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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 (Fri 25 Jun 2027 expiry): net dealer gamma exposure is $16K per 1% move, positive: under the assumption dealers would sell rallies and buy dips, damping moves. The largest estimated exposure sits at the $2,600 strike ($15K per 1% move). No zero-gamma crossing within ±20% of the index price.

Model estimate11 expiriesSource: Bybit and Binance public APIsAs of 12:41 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 Exchanges do not publish who holds each side, so the sign can be wrong; the total gamma chart makes no positioning assumption.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.

ETH gamma exposure, Fri 25 Jun 2027 expiry (model estimate)

assumes dealers are long calls and short puts sold to customers · USD per 1% move
Net GEX model estimate
$16K
calls $37Kputs -$21K
Largest |GEX| strike model estimate
$2,600
$15K per 1% move
Zero-gamma level model estimate
none in range
within ±20% of the indexindex $2,474.6
Total gamma, unsigned model estimate
$58K
no positioning assumption

Estimated dealer gamma exposure by strike, Fri 25 Jun 2027 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 (−)
  • Index price
-$20K -$10K $0 $10K $20K 1.3K 1.6K 1.9K 2.2K 2.5K 2.8K 3.1K 3.5K 1,300: calls $0.0584, puts -$45, net -$44.9 per 1% move (model estimate) 1,400: calls $1, puts -$1.18K, net -$1.18K per 1% move (model estimate) 1,500: calls $0.0858, puts -$451, net -$451 per 1% move (model estimate) 1,600: calls $0.101, puts -$974, net -$974 per 1% move (model estimate) 1,700: calls $0.354, puts -$5.43, net -$5.07 per 1% move (model estimate) 1,800: calls $1.15K, puts -$1.2K, net -$48.2 per 1% move (model estimate) 1,900: calls $63.6, puts -$44.1, net $19.5 per 1% move (model estimate) 2,000: calls $374, puts -$11K, net -$10.7K per 1% move (model estimate) 2,100: calls $24.6, puts -$18.4, net $6.19 per 1% move (model estimate) 2,200: calls $327, puts -$928, net -$602 per 1% move (model estimate) 2,300: calls $8.68, puts -$58.9, net -$50.2 per 1% move (model estimate) 2,400: calls $2.52K, puts -$2.69K, net -$167 per 1% move (model estimate) 2,500: calls $105, puts -$47.7, net $57.5 per 1% move (model estimate) 2,600: calls $15.5K, puts -$302, net $15.2K per 1% move (model estimate) 2,700: calls $84.8, puts -$30, net $54.9 per 1% move (model estimate) 2,800: calls $1.74K, puts -$109, net $1.64K per 1% move (model estimate) 2,900: calls $132, puts $0, net $132 per 1% move (model estimate) 3,000: calls $1.6K, puts -$82.3, net $1.52K per 1% move (model estimate) 3,100: calls $9.45, puts $0, net $9.45 per 1% move (model estimate) 3,200: calls $477, puts -$887, net -$409 per 1% move (model estimate) 3,400: calls $205, puts $0, net $205 per 1% move (model estimate) 3,500: calls $338, puts $0, net $338 per 1% move (model estimate) 3,700: calls $1.39K, puts -$100, net $1.29K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (23 of 37 shown). Net GEX per strike = calls + puts.

Total gamma by strike, Fri 25 Jun 2027 expiry (model estimate)

assumption-free: calls and puts both counted positive · USD per 1% move
  • Total gamma
  • Index price
$0 $5K $10K $15K $20K 1.3K 1.6K 1.9K 2.2K 2.5K 2.8K 3.1K 3.5K 1,300: total gamma $45 per 1% move (model estimate) 1,400: total gamma $1.18K per 1% move (model estimate) 1,500: total gamma $451 per 1% move (model estimate) 1,600: total gamma $974 per 1% move (model estimate) 1,700: total gamma $5.78 per 1% move (model estimate) 1,800: total gamma $2.34K per 1% move (model estimate) 1,900: total gamma $108 per 1% move (model estimate) 2,000: total gamma $11.4K per 1% move (model estimate) 2,100: total gamma $43 per 1% move (model estimate) 2,200: total gamma $1.26K per 1% move (model estimate) 2,300: total gamma $67.6 per 1% move (model estimate) 2,400: total gamma $5.2K per 1% move (model estimate) 2,500: total gamma $153 per 1% move (model estimate) 2,600: total gamma $15.8K per 1% move (model estimate) 2,700: total gamma $115 per 1% move (model estimate) 2,800: total gamma $1.85K per 1% move (model estimate) 2,900: total gamma $132 per 1% move (model estimate) 3,000: total gamma $1.68K per 1% move (model estimate) 3,100: total gamma $9.45 per 1% move (model estimate) 3,200: total gamma $1.36K per 1% move (model estimate) 3,400: total gamma $205 per 1% move (model estimate) 3,500: total gamma $338 per 1% move (model estimate) 3,700: total gamma $1.49K per 1% move (model estimate)

