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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 20 Nov 2026 expiry): net dealer gamma exposure is -$2.67M per 1% move, negative: under the assumption dealers would sell dips and buy rallies, amplifying moves. The largest estimated exposure sits at the $70,000 strike (-$1.37M per 1% move). The estimated zero-gamma level is $72,428.9, 4.6% above spot. Across every eligible expiry (unsigned, no positioning assumption), 32.7% of the $79.32M per 1% move expires within 24 hours and 65.5% 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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, Fri 20 Nov 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
-$2.67M
calls $3.33Mputs -$6.00M
Largest |GEX| strike model estimate
$70,000
-$1.37M per 1% move
Zero-gamma level model estimate
$72,428.9
4.6% above spotindex $69,240.4
Total gamma, unsigned model estimate
$9.33M
no positioning assumption

Estimated dealer gamma exposure by strike, Fri 20 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
-$2M -$1.5M -$1M -$500K $0 $500K $1M 61K 67K 70.5K 73.5K 77K 83K 92K 61,000: calls $0, puts -$9.58K, net -$9.58K per 1% move (model estimate) 62,000: calls $0, puts -$53.4K, net -$53.4K per 1% move (model estimate) 63,000: calls $0, puts -$10.1K, net -$10.1K per 1% move (model estimate) 64,000: calls $3.78K, puts -$218K, net -$214K per 1% move (model estimate) 65,000: calls $1.15K, puts -$407K, net -$406K per 1% move (model estimate) 66,000: calls $9.41K, puts -$313K, net -$303K per 1% move (model estimate) 67,000: calls $9.27K, puts -$259K, net -$250K per 1% move (model estimate) 68,000: calls $116K, puts -$664K, net -$548K per 1% move (model estimate) 68,500: calls $11.8K, puts -$26.1K, net -$14.4K per 1% move (model estimate) 69,000: calls $184K, puts -$230K, net -$46.2K per 1% move (model estimate) 69,500: calls $62.5K, puts -$13.6K, net $48.9K per 1% move (model estimate) 70,000: calls $235K, puts -$1.6M, net -$1.37M per 1% move (model estimate) 70,500: calls $177K, puts -$32.2K, net $144K per 1% move (model estimate) 71,000: calls $128K, puts -$247K, net -$119K per 1% move (model estimate) 71,500: calls $153K, puts -$13.9K, net $139K per 1% move (model estimate) 72,000: calls $220K, puts -$646K, net -$426K per 1% move (model estimate) 72,500: calls $49.1K, puts -$113, net $49K per 1% move (model estimate) 73,000: calls $183K, puts -$279K, net -$95.9K per 1% move (model estimate) 73,500: calls $51K, puts -$17.2K, net $33.8K per 1% move (model estimate) 74,000: calls $658K, puts -$409K, net $249K per 1% move (model estimate) 74,500: calls $18.4K, puts -$9.94K, net $8.47K per 1% move (model estimate) 75,000: calls $336K, puts -$258K, net $78K per 1% move (model estimate) 75,500: calls $67.2K, puts -$1.56K, net $65.7K per 1% move (model estimate) 76,000: calls $202K, puts -$106K, net $95.9K per 1% move (model estimate) 77,000: calls $122K, puts -$84.8K, net $37.6K per 1% move (model estimate) 78,000: calls $91.9K, puts -$40.9K, net $51K per 1% move (model estimate) 79,000: calls $72.9K, puts -$17.9K, net $55K per 1% move (model estimate) 80,000: calls $61.8K, puts -$11.2K, net $50.6K per 1% move (model estimate) 81,000: calls $24.6K, puts -$11.8K, net $12.8K per 1% move (model estimate) 82,000: calls $18.6K, puts -$3.52K, net $15K per 1% move (model estimate) 83,000: calls $16.8K, puts -$293, net $16.5K per 1% move (model estimate) 84,000: calls $16.9K, puts -$153, net $16.8K per 1% move (model estimate) 85,000: calls $5.12K, puts -$119, net $5K per 1% move (model estimate) 86,000: calls $14.3K, puts -$362, net $13.9K per 1% move (model estimate) 88,000: calls $4.8K, puts -$47.4, net $4.76K per 1% move (model estimate) 90,000: calls $4.15K, puts -$0.819, net $4.15K per 1% move (model estimate) 92,000: calls $163, puts -$0.164, net $163 per 1% move (model estimate) 94,000: calls $83.9, puts -$0.101, net $83.8 per 1% move (model estimate) 95,000: calls $711, puts $0, net $711 per 1% move (model estimate) 96,000: calls $73.3, puts $0, net $73.3 per 1% move (model estimate) 96,250: calls $399, puts $0, net $399 per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (41 of 41 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Fri 20 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 61K 67K 70.5K 73.5K 77K 83K 92K 61,000: total gamma $9.58K per 1% move (model estimate) 62,000: total gamma $53.4K per 1% move (model estimate) 63,000: total gamma $10.1K per 1% move (model estimate) 64,000: total gamma $222K per 1% move (model estimate) 65,000: total gamma $408K per 1% move (model estimate) 66,000: total gamma $322K per 1% move (model estimate) 67,000: total gamma $268K per 1% move (model estimate) 68,000: total gamma $780K per 1% move (model estimate) 68,500: total gamma $37.9K per 1% move (model estimate) 69,000: total gamma $415K per 1% move (model estimate) 69,500: total gamma $76K per 1% move (model estimate) 70,000: total gamma $1.84M per 1% move (model estimate) 70,500: total gamma $209K per 1% move (model estimate) 71,000: total gamma $375K per 1% move (model estimate) 71,500: total gamma $167K per 1% move (model estimate) 72,000: total gamma $866K per 1% move (model estimate) 72,500: total gamma $49.2K per 1% move (model estimate) 73,000: total gamma $463K per 1% move (model estimate) 73,500: total gamma $68.1K per 1% move (model estimate) 74,000: total gamma $1.07M per 1% move (model estimate) 74,500: total gamma $28.4K per 1% move (model estimate) 75,000: total gamma $595K per 1% move (model estimate) 75,500: total gamma $68.8K per 1% move (model estimate) 76,000: total gamma $308K per 1% move (model estimate) 77,000: total gamma $207K per 1% move (model estimate) 78,000: total gamma $133K per 1% move (model estimate) 79,000: total gamma $90.8K per 1% move (model estimate) 80,000: total gamma $73.1K per 1% move (model estimate) 81,000: total gamma $36.3K per 1% move (model estimate) 82,000: total gamma $22.1K per 1% move (model estimate) 83,000: total gamma $17.1K per 1% move (model estimate) 84,000: total gamma $17.1K per 1% move (model estimate) 85,000: total gamma $5.24K per 1% move (model estimate) 86,000: total gamma $14.7K per 1% move (model estimate) 88,000: total gamma $4.85K per 1% move (model estimate) 90,000: total gamma $4.15K per 1% move (model estimate) 92,000: total gamma $163 per 1% move (model estimate) 94,000: total gamma $84 per 1% move (model estimate) 95,000: total gamma $711 per 1% move (model estimate) 96,000: total gamma $73.3 per 1% move (model estimate) 96,250: total gamma $399 per 1% move (model estimate)

