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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 (Tue 20 Oct 2026 expiry): net dealer gamma exposure is -$250K per 1% move, negative: under the assumption dealers would sell dips and buy rallies, amplifying moves. The largest estimated exposure sits at the $2,400 strike (-$193K per 1% move). The estimated zero-gamma level is $2,503.8, 3.1% above spot.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 15:00 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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, Tue 20 Oct 2026 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
-$250K
calls $119Kputs -$369K
Largest |GEX| strike model estimate
$2,400
-$193K per 1% move
Zero-gamma level model estimate
$2,503.8
3.1% above spotindex $2,427.4
Total gamma, unsigned model estimate
$488K
no positioning assumption

Estimated dealer gamma exposure by strike, Tue 20 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
-$200K -$150K -$100K -$50K $0 $50K 2.15K 2.34K 2.38K 2.43K 2.48K 2.52K 2.7K 2,150: calls $0, puts -$1.96K, net -$1.96K per 1% move (model estimate) 2,200: calls $0, puts -$3.04K, net -$3.04K per 1% move (model estimate) 2,250: calls $0, puts -$294, net -$294 per 1% move (model estimate) 2,300: calls $0, puts -$25.6K, net -$25.6K per 1% move (model estimate) 2,340: calls $2.66K, puts -$16.4K, net -$13.7K per 1% move (model estimate) 2,350: calls $0, puts -$4.18K, net -$4.18K per 1% move (model estimate) 2,360: calls $0, puts -$2.44K, net -$2.44K per 1% move (model estimate) 2,375: calls $0, puts -$48.5K, net -$48.5K per 1% move (model estimate) 2,380: calls $211, puts -$13.4K, net -$13.2K per 1% move (model estimate) 2,400: calls $27.5, puts -$193K, net -$193K per 1% move (model estimate) 2,410: calls $583, puts -$554, net $29.2 per 1% move (model estimate) 2,420: calls $790, puts -$304, net $486 per 1% move (model estimate) 2,430: calls $6.12K, puts -$19.6K, net -$13.4K per 1% move (model estimate) 2,440: calls $3.41K, puts -$559, net $2.86K per 1% move (model estimate) 2,450: calls $37.1K, puts -$39.5K, net -$2.34K per 1% move (model estimate) 2,470: calls $1.09K, puts $0, net $1.09K per 1% move (model estimate) 2,475: calls $2.66K, puts $0, net $2.66K per 1% move (model estimate) 2,490: calls $5.47K, puts $0, net $5.47K per 1% move (model estimate) 2,500: calls $24.1K, puts $0, net $24.1K per 1% move (model estimate) 2,510: calls $5.35K, puts $0, net $5.35K per 1% move (model estimate) 2,520: calls $8.69K, puts $0, net $8.69K per 1% move (model estimate) 2,550: calls $4.72K, puts -$53.2, net $4.67K per 1% move (model estimate) 2,600: calls $11.9K, puts $0, net $11.9K per 1% move (model estimate) 2,650: calls $171, puts $0, net $171 per 1% move (model estimate) 2,700: calls $3.82K, puts $0, net $3.82K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (25 of 25 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Tue 20 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 $50K $100K $150K $200K 2.15K 2.34K 2.38K 2.43K 2.48K 2.52K 2.7K 2,150: total gamma $1.96K per 1% move (model estimate) 2,200: total gamma $3.04K per 1% move (model estimate) 2,250: total gamma $294 per 1% move (model estimate) 2,300: total gamma $25.6K per 1% move (model estimate) 2,340: total gamma $19.1K per 1% move (model estimate) 2,350: total gamma $4.18K per 1% move (model estimate) 2,360: total gamma $2.44K per 1% move (model estimate) 2,375: total gamma $48.5K per 1% move (model estimate) 2,380: total gamma $13.6K per 1% move (model estimate) 2,400: total gamma $193K per 1% move (model estimate) 2,410: total gamma $1.14K per 1% move (model estimate) 2,420: total gamma $1.09K per 1% move (model estimate) 2,430: total gamma $25.7K per 1% move (model estimate) 2,440: total gamma $3.97K per 1% move (model estimate) 2,450: total gamma $76.6K per 1% move (model estimate) 2,470: total gamma $1.09K per 1% move (model estimate) 2,475: total gamma $2.66K per 1% move (model estimate) 2,490: total gamma $5.47K per 1% move (model estimate) 2,500: total gamma $24.1K per 1% move (model estimate) 2,510: total gamma $5.35K per 1% move (model estimate) 2,520: total gamma $8.69K per 1% move (model estimate) 2,550: total gamma $4.78K per 1% move (model estimate) 2,600: total gamma $11.9K per 1% move (model estimate) 2,650: total gamma $171 per 1% move (model estimate) 2,700: total gamma $3.82K per 1% move (model estimate)

Gamma exposure by strike table, Tue 20 Oct 2026 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$2,150$0-$1,958-$1,958$1,958
$2,200$0-$3,042-$3,042$3,042
$2,250$0-$294-$294$294
$2,300$0-$26K-$26K$26K
$2,340$2,662-$16K-$14K$19K
$2,350$0-$4,184-$4,184$4,184
$2,360$0-$2,435-$2,435$2,435
$2,375$0-$48K-$48K$48K
$2,380$211-$13K-$13K$14K
$2,400$27-$193K-$193K$193K
$2,410$583-$554$29$1,137
$2,420$790-$304$486$1,094
$2,430$6,117-$20K-$13K$26K
$2,440$3,415-$559$2,856$3,974
$2,450$37K-$39K-$2,336$77K
$2,470$1,088$0$1,088$1,088
$2,475$2,656$0$2,656$2,656
$2,490$5,468$0$5,468$5,468
$2,500$24K$0$24K$24K
$2,510$5,352$0$5,352$5,352
$2,520$8,685$0$8,685$8,685
$2,550$4,722-$53$4,669$4,776
$2,600$12K$0$12K$12K
$2,650$171$0$171$171
$2,700$3,822$0$3,822$3,822

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
$3.22M
calls $22.78Mputs -$19.56M
Largest |GEX| strike model estimate
$2,400
-$2.46M per 1% move
Zero-gamma level model estimate
$2,417.8
0.4% below spotindex $2,427.4
Total gamma, unsigned model estimate
$42.34M
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 $3.75K, puts -$32.3K, net -$28.5K per 1% move (model estimate) 1,700: calls $10.9K, puts -$30.9K, net -$19.9K per 1% move (model estimate) 1,800: calls $9.78K, puts -$65.6K, net -$55.9K per 1% move (model estimate) 1,850: calls $248, puts -$7.93K, net -$7.68K per 1% move (model estimate) 1,900: calls $18.7K, puts -$86.6K, net -$67.9K per 1% move (model estimate) 1,950: calls $4.13K, puts -$21.1K, net -$17K per 1% move (model estimate) 2,000: calls $30.6K, puts -$303K, net -$273K per 1% move (model estimate) 2,050: calls $3.03K, puts -$22.8K, net -$19.7K per 1% move (model estimate) 2,100: calls $43.7K, puts -$276K, net -$232K per 1% move (model estimate) 2,150: calls $89.7, puts -$69.7K, net -$69.7K per 1% move (model estimate) 2,200: calls $52.3K, puts -$554K, net -$501K per 1% move (model estimate) 2,225: calls $0.608, puts -$12.1K, net -$12.1K per 1% move (model estimate) 2,250: calls $753, puts -$287K, net -$287K per 1% move (model estimate) 2,275: calls $0.865, puts -$45.7K, net -$45.7K per 1% move (model estimate) 2,280: calls $0, puts -$15.5K, net -$15.5K per 1% move (model estimate) 2,300: calls $130K, puts -$773K, net -$643K per 1% move (model estimate) 2,320: calls $17.9, puts -$48.8K, net -$48.8K per 1% move (model estimate) 2,325: calls $15.9K, puts -$365K, net -$349K per 1% move (model estimate) 2,340: calls $7.84K, puts -$155K, net -$147K per 1% move (model estimate) 2,350: calls $96.5K, puts -$412K, net -$315K per 1% move (model estimate) 2,360: calls $10.6K, puts -$348K, net -$337K per 1% move (model estimate) 2,375: calls $141K, puts -$573K, net -$432K per 1% move (model estimate) 2,380: calls $29.1K, puts -$305K, net -$276K per 1% move (model estimate) 2,390: calls $54.3K, puts -$230K, net -$176K per 1% move (model estimate) 2,400: calls $875K, puts -$3.34M, net -$2.46M per 1% move (model estimate) 