $41.88M11 expiries, 1430 options

Scope. Every share here is a fraction of the full eligible all-expiry BTC chain on Bybit and Binance, not of the selected Mon 16 Nov 2026 expiry shown above. Unsigned sensitivity is a model estimate of today's open interest, not dealer direction and not a prediction that this gamma stays unchanged until expiry.

Expiry (UTC)Calls gammaPuts gammaTotal gammaShare of totalOptionsObserved (UTC)
Sat 14 Nov 2026 08:00 · in 17h 27m$16.14M$11.12M$27.26M33.4%1342026-11-13 14:32 UTC
Sun 15 Nov 2026 08:00 · in 1d 17h$6.74M$4.08M$10.82M13.2%1282026-11-13 14:32 UTC
Mon 16 Nov 2026 08:00 · in 2d 17h$5.23M$1.37M$6.60M8.1%722026-11-13 14:32 UTC
Fri 20 Nov 2026 08:00 · in 6d 17h$3.52M$6.06M$9.58M11.7%1302026-11-13 14:32 UTC
Fri 27 Nov 2026 08:00 · in 13d 17h$3.32M$11.77M$15.09M18.5%1662026-11-13 14:32 UTC
Fri 4 Dec 2026 08:00 · in 20d 17h$509K$752K$1.26M1.5%802026-11-13 14:32 UTC
Fri 25 Dec 2026 08:00 · in 41d 17h$2.96M$5.01M$7.96M9.8%1742026-11-13 14:32 UTC
Fri 29 Jan 2027 08:00 · in 76d 17h$664K$727K$1.39M1.7%1422026-11-13 14:32 UTC
Fri 26 Mar 2027 08:00 · in 132d 17h$574K$849K$1.42M1.7%1542026-11-13 14:32 UTC
Fri 25 Jun 2027 08:00 · in 223d 17h$96K$121K$217K0.3%1422026-11-13 14:32 UTC
Fri 24 Sep 2027 08:00 · in 314d 17h$45K$26K$71K0.1%1082026-11-13 14:32 UTC
All eligible expiries$39.79M$41.88M$81.67M100.0%14302026-11-13 14:32 UTC

Nearest 32 expiries at most (11 of 11 listed). Each listed expiry links to its strike view above. Snapshots observed 2026-11-13 14:32 UTC to 2026-11-13 14:32 UTC. Included: 1430 options. Left out: 0 within one hour of expiry, 0 in expiries with missing open interest at an exchange, 0 with snapshots over 20 minutes old or ahead of the clock, 0 without a positive mark IV, forward or strike or with invalid open interest. These exclusions are stricter than the strike charts above, which keep delayed snapshots.

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.