Gamma exposure by strike table, Fri 25 Jun 2027 expiry (model estimate)

USD per 1% move · calls count +, puts count −
StrikeCalls GEXPuts GEXNet GEXTotal gamma
$1,300$0-$45-$45$45
$1,400$1-$1,181-$1,180$1,182
$1,500$0-$451-$451$451
$1,600$0-$974-$974$974
$1,700$0-$5-$5$6
$1,800$1,148-$1,196-$48$2,344
$1,900$64-$44$20$108
$2,000$374-$11K-$11K$11K
$2,100$25-$18$6$43
$2,200$327-$928-$602$1,255
$2,300$9-$59-$50$68
$2,400$2,518-$2,685-$167$5,203
$2,500$105-$48$58$153
$2,600$16K-$302$15K$16K
$2,700$85-$30$55$115
$2,800$1,744-$109$1,636$1,853
$2,900$132$0$132$132
$3,000$1,601-$82$1,519$1,684
$3,100$9$0$9$9
$3,200$477-$887-$409$1,364
$3,400$205$0$205$205
$3,500$338$0$338$338
$3,700$1,392-$100$1,292$1,493

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
$14.57M
calls $29.38Mputs -$14.81M
Largest |GEX| strike model estimate
$2,500
$5.86M per 1% move
Zero-gamma level model estimate
$2,428
1.9% below spotindex $2,474.6
Total gamma, unsigned model estimate
$44.19M
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 $6M $8M 1.8K 2.2K 2.34K 2.41K 2.48K 2.54K 2.65K 3.05K 1,800: calls $8.98K, puts -$54.8K, net -$45.8K per 1% move (model estimate) 1,850: calls $194, puts -$6.18K, net -$5.99K per 1% move (model estimate) 1,900: calls $16.7K, puts -$75.6K, net -$58.9K per 1% move (model estimate) 1,950: calls $3.27K, puts -$16.3K, net -$13K per 1% move (model estimate) 2,000: calls $27.8K, puts -$250K, net -$222K per 1% move (model estimate) 2,050: calls $2.43K, puts -$10.8K, net -$8.41K per 1% move (model estimate) 2,100: calls $37.8K, puts -$221K, net -$184K per 1% move (model estimate) 2,150: calls $83.3, puts -$50.9K, net -$50.8K per 1% move (model estimate) 2,200: calls $47.6K, puts -$420K, net -$372K per 1% move (model estimate) 2,225: calls $0.435, puts -$8.24K, net -$8.24K per 1% move (model estimate) 2,250: calls $680, puts -$230K, net -$230K per 1% move (model estimate) 2,275: calls $0.631, puts -$41K, net -$41K per 1% move (model estimate) 2,280: calls $133, puts -$10.3K, net -$10.1K per 1% move (model estimate) 2,300: calls $119K, puts -$596K, net -$477K per 1% move (model estimate) 2,320: calls $100, puts -$24.6K, net -$24.5K per 1% move (model estimate) 2,325: calls $17.6K, puts -$170K, net -$153K per 1% move (model estimate) 2,340: calls $4.19K, puts -$29.1K, net -$24.9K per 1% move (model estimate) 2,350: calls $113K, puts -$378K, net -$266K per 1% move (model estimate) 2,360: calls $17.7K, puts -$63.9K, net -$46.1K per 1% move (model estimate) 2,370: calls $3.78K, puts -$21.7K, net -$17.9K per 1% move (model estimate) 2,375: calls $120K, puts -$377K, net -$256K per 1% move (model estimate) 2,380: calls $31.7K, puts -$218K, net -$186K per 1% move (model estimate) 2,390: calls $12.8K, puts -$56.2K, net -$43.4K per 1% move (model estimate) 2,400: calls $581K, puts -$2.01M, net -$1.43M per 1% move (model estimate) 2,410: calls $51.1K, puts -$336K, net -$285K per 1% move (model estimate) 2,420: calls $70K, puts -$580K, net -$510K per 1% move (model estimate) 2,425: calls $224K, puts -$1.83M, net -$1.61M per 1% move (model estimate) 2,430: calls $49.4K, puts -$386K, net -$337K per 1% move (model estimate) 2,440: calls $235K, puts -$522K, net -$287K per 1% move (model estimate) 2,450: calls $1.29M, puts -$1.74M, net -$454K per 1% move (model estimate) 2,460: calls $800K, puts -$283K, net $517K per 1% move (model estimate) 2,470: calls $627K, puts -$304K, net $323K per 1% move (model estimate) 2,475: calls $2.96M, puts -$304K, net $2.65M per 1% move (model estimate) 2,480: calls $2.22M, puts -$164K, net $2.06M per 1% move (model estimate) 2,490: calls $951K, puts -$51.9K, net $899K per 1% move (model estimate) 2,500: calls $6.95M, puts -$1.1M, net $5.86M per 1% move (model estimate) 2,510: calls $461K, puts -$6.96K, net $454K per 1% move (model estimate) 2,520: calls $573K, puts -$9.31K, net $563K per 1% move (model estimate) 2,525: calls $1.17M, puts -$79.2K, net $1.09M per 1% move (model estimate) 2,530: calls $663K, puts -$10.6K, net $653K per 1% move (model estimate) 2,540: calls $308K, puts -$7.58K, net $300K per 1% move (model estimate) 2,550: calls $1.14M, puts -$328K, net $807K per 1% move (model estimate) 2,560: calls $174K, puts -$591, net $174K per 1% move (model estimate) 2,570: calls $67.1K, puts $0, net $67.1K per 1% move (model estimate) 2,575: calls $233K, puts -$19.7K, net $213K per 1% move (model estimate) 2,580: calls $97.2K, puts -$10, net $97.2K per 1% move (model estimate) 2,600: calls $2.94M, puts -$545K, net $2.39M per 1% move (model estimate) 2,625: calls $125K, puts -$1.79K, net $123K per 1% move (model estimate) 2,650: calls $534K, puts -$176K, net $358K per 1% move (model estimate) 2,700: calls $767K, puts -$321K, net $446K per 1% move (model estimate) 2,750: calls $225K, puts -$37.8K, net $187K per 1% move (model estimate) 2,800: calls $574K, puts -$128K, net $446K per 1% move (model estimate) 2,850: calls $74.6K, puts -$3.98K, net $70.6K per 1% move (model estimate) 2,900: calls $301K, puts -$35.5K, net $265K per 1% move (model estimate) 2,950: calls $28.9K, puts -$93.1, net $28.8K per 1% move (model estimate) 3,000: calls $555K, puts -$23.5K, net $532K per 1% move (model estimate) 3,050: calls $18.1K, puts $0, net $18.1K per 1% move (model estimate) 3,100: calls $76.7K, puts -$5.27K, net $71.4K per 1% move (model estimate) 3,150: calls $6.93K, puts -$154, net $6.78K per 1% move (model estimate) 3,200: calls $193K, puts -$10.4K, net $183K per 1% move (model estimate)