2,410: calls $1.16M, puts -$1.86M, net -$696K per 1% move (model estimate) 2,420: calls $443K, puts -$885K, net -$442K per 1% move (model estimate) 2,425: calls $639K, puts -$2.67M, net -$2.03M per 1% move (model estimate) 2,430: calls $501K, puts -$1.43M, net -$933K per 1% move (model estimate) 2,440: calls $1.34M, puts -$554K, net $785K per 1% move (model estimate) 2,450: calls $3.13M, puts -$1.11M, net $2.02M per 1% move (model estimate) 2,460: calls $528K, puts -$134K, net $394K per 1% move (model estimate) 2,470: calls $250K, puts -$111K, net $139K per 1% move (model estimate) 2,475: calls $1.67M, puts -$117K, net $1.55M per 1% move (model estimate) 2,480: calls $1.3M, puts -$41.3K, net $1.26M per 1% move (model estimate) 2,490: calls $192K, puts -$8.61K, net $184K per 1% move (model estimate) 2,500: calls $3.1M, puts -$822K, net $2.27M per 1% move (model estimate) 2,510: calls $98.4K, puts -$51.3, net $98.4K per 1% move (model estimate) 2,520: calls $162K, puts -$16, net $162K per 1% move (model estimate) 2,525: calls $422K, puts -$64.8K, net $357K per 1% move (model estimate) 2,530: calls $14.7K, puts $0, net $14.7K per 1% move (model estimate) 2,540: calls $35.4K, puts $0, net $35.4K per 1% move (model estimate) 2,550: calls $682K, puts -$267K, net $416K per 1% move (model estimate) 2,570: calls $31K, puts $0, net $31K per 1% move (model estimate) 2,575: calls $114K, puts -$14.2K, net $100K per 1% move (model estimate) 2,600: calls $2.38M, puts -$439K, net $1.94M per 1% move (model estimate) 2,625: calls $63.9K, puts -$1.17K, net $62.7K per 1% move (model estimate) 2,650: calls $309K, puts -$127K, net $182K per 1% move (model estimate) 2,700: calls $637K, puts -$259K, net $378K per 1% move (model estimate) 2,750: calls $150K, puts -$26.2K, net $124K per 1% move (model estimate) 2,800: calls $463K, puts -$110K, net $353K per 1% move (model estimate) 2,850: calls $51.1K, puts -$3.13K, net $48K per 1% move (model estimate) 2,900: calls $234K, puts -$30.7K, net $203K per 1% move (model estimate) 2,950: calls $22.3K, puts -$73, net $22.2K per 1% move (model estimate) 3,000: calls $476K, puts -$20.5K, net $456K per 1% move (model estimate) 3,050: calls $14.7K, puts $0, net $14.7K per 1% move (model estimate) 3,100: calls $62.8K, puts -$4.47K, net $58.4K per 1% move (model estimate) 3,150: calls $5.94K, puts -$131, net $5.81K per 1% move (model estimate) 3,200: calls $169K, puts -$9.55K, net $159K per 1% move (model estimate) 3,300: calls $32.8K, puts -$18.3, net $32.8K 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 $8.18K per 1% move (model estimate) 1,900: total gamma $105K per 1% move (model estimate) 1,950: total gamma $25.3K per 1% move (model estimate) 2,000: total gamma $334K per 1% move (model estimate) 2,050: total gamma $25.8K per 1% move (model estimate) 2,100: total gamma $319K per 1% move (model estimate) 2,150: total gamma $69.8K per 1% move (model estimate) 2,200: total gamma $606K per 1% move (model estimate) 2,225: total gamma $12.1K per 1% move (model estimate) 2,250: total gamma $288K per 1% move (model estimate) 2,275: total gamma $45.7K per 1% move (model estimate) 2,280: total gamma $15.5K per 1% move (model estimate) 2,300: total gamma $903K per 1% move (model estimate) 2,320: total gamma $48.8K per 1% move (model estimate) 2,325: total gamma $381K per 1% move (model estimate) 2,340: total gamma $163K per 1% move (model estimate) 2,350: total gamma $508K per 1% move (model estimate) 2,360: total gamma $358K per 1% move (model estimate) 2,375: total gamma $715K per 1% move (model estimate) 2,380: total gamma $334K per 1% move (model estimate) 2,390: total gamma $284K per 1% move (model