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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 (Mon 19 Oct 2026 expiry): net dealer gamma exposure is $858K per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $2,425 strike (-$1.66M per 1% move). The estimated zero-gamma level is $2,414.9, 0.4% below spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 14:05 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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. 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

ETH gamma exposure, Mon 19 Oct 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$858K
calls $5.22Mputs -$4.36M
Largest |GEX| strike model estimate
$2,425
-$1.66M per 1% move
Zero-gamma level model estimate
$2,414.9
0.4% below spotindex $2,424.7
Total gamma, unsigned model estimate
$9.58M
no positioning assumption

Estimated dealer gamma exposure by strike, Mon 19 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
-$2M -$1M $0 $1M $2M 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: calls $0, puts -$6.16K, net -$6.16K per 1% move (model estimate) 2,200: calls $0, puts -$25.1K, net -$25.1K per 1% move (model estimate) 2,250: calls $0, puts -$13.4K, net -$13.4K per 1% move (model estimate) 2,300: calls $123, puts -$110K, net -$109K per 1% move (model estimate) 2,340: calls $73.8, puts -$73.8K, net -$73.7K per 1% move (model estimate) 2,360: calls $2.96K, puts -$155K, net -$152K per 1% move (model estimate) 2,380: calls $29.4, puts -$139K, net -$139K per 1% move (model estimate) 2,390: calls $0, puts -$20.8K, net -$20.8K per 1% move (model estimate) 2,400: calls $130K, puts -$490K, net -$360K per 1% move (model estimate) 2,410: calls $48.4K, puts -$185K, net -$137K per 1% move (model estimate) 2,420: calls $103K, puts -$297K, net -$195K per 1% move (model estimate) 2,425: calls $156K, puts -$1.81M, net -$1.66M per 1% move (model estimate) 2,430: calls $161K, puts -$365K, net -$203K per 1% move (model estimate) 2,440: calls $41.2K, puts -$222K, net -$180K per 1% move (model estimate) 2,450: calls $223K, puts -$248K, net -$24.7K per 1% move (model estimate) 2,460: calls $95.4K, puts -$61.2K, net $34.2K per 1% move (model estimate) 2,470: calls $62.2K, puts -$57.7K, net $4.43K per 1% move (model estimate) 2,475: calls $1.36M, puts -$47K, net $1.31M per 1% move (model estimate) 2,480: calls $1.09M, puts -$13.5K, net $1.08M per 1% move (model estimate) 2,490: calls $75.2K, puts -$687, net $74.5K per 1% move (model estimate) 2,500: calls $1.16M, puts -$15.1K, net $1.15M per 1% move (model estimate) 2,510: calls $49.3K, puts $0, net $49.3K per 1% move (model estimate) 2,520: calls $88.4K, puts $0, net $88.4K per 1% move (model estimate) 2,525: calls $115K, puts -$1.18, net $115K per 1% move (model estimate) 2,540: calls $34.7K, puts $0, net $34.7K per 1% move (model estimate) 2,550: calls $98.4K, puts $0, net $98.4K per 1% move (model estimate) 2,570: calls $31.1K, puts $0, net $31.1K per 1% move (model estimate) 2,600: calls $78.2K, puts -$32.6, net $78.2K per 1% move (model estimate) 2,650: calls $3.19K, puts $0, net $3.19K per 1% move (model estimate) 2,700: calls $5.14K, puts $0, net $5.14K per 1% move (model estimate) 2,750: calls $163, puts $0, net $163 per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (31 of 31 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Mon 19 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 $2M 2.15K 2.34K 2.4K 2.43K 2.47K 2.5K 2.54K 2.65K 2,150: total gamma $6.16K per 1% move (model estimate) 2,200: total gamma $25.1K per 1% move (model estimate) 2,250: total gamma $13.4K per 1% move (model estimate) 2,300: total gamma $110K per 1% move (model estimate) 2,340: total gamma $73.8K per 1% move (model estimate) 2,360: total gamma $158K per 1% move (model estimate) 2,380: total gamma $139K per 1% move (model estimate) 2,390: total gamma $20.8K per 1% move (model estimate) 2,400: total gamma $620K per 1% move (model estimate) 2,410: total gamma $234K per 1% move (model estimate) 2,420: total gamma $400K per 1% move (model estimate) 2,425: total gamma $1.97M per 1% move (model estimate) 2,430: total gamma $526K per 1% move (model estimate) 2,440: total gamma $263K per 1% move (model estimate) 2,450: total gamma $471K per 1% move (model estimate) 2,460: total gamma $157K per 1% move (model estimate) 2,470: total gamma $120K per 1% move (model estimate) 2,475: total gamma $1.41M per 1% move (model estimate) 2,480: total gamma $1.1M per 1% move (model estimate) 2,490: total gamma $75.9K per 1% move (model estimate) 2,500: total gamma $1.18M per 1% move (model estimate) 2,510: total gamma $49.3K per 1% move (model estimate) 2,520: total gamma $88.4K per 1% move (model estimate) 2,525: total gamma $115K per 1% move (model estimate) 2,540: total gamma $34.7K per 1% move (model estimate) 2,550: total gamma $98.4K per 1% move (model estimate) 2,570: total gamma $31.1K per 1% move (model estimate) 2,600: total gamma $78.2K per 1% move (model estimate) 2,650: total gamma $3.19K per 1% move (model estimate) 2,700: total gamma $5.14K per 1% move (model estimate) 2,750: total gamma $163 per 1% move (model estimate)

Gamma exposure by strike table, Mon 19 Oct 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$2,150$0-$6,160-$6,160$6,160
$2,200$0-$25K-$25K$25K
$2,250$0-$13K-$13K$13K
$2,300$123-$110K-$109K$110K
$2,340$74-$74K-$74K$74K
$2,360$2,961-$155K-$152K$158K
$2,380$29-$139K-$139K$139K
$2,390$0-$21K-$21K$21K
$2,400$130K-$490K-$360K$620K
$2,410$48K-$185K-$137K$234K
$2,420$103K-$297K-$195K$400K
$2,425$156K-$1.81M-$1.66M$1.97M
$2,430$161K-$365K-$203K$526K
$2,440$41K-$222K-$180K$263K
$2,450$223K-$248K-$25K$471K
$2,460$95K-$61K$34K$157K
$2,470$62K-$58K$4,432$120K
$2,475$1.36M-$47K$1.31M$1.41M
$2,480$1.09M-$14K$1.08M$1.10M
$2,490$75K-$687$75K$76K
$2,500$1.16M-$15K$1.15M$1.18M
$2,510$49K$0$49K$49K
$2,520$88K$0$88K$88K
$2,525$115K-$1$115K$115K
$2,540$35K$0$35K$35K
$2,550$98K$0$98K$98K
$2,570$31K$0$31K$31K
$2,600$78K-$33$78K$78K
$2,650$3,189$0$3,189$3,189
$2,700$5,137$0$5,137$5,137
$2,750$163$0$163$163

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
$1.42M
calls $21.55Mputs -$20.13M
Largest |GEX| strike model estimate
$2,400
-$2.62M per 1% move
Zero-gamma level model estimate
$2,420.2
0.2% below spotindex $2,424.7
Total gamma, unsigned model estimate
$41.69M
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