Gamma exposure by strike table, Fri 20 Nov 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$61,000$0-$9,579-$9,579$9,579
$62,000$0-$53K-$53K$53K
$63,000$0-$10K-$10K$10K
$64,000$3,778-$218K-$214K$222K
$65,000$1,149-$407K-$406K$408K
$66,000$9,407-$313K-$303K$322K
$67,000$9,272-$259K-$250K$268K
$68,000$116K-$664K-$548K$780K
$68,500$12K-$26K-$14K$38K
$69,000$184K-$230K-$46K$415K
$69,500$62K-$14K$49K$76K
$70,000$235K-$1.60M-$1.37M$1.84M
$70,500$177K-$32K$144K$209K
$71,000$128K-$247K-$119K$375K
$71,500$153K-$14K$139K$167K
$72,000$220K-$646K-$426K$866K
$72,500$49K-$113$49K$49K
$73,000$183K-$279K-$96K$463K
$73,500$51K-$17K$34K$68K
$74,000$658K-$409K$249K$1.07M
$74,500$18K-$9,942$8,474$28K
$75,000$336K-$258K$78K$595K
$75,500$67K-$1,564$66K$69K
$76,000$202K-$106K$96K$308K
$77,000$122K-$85K$38K$207K
$78,000$92K-$41K$51K$133K
$79,000$73K-$18K$55K$91K
$80,000$62K-$11K$51K$73K
$81,000$25K-$12K$13K$36K
$82,000$19K-$3,520$15K$22K
$83,000$17K-$293$16K$17K
$84,000$17K-$153$17K$17K
$85,000$5,122-$119$5,003$5,241
$86,000$14K-$362$14K$15K
$88,000$4,804-$47$4,757$4,852
$90,000$4,146-$1$4,145$4,147
$92,000$163-$0$163$163
$94,000$84-$0$84$84
$95,000$711$0$711$711
$96,000$73$0$73$73
$96,250$399$0$399$399

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
-$4.97M
calls $37.17Mputs -$42.15M
Largest |GEX| strike model estimate
$71,000
$5.46M per 1% move
Zero-gamma level model estimate
$69,518.1
0.4% above spotindex $69,240.4
Total gamma, unsigned model estimate
$79.32M
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 $14.9K, puts -$44.7K, net -$29.8K per 1% move (model estimate) 55,000: calls $4.6K, puts -$248K, net -$244K per 1% move (model estimate) 56,000: calls $2.77K, puts -$47.9K, net -$45.2K per 1% move (model estimate) 58,000: calls $9.58K, puts -$244K, net -$234K per 1% move (model estimate) 60,000: calls $21.7K, puts -$1.25M, net -$1.22M per 1% move (model estimate) 61,000: calls $64.4K, puts -$34.4K, net $30K per 1% move (model estimate) 62,000: calls $72.2K, puts -$706K, net -$633K per 1% move (model estimate) 63,000: calls $18.6K, puts -$196K, net -$178K per 1% move (model estimate) 64,000: calls $70K, puts -$2.23M, net -$2.16M per 1% move (model estimate) 65,000: calls $56.6K, puts -$1.35M, net -$1.3M per 1% move (model estimate) 66,000: calls $55.9K, puts -$3.06M, net -$3M per 1% move (model estimate) 66,500: calls $1.39K, puts -$22.5K, net -$21.1K per 1% move (model estimate) 67,000: calls $145K, puts -$2.07M, net -$1.92M per 1% move (model estimate) 67,500: calls $8.99K, puts -$627K, net -$618K per 1% move (model estimate) 68,000: calls $444K, puts -$4.83M, net -$4.39M per 1% move (model estimate) 68,250: calls $239K, puts -$315K, net -$75.9K per 1% move (model estimate) 68,500: calls $546K, puts -$1.33M, net -$780K per 1% move (model estimate) 68,750: calls $255K, puts -$271K, net -$16.2K per 1% move (model estimate) 69,000: calls $1.35M, puts -$3.85M, net -$2.5M per 1% move (model estimate) 69,250: calls $566K, puts -$490K, net $75.9K per 1% move (model estimate) 69,500: calls $2.08M, puts -$1.04M, net $1.04M per 1% move (model estimate) 69,750: calls $654K, puts -$215K, net $438K per 1% move (model estimate) 70,000: calls $4.17M, puts -$7.21M, net -$3.04M per 1% move (model estimate) 70,250: calls $607K, puts -$55K, net $552K per 1% move (model estimate) 70,500: calls $2.82M, puts -$196K, net $2.63M per 1% move (model estimate) 70,750: calls $1.56M, puts -$65.3K, net $1.49M per 1% move (model estimate) 71,000: calls $6.69M, puts -$1.23M, net $5.46M per 1% move (model estimate) 71,250: calls $619K, puts -$47.1K, net $572K per 1% move (model estimate) 71,500: calls $1.41M, puts -$321K, net $1.09M per 1% move (model estimate) 71,750: calls $175K, puts -$10.7K, net $165K per 1% move (model estimate) 72,000: calls $2.9M, puts -$2.01M, net $884K per 1% move (model estimate) 72,250: calls $111K, puts -$5.09K, net $106K per 1% move (model estimate) 72,500: calls $365K, puts -$34.7K, net $330K per 1% move (model estimate) 72,750: calls $42K, puts -$22.4K, net $19.6K per 1% move (model estimate) 73,000: calls $887K, puts -$814K, net $72.9K per 1% move (model estimate) 73,250: calls $57.2K, puts -$24.8K, net $32.4K per 1% move (model estimate) 73,500: calls $242K, puts -$53.5K, net $188K per 1% move (model estimate) 73,750: calls $44.6K, puts -$13.9K, net $30.7K per 1% move (model estimate) 74,000: calls $1.3M, puts -$1.31M, net -$7.33K per 1% move (model estimate) 74,250: calls $24.9K, puts -$3.86K, net $21K per 1% move (model estimate) 74,500: calls $37.3K, puts -$9.94K, net $27.4K per 1% move (model estimate) 74,750: calls $25K, puts -$1.95K, net $23K per 1% move (model estimate) 75,000: calls $933K, puts -$1.05M, net -$121K per 1% move (model estimate) 75,250: calls $15.9K, puts -$632, net $15.3K per 1% move (model estimate) 75,500: calls $67.2K, puts -$1.56K, net $65.7K per 1% move (model estimate) 75,750: calls $9.3K, puts -$1.39, net $9.29K per 1% move (model estimate) 76,000: calls $641K, puts -$763K, net -$122K per 1% move (model estimate) 76,250: calls $2.31K, puts $0, net $2.31K per 1% move (model estimate) 76,500: calls $4.94K, puts -$0.856, net $4.94K per 1% move (model estimate) 77,000: calls $456K, puts -$433K, net $23.2K per 1% move (model estimate) 77,500: calls $1.04K, puts $0, net $1.04K per 1% move (model estimate) 78,000: calls $488K, puts -$368K, net $119K per 1% move (model estimate) 79,000: calls $332K, puts -$235K, net $97.5K per 1% move (model estimate) 80,000: calls $537K, puts -$373K, net $164K per 1% move (model estimate) 81,000: calls $152K, puts -$106K, net $46.4K per 1% move (model estimate) 82,000: calls $280K, puts -$223K, net $56.9K per 1% move (model estimate) 83,000: calls $170K, puts -$54.7K, net $115K per 1% move (model estimate) 84,000: calls $166K, puts -$72.7K, net $93.7K per 1% move (model estimate) 85,000: calls $314K, puts -$67.7K, net $246K per 1% move (model estimate) 86,000: calls $240K, puts -$76.2K, net $164K 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 $59.6K per 1% move (model estimate) 55,000: total gamma $253K per 1% move (model estimate) 56,000: total gamma $50.7K per 1% move (model estimate) 58,000: total gamma $253K per 1% move (model estimate) 60,000: total gamma $1.27M per 1% move (model estimate) 61,000: total gamma $98.8K per 1% move (model estimate) 62,000: total gamma $778K