estimate) 2,400: total gamma $4.21M per 1% move (model estimate) 2,410: total gamma $3.02M per 1% move (model estimate) 2,420: total gamma $1.33M per 1% move (model estimate) 2,425: total gamma $3.31M per 1% move (model estimate) 2,430: total gamma $1.93M per 1% move (model estimate) 2,440: total gamma $1.89M per 1% move (model estimate) 2,450: total gamma $4.23M per 1% move (model estimate) 2,460: total gamma $663K per 1% move (model estimate) 2,470: total gamma $361K per 1% move (model estimate) 2,475: total gamma $1.79M per 1% move (model estimate) 2,480: total gamma $1.34M per 1% move (model estimate) 2,490: total gamma $201K per 1% move (model estimate) 2,500: total gamma $3.92M per 1% move (model estimate) 2,510: total gamma $98.5K per 1% move (model estimate) 2,520: total gamma $162K per 1% move (model estimate) 2,525: total gamma $487K per 1% move (model estimate) 2,530: total gamma $14.7K per 1% move (model estimate) 2,540: total gamma $35.4K per 1% move (model estimate) 2,550: total gamma $949K per 1% move (model estimate) 2,570: total gamma $31K per 1% move (model estimate) 2,575: total gamma $129K per 1% move (model estimate) 2,600: total gamma $2.82M per 1% move (model estimate) 2,625: total gamma $65.1K per 1% move (model estimate) 2,650: total gamma $436K per 1% move (model estimate) 2,700: total gamma $896K per 1% move (model estimate) 2,750: total gamma $177K per 1% move (model estimate) 2,800: total gamma $573K per 1% move (model estimate) 2,850: total gamma $54.3K per 1% move (model estimate) 2,900: total gamma $265K per 1% move (model estimate) 2,950: total gamma $22.4K per 1% move (model estimate) 3,000: total gamma $497K per 1% move (model estimate) 3,050: total gamma $14.7K per 1% move (model estimate) 3,100: total gamma $67.3K per 1% move (model estimate) 3,150: total gamma $6.07K per 1% move (model estimate) 3,200: total gamma $178K per 1% move (model estimate) 3,300: total gamma $32.8K 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$3,751-$32K-$29K$36K
$1,700$11K-$31K-$20K$42K
$1,800$9,779-$66K-$56K$75K
$1,850$248-$7,928-$7,679$8,176
$1,900$19K-$87K-$68K$105K
$1,950$4,134-$21K-$17K$25K
$2,000$31K-$303K-$273K$334K
$2,050$3,033-$23K-$20K$26K
$2,100$44K-$276K-$232K$319K
$2,150$90-$70K-$70K$70K
$2,200$52K-$554K-$501K$606K
$2,225$1-$12K-$12K$12K
$2,250$753-$287K-$287K$288K
$2,275$1-$46K-$46K$46K
$2,280$0-$16K-$16K$16K
$2,300$130K-$773K-$643K$903K
$2,320$18-$49K-$49K$49K
$2,325$16K-$365K-$349K$381K
$2,340$7,843-$155K-$147K$163K
$2,350$96K-$412K-$315K$508K
$2,360$11K-$348K-$337K$358K
$2,375$141K-$573K-$432K$715K
$2,380$29K-$305K-$276K$334K
$2,390$54K-$230K-$176K$284K
$2,400$875K-$3.34M-$2.46M$4.21M
$2,410$1.16M-$1.86M-$696K$3.02M
$2,420$443K-$885K-$442K$1.33M
$2,425$639K-$2.67M-$2.03M$3.31M
$2,430$501K-$1.43M-$933K$1.93M
$2,440$1.34M-$554K$785K$1.89M
$2,450$3.13M-$1.11M$2.02M$4.23M
$2,460$528K-$134K$394K$663K
$2,470$250K-$111K$139K$361K
$2,475$1.67M-$117K$1.55M$1.79M
$2,480$1.30M-$41K$1.26M$1.34M
$2,490$192K-$8,608$184K$201K
$2,500$3.10M-$822K$2.27M$3.92M
$2,510$98K-$51$98K$98K
$2,520$162K-$16$162K$162K
$2,525$422K-$65K$357K$487K
$2,530$15K$0$15K$15K
$2,540$35K$0$35K$35K
$2,550$682K-$267K$416K$949K
$2,570$31K$0$31K$31K
$2,575$114K-$14K$100K$129K
$2,600$2.38M-$439K$1.94M$2.82M
$2,625$64K-$1,173$63K$65K
$2,650$309K-$127K$182K$436K
$2,700$637K-$259K$378K$896K
$2,750$150K-$26K$124K$177K
$2,800$463K-$110K$353K$573K
$2,850$51K-$3,125$48K$54K
$2,900$234K-$31K$203K$265K
$2,950$22K-$73$22K$22K
$3,000$476K-$20K$456K$497K
$3,050$15K$0$15K$15K
$3,100$63K-$4,472$58K$67K
$3,150$5,941-$131$5,810$6,072
$3,200$169K-$9,554$159K$178K
$3,300$33K-$18$33K$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.