-$4M -$2M $0 $2M $4M 1.6K 2.1K 2.32K 2.4K 2.47K 2.53K 2.7K 3.1K 1,600: calls $3.77K, puts -$32.2K, net -$28.4K per 1% move (model estimate) 1,700: calls $11K, puts -$30.8K, net -$19.8K per 1% move (model estimate) 1,800: calls $9.81K, puts -$65.6K, net -$55.8K per 1% move (model estimate) 1,850: calls $248, puts -$7.9K, net -$7.66K per 1% move (model estimate) 1,900: calls $18.7K, puts -$86.1K, net -$67.4K per 1% move (model estimate) 1,950: calls $4.15K, puts -$21.2K, net -$17.1K per 1% move (model estimate) 2,000: calls $30.7K, puts -$304K, net -$274K per 1% move (model estimate) 2,050: calls $3.06K, puts -$22.9K, net -$19.9K per 1% move (model estimate) 2,100: calls $44K, puts -$277K, net -$233K per 1% move (model estimate) 2,150: calls $90.3, puts -$70.5K, net -$70.4K per 1% move (model estimate) 2,200: calls $52.5K, puts -$561K, net -$509K per 1% move (model estimate) 2,225: calls $0.617, puts -$12.5K, net -$12.5K per 1% move (model estimate) 2,250: calls $758, puts -$291K, net -$291K per 1% move (model estimate) 2,275: calls $0.881, puts -$46.5K, net -$46.5K per 1% move (model estimate) 2,280: calls $0, puts -$11.5K, net -$11.5K per 1% move (model estimate) 2,300: calls $131K, puts -$783K, net -$652K per 1% move (model estimate) 2,320: calls $18.6, puts -$50.8K, net -$50.8K per 1% move (model estimate) 2,325: calls $16K, puts -$371K, net -$355K per 1% move (model estimate) 2,340: calls $8.19K, puts -$165K, net -$157K per 1% move (model estimate) 2,350: calls $97.3K, puts -$416K, net -$319K per 1% move (model estimate) 2,360: calls $11.2K, puts -$368K, net -$357K per 1% move (model estimate) 2,375: calls $145K, puts -$568K, net -$423K per 1% move (model estimate) 2,380: calls $30.9K, puts -$415K, net -$384K per 1% move (model estimate) 2,390: calls $58.1K, puts -$249K, net -$191K per 1% move (model estimate) 2,400: calls $907K, puts -$3.52M, net -$2.62M per 1% move (model estimate) 2,410: calls $1.22M, puts -$2.09M, net -$869K per 1% move (model estimate) 2,420: calls $465K, puts -$939K, net -$474K per 1% move (model estimate) 2,425: calls $650K, puts -$2.64M, net -$1.99M per 1% move (model estimate) 2,430: calls $531K, puts -$1.46M, net -$925K per 1% move (model estimate) 2,440: calls $1.2M, puts -$547K, net $654K per 1% move (model estimate) 2,450: calls $2.44M, puts -$1.08M, net $1.35M per 1% move (model estimate) 2,460: calls $497K, puts -$128K, net $369K per 1% move (model estimate) 2,470: calls $215K, puts -$103K, net $112K per 1% move (model estimate) 2,475: calls $1.59M, puts -$113K, net $1.48M per 1% move (model estimate) 2,480: calls $1.23M, puts -$37.2K, net $1.19M per 1% move (model estimate) 2,490: calls $172K, puts -$7.38K, net $164K per 1% move (model estimate) 2,500: calls $2.91M, puts -$811K, net $2.1M per 1% move (model estimate) 2,510: calls $88.5K, puts -$41.6, net $88.5K per 1% move (model estimate) 2,520: calls $140K, puts -$12.7, net $140K per 1% move (model estimate) 2,525: calls $412K, puts -$63.9K, net $348K per 1% move (model estimate) 2,530: calls $11.4K, puts $0, net $11.4K per 1% move (model estimate) 2,540: calls $34.7K, puts $0, net $34.7K per 1% move (model estimate) 2,550: calls $645K, puts -$263K, net $383K