per 1% move (model estimate) 63,000: total gamma $215K per 1% move (model estimate) 64,000: total gamma $2.3M per 1% move (model estimate) 65,000: total gamma $1.41M per 1% move (model estimate) 66,000: total gamma $3.11M per 1% move (model estimate) 66,500: total gamma $23.9K per 1% move (model estimate) 67,000: total gamma $2.21M per 1% move (model estimate) 67,500: total gamma $636K per 1% move (model estimate) 68,000: total gamma $5.28M per 1% move (model estimate) 68,250: total gamma $554K per 1% move (model estimate) 68,500: total gamma $1.87M per 1% move (model estimate) 68,750: total gamma $527K per 1% move (model estimate) 69,000: total gamma $5.19M per 1% move (model estimate) 69,250: total gamma $1.06M per 1% move (model estimate) 69,500: total gamma $3.12M per 1% move (model estimate) 69,750: total gamma $869K per 1% move (model estimate) 70,000: total gamma $11.4M per 1% move (model estimate) 70,250: total gamma $662K per 1% move (model estimate) 70,500: total gamma $3.02M per 1% move (model estimate) 70,750: total gamma $1.62M per 1% move (model estimate) 71,000: total gamma $7.92M per 1% move (model estimate) 71,250: total gamma $666K per 1% move (model estimate) 71,500: total gamma $1.73M per 1% move (model estimate) 71,750: total gamma $186K per 1% move (model estimate) 72,000: total gamma $4.91M per 1% move (model estimate) 72,250: total gamma $116K per 1% move (model estimate) 72,500: total gamma $399K per 1% move (model estimate) 72,750: total gamma $64.4K per 1% move (model estimate) 73,000: total gamma $1.7M per 1% move (model estimate) 73,250: total gamma $82K per 1% move (model estimate) 73,500: total gamma $295K per 1% move (model estimate) 73,750: total gamma $58.5K per 1% move (model estimate) 74,000: total gamma $2.6M per 1% move (model estimate) 74,250: total gamma $28.7K per 1% move (model estimate) 74,500: total gamma $47.3K per 1% move (model estimate) 74,750: total gamma $26.9K per 1% move (model estimate) 75,000: total gamma $1.99M per 1% move (model estimate) 75,250: total gamma $16.6K per 1% move (model estimate) 75,500: total gamma $68.8K per 1% move (model estimate) 75,750: total gamma $9.3K per 1% move (model estimate) 76,000: total gamma $1.4M per 1% move (model estimate) 76,250: total gamma $2.31K per 1% move (model estimate) 76,500: total gamma $4.94K per 1% move (model estimate) 77,000: total gamma $888K per 1% move (model estimate) 77,500: total gamma $1.04K per 1% move (model estimate) 78,000: total gamma $856K per 1% move (model estimate) 79,000: total gamma $567K per 1% move (model estimate) 80,000: total gamma $911K per 1% move (model estimate) 81,000: total gamma $258K per 1% move (model estimate) 82,000: total gamma $502K per 1% move (model estimate) 83,000: total gamma $225K per 1% move (model estimate) 84,000: total gamma $239K per 1% move (model estimate) 85,000: total gamma $382K per 1% move (model estimate) 86,000: total gamma $316K 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-$45K-$30K$60K
$55,000$4,597-$248K-$244K$253K
$56,000$2,769-$48K-$45K$51K
$58,000$9,584-$244K-$234K$253K
$60,000$22K-$1.25M-$1.22M$1.27M
$61,000$64K-$34K$30K$99K
$62,000$72K-$706K-$633K$778K
$63,000$19K-$196K-$178K$215K
$64,000$70K-$2.23M-$2.16M$2.30M