per 1% move (model estimate) 2,570: calls $31.1K, puts $0, net $31.1K per 1% move (model estimate) 2,575: calls $112K, puts -$13.9K, net $97.9K per 1% move (model estimate) 2,600: calls $2.36M, puts -$433K, net $1.92M per 1% move (model estimate) 2,625: calls $62K, puts -$1.14K, net $60.9K per 1% move (model estimate) 2,650: calls $300K, puts -$124K, net $176K per 1% move (model estimate) 2,700: calls $624K, puts -$256K, net $368K per 1% move (model estimate) 2,750: calls $148K, puts -$25.7K, net $122K per 1% move (model estimate) 2,800: calls $458K, puts -$109K, net $349K per 1% move (model estimate) 2,850: calls $50.1K, puts -$3.05K, net $47.1K per 1% move (model estimate) 2,900: calls $232K, puts -$30.5K, net $201K per 1% move (model estimate) 2,950: calls $21.7K, puts -$71, net $21.6K per 1% move (model estimate) 3,000: calls $470K, puts -$20.3K, net $450K per 1% move (model estimate) 3,050: calls $14.5K, puts $0, net $14.5K per 1% move (model estimate) 3,100: calls $62.1K, puts -$4.44K, net $57.7K per 1% move (model estimate) 3,150: calls $5.89K, puts -$130, net $5.76K per 1% move (model estimate) 3,200: calls $167K, puts -$9.51K, net $158K per 1% move (model estimate) 3,300: calls $32.5K, puts -$14.6, net $32.5K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (60 of 94 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 $1M $2M $3M $4M $5M 1.6K 2.1K 2.32K 2.4K 2.47K 2.53K 2.7K 3.1K 1,600: total gamma $36K per 1% move (model estimate) 1,700: total gamma $41.8K per 1% move (model estimate) 1,800: total gamma $75.4K per 1% move (model estimate) 1,850: total gamma $8.15K per 1% move (model estimate) 1,900: total gamma $105K per 1% move (model estimate) 1,950: total gamma $25.4K per 1% move (model estimate) 2,000: total gamma $335K per 1% move (model estimate) 2,050: total gamma $26K per 1% move (model estimate) 2,100: total gamma $320K per 1% move (model estimate) 2,150: total gamma $70.6K per 1% move (model estimate) 2,200: total gamma $614K per 1% move (model estimate) 2,225: total gamma $12.5K per 1% move (model estimate) 2,250: total gamma $292K per 1% move (model estimate) 2,275: total gamma $46.5K per 1% move (model estimate) 2,280: total gamma $11.5K per 1% move (model estimate) 2,300: total gamma $914K per 1% move (model estimate) 2,320: total gamma $50.8K per 1% move (model estimate) 2,325: total gamma $387K per 1% move (model estimate) 2,340: total gamma $173K per 1% move (model estimate) 2,350: total gamma $513K per 1% move (model estimate) 2,360: total gamma $379K per 1% move (model estimate) 2,375: total gamma $713K per 1% move (model estimate) 2,380: total gamma $446K per 1% move (model estimate) 2,390: total gamma $308K per 1% move (model estimate) 2,400: total gamma $4.43M per 1% move (model estimate) 2,410: total gamma $3.31M per 1% move (model estimate) 2,420: total gamma $1.4M per 1% move (model estimate) 2,425: total gamma $3.29M per 1% move (model estimate) 2,430: total gamma $1.99M per 1% move (model estimate) 2,440: total gamma $1.75M per 1% move (model estimate) 2,450: total gamma $3.52M per 1% move (model estimate) 2,460: total gamma $625K per 1% move (model estimate) 2,470: total gamma $318K per 1% move (model