$65,000$57K-$1.35M-$1.30M$1.41M
$66,000$56K-$3.06M-$3.00M$3.11M
$66,500$1,394-$22K-$21K$24K
$67,000$145K-$2.07M-$1.92M$2.21M
$67,500$8,987-$627K-$618K$636K
$68,000$444K-$4.83M-$4.39M$5.28M
$68,250$239K-$315K-$76K$554K
$68,500$546K-$1.33M-$780K$1.87M
$68,750$255K-$271K-$16K$527K
$69,000$1.35M-$3.85M-$2.50M$5.19M
$69,250$566K-$490K$76K$1.06M
$69,500$2.08M-$1.04M$1.04M$3.12M
$69,750$654K-$215K$438K$869K
$70,000$4.17M-$7.21M-$3.04M$11.38M
$70,250$607K-$55K$552K$662K
$70,500$2.82M-$196K$2.63M$3.02M
$70,750$1.56M-$65K$1.49M$1.62M
$71,000$6.69M-$1.23M$5.46M$7.92M
$71,250$619K-$47K$572K$666K
$71,500$1.41M-$321K$1.09M$1.73M
$71,750$175K-$11K$165K$186K
$72,000$2.90M-$2.01M$884K$4.91M
$72,250$111K-$5,092$106K$116K
$72,500$365K-$35K$330K$399K
$72,750$42K-$22K$20K$64K
$73,000$887K-$814K$73K$1.70M
$73,250$57K-$25K$32K$82K
$73,500$242K-$54K$188K$295K
$73,750$45K-$14K$31K$59K
$74,000$1.30M-$1.31M-$7,335$2.60M
$74,250$25K-$3,859$21K$29K
$74,500$37K-$9,942$27K$47K
$74,750$25K-$1,951$23K$27K
$75,000$933K-$1.05M-$121K$1.99M
$75,250$16K-$632$15K$17K
$75,500$67K-$1,564$66K$69K
$75,750$9,295-$1$9,294$9,297
$76,000$641K-$763K-$122K$1.40M
$76,250$2,312$0$2,312$2,312
$76,500$4,939-$1$4,938$4,940
$77,000$456K-$433K$23K$888K
$77,500$1,042$0$1,042$1,042
$78,000$488K-$368K$119K$856K
$79,000$332K-$235K$98K$567K
$80,000$537K-$373K$164K$911K
$81,000$152K-$106K$46K$258K
$82,000$280K-$223K$57K$502K
$83,000$170K-$55K$115K$225K
$84,000$166K-$73K$94K$239K
$85,000$314K-$68K$246K$382K
$86,000$240K-$76K$164K$316K

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

no positioning assumption · USD per 1% move · times UTC
Expires within 24 hours model estimate
32.7%
$25.95M of $79.32M per 1% move1 expiry from 1 hour to 24 hours ahead, until 2026-11-14 14:22 UTC
Expires within 7 days model estimate
65.5%
$51.93M of $79.32M per 1% move4 expiries from 1 hour to 7 days ahead, until 2026-11-20 14:22 UTC; includes the 24-hour sample
Eligible total, unsigned model estimate
$79.32M
calls $37.17Mputs $42.15M11 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 Fri 20 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 37m$14.69M$11.26M$25.95M32.7%1342026-11-13 14:22 UTC
Sun 15 Nov 2026 08:00 · in 1d 17h$6.25M$4.15M$10.40M13.1%1282026-11-13 14:22 UTC
Mon 16 Nov 2026 08:00 · in 2d 17h$4.85M$1.39M$6.24M7.9%722026-11-13 14:22 UTC
Fri 20 Nov 2026 08:00 · in 6d 17h$3.33M$6.00M$9.33M11.8%1302026-11-13 14:22 UTC
Fri 27 Nov 2026 08:00 · in 13d 17h$3.29M$11.84M$15.12M19.1%1662026-11-13 14:22 UTC
Fri 4 Dec 2026 08:00 · in 20d 17h$477K$771K$1.25M1.6%802026-11-13 14:22 UTC
Fri 25 Dec 2026 08:00 · in 41d 17h$2.92M$5.01M$7.93M10.0%1742026-11-13 14:22 UTC
Fri 29 Jan 2027 08:00 · in 76d 17h$652K$728K$1.38M1.7%1422026-11-13 14:22 UTC
Fri 26 Mar 2027 08:00 · in 132d 17h$572K$850K$1.42M1.8%1542026-11-13 14:22 UTC
Fri 25 Jun 2027 08:00 · in 223d 17h$95K$121K$216K0.3%1422026-11-13 14:22 UTC
Fri 24 Sep 2027 08:00 · in 314d 17h$45K$26K$70K0.1%1082026-11-13 14:22 UTC
All eligible expiries$37.17M$42.15M$79.32M100.0%14302026-11-13 14:22 UTC

Nearest 32 expiries at most (11 of 11 listed). Each listed expiry links to its strike view above. Snapshots observed 2026-11-13 14:22 UTC to 2026-11-13 14:22 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.