estimate) 2,475: total gamma $1.7M per 1% move (model estimate) 2,480: total gamma $1.27M per 1% move (model estimate) 2,490: total gamma $179K per 1% move (model estimate) 2,500: total gamma $3.72M per 1% move (model estimate) 2,510: total gamma $88.5K per 1% move (model estimate) 2,520: total gamma $140K per 1% move (model estimate) 2,525: total gamma $476K per 1% move (model estimate) 2,530: total gamma $11.4K per 1% move (model estimate) 2,540: total gamma $34.7K per 1% move (model estimate) 2,550: total gamma $908K per 1% move (model estimate) 2,570: total gamma $31.1K per 1% move (model estimate) 2,575: total gamma $126K per 1% move (model estimate) 2,600: total gamma $2.79M per 1% move (model estimate) 2,625: total gamma $63.2K per 1% move (model estimate) 2,650: total gamma $424K per 1% move (model estimate) 2,700: total gamma $880K per 1% move (model estimate) 2,750: total gamma $174K per 1% move (model estimate) 2,800: total gamma $567K per 1% move (model estimate) 2,850: total gamma $53.2K per 1% move (model estimate) 2,900: total gamma $262K per 1% move (model estimate) 2,950: total gamma $21.8K per 1% move (model estimate) 3,000: total gamma $491K per 1% move (model estimate) 3,050: total gamma $14.5K per 1% move (model estimate) 3,100: total gamma $66.5K per 1% move (model estimate) 3,150: total gamma $6.02K per 1% move (model estimate) 3,200: total gamma $177K per 1% move (model estimate) 3,300: total gamma $32.5K 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
$1,600$3,766-$32K-$28K$36K
$1,700$11K-$31K-$20K$42K
$1,800$9,808-$66K-$56K$75K
$1,850$248-$7,904-$7,657$8,152
$1,900$19K-$86K-$67K$105K
$1,950$4,149-$21K-$17K$25K
$2,000$31K-$304K-$274K$335K
$2,050$3,056-$23K-$20K$26K
$2,100$44K-$277K-$233K$320K
$2,150$90-$70K-$70K$71K
$2,200$53K-$561K-$509K$614K
$2,225$1-$13K-$13K$13K
$2,250$758-$291K-$291K$292K
$2,275$1-$46K-$46K$46K
$2,280$0-$12K-$12K$12K
$2,300$131K-$783K-$652K$914K
$2,320$19-$51K-$51K$51K
$2,325$16K-$371K-$355K$387K
$2,340$8,190-$165K-$157K$173K
$2,350$97K-$416K-$319K$513K
$2,360$11K-$368K-$357K$379K
$2,375$145K-$568K-$423K$713K
$2,380$31K-$415K-$384K$446K
$2,390$58K-$249K-$191K$308K
$2,400$907K-$3.52M-$2.62M$4.43M
$2,410$1.22M-$2.09M-$869K$3.31M
$2,420$465K-$939K-$474K$1.40M
$2,425$650K-$2.64M-$1.99M$3.29M
$2,430$531K-$1.46M-$925K$1.99M
$2,440$1.20M-$547K$654K$1.75M
$2,450$2.44M-$1.08M$1.35M$3.52M
$2,460$497K-$128K$369K$625K
$2,470$215K-$103K$112K$318K
$2,475$1.59M-$113K$1.48M$1.70M
$2,480$1.23M-$37K$1.19M$1.27M
$2,490$172K-$7,384$164K$179K
$2,500$2.91M-$811K$2.10M$3.72M
$2,510$88K-$42$88K$89K
$2,520$140K-$13$140K$140K
$2,525$412K-$64K$348K$476K
$2,530$11K$0$11K$11K
$2,540$35K$0$35K$35K
$2,550$645K-$263K$383K$908K
$2,570$31K$0$31K$31K
$2,575$112K-$14K$98K$126K
$2,600$2.36M-$433K$1.92M$2.79M
$2,625$62K-$1,138$61K$63K
$2,650$300K-$124K$176K$424K
$2,700$624K-$256K$368K$880K
$2,750$148K-$26K$122K$174K
$2,800$458K-$109K$349K$567K
$2,850$50K-$3,052$47K$53K
$2,900$232K-$30K$201K$262K
$2,950$22K-$71$22K$22K
$3,000$470K-$20K$450K$491K
$3,050$15K$0$15K$15K
$3,100$62K-$4,436$58K$67K
$3,150$5,892-$130$5,762$6,022
$3,200$167K-$9,510$158K$177K
$3,300$33K-$15$32K$33K

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.