Strikes within ±50% of the index, at most 60 (60 of 97 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 $2M $4M $6M $8M $10M 1.8K 2.2K 2.34K 2.41K 2.48K 2.54K 2.65K 3.05K 1,800: total gamma $63.8K per 1% move (model estimate) 1,850: total gamma $6.38K per 1% move (model estimate) 1,900: total gamma $92.3K per 1% move (model estimate) 1,950: total gamma $19.5K per 1% move (model estimate) 2,000: total gamma $278K per 1% move (model estimate) 2,050: total gamma $13.3K per 1% move (model estimate) 2,100: total gamma $259K per 1% move (model estimate) 2,150: total gamma $50.9K per 1% move (model estimate) 2,200: total gamma $467K per 1% move (model estimate) 2,225: total gamma $8.24K per 1% move (model estimate) 2,250: total gamma $231K per 1% move (model estimate) 2,275: total gamma $41K per 1% move (model estimate) 2,280: total gamma $10.4K per 1% move (model estimate) 2,300: total gamma $715K per 1% move (model estimate) 2,320: total gamma $24.7K per 1% move (model estimate) 2,325: total gamma $188K per 1% move (model estimate) 2,340: total gamma $33.3K per 1% move (model estimate) 2,350: total gamma $491K per 1% move (model estimate) 2,360: total gamma $81.6K per 1% move (model estimate) 2,370: total gamma $25.5K per 1% move (model estimate) 2,375: total gamma $497K per 1% move (model estimate) 2,380: total gamma $250K per 1% move (model estimate) 2,390: total gamma $68.9K per 1% move (model estimate) 2,400: total gamma $2.59M per 1% move (model estimate) 2,410: total gamma $387K per 1% move (model estimate) 2,420: total gamma $650K per 1% move (model estimate) 2,425: total gamma $2.06M per 1% move (model estimate) 2,430: total gamma $436K per 1% move (model estimate) 2,440: total gamma $757K per 1% move (model estimate) 2,450: total gamma $3.03M per 1% move (model estimate) 2,460: total gamma $1.08M per 1% move (model estimate) 2,470: total gamma $931K per 1% move (model estimate) 2,475: total gamma $3.26M per 1% move (model estimate) 2,480: total gamma $2.39M per 1% move (model estimate) 2,490: total gamma $1M per 1% move (model estimate) 2,500: total gamma $8.05M per 1% move (model estimate) 2,510: total gamma $468K per 1% move (model estimate) 2,520: total gamma $582K per 1% move (model estimate) 2,525: total gamma $1.25M per 1% move (model estimate) 2,530: total gamma $674K per 1% move (model estimate) 2,540: total gamma $315K per 1% move (model estimate) 2,550: total gamma $1.46M per 1% move (model estimate) 2,560: total gamma $175K per 1% move (model estimate) 2,570: total gamma $67.1K per 1% move (model estimate) 2,575: total gamma $252K per 1% move (model estimate) 2,580: total gamma $97.2K per 1% move (model estimate) 2,600: total gamma $3.48M per 1% move (model estimate) 2,625: total gamma $127K per 1% move (model estimate) 2,650: total gamma $710K per 1% move (model estimate) 2,700: total gamma $1.09M per 1% move (model estimate) 2,750: total gamma $263K per 1% move (model estimate) 2,800: total gamma $702K per 1% move (model estimate) 2,850: total gamma $78.5K per 1% move (model estimate) 2,900: total gamma $336K per 1% move (model estimate) 2,950: total gamma $29K per 1% move (model estimate) 3,000: total gamma $579K per 1% move (model estimate) 3,050: total gamma $18.1K per 1% move (model estimate) 3,100: total gamma $82K per 1% move (model estimate) 3,150: total gamma $7.09K per 1% move (model estimate) 3,200: total gamma $204K 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
$1,800$8,983-$55K-$46K$64K
$1,850$194-$6,183-$5,989$6,376
$1,900$17K-$76K-$59K$92K
$1,950$3,275-$16K-$13K$20K
$2,000$28K-$250K-$222K$278K
$2,050$2,435-$11K-$8,408$13K
$2,100$38K-$221K-$184K$259K
$2,150$83-$51K-$51K$51K
$2,200$48K-$420K-$372K$467K
$2,225$0-$8,239-$8,239$8,240
$2,250$680-$230K-$230K$231K
$2,275$1-$41K-$41K$41K
$2,280$133-$10K-$10K$10K
$2,300$119K-$596K-$477K$715K
$2,320$100-$25K-$25K$25K
$2,325$18K-$170K-$153K$188K
$2,340$4,189-$29K-$25K$33K
$2,350$113K-$378K-$266K$491K
$2,360$18K-$64K-$46K$82K
$2,370$3,778-$22K-$18K$25K
$2,375$120K-$377K-$256K$497K
$2,380$32K-$218K-$186K$250K
$2,390$13K-$56K-$43K$69K
$2,400$581K-$2.01M-$1.43M$2.59M
$2,410$51K-$336K-$285K$387K
$2,420$70K-$580K-$510K$650K
$2,425$224K-$1.83M-$1.61M$2.06M
$2,430$49K-$386K-$337K$436K
$2,440$235K-$522K-$287K$757K
$2,450$1.29M-$1.74M-$454K$3.03M
$2,460$800K-$283K$517K$1.08M
$2,470$627K-$304K$323K$931K
$2,475$2.96M-$304K$2.65M$3.26M
$2,480$2.22M-$164K$2.06M$2.39M
$2,490$951K-$52K$899K$1.00M
$2,500$6.95M-$1.10M$5.86M$8.05M
$2,510$461K-$6,959$454K$468K
$2,520$573K-$9,310$563K$582K
$2,525$1.17M-$79K$1.09M$1.25M
$2,530$663K-$11K$653K$674K
$2,540$308K-$7,585$300K$315K
$2,550$1.14M-$328K$807K$1.46M
$2,560$174K-$591$174K$175K
$2,570$67K$0$67K$67K
$2,575$233K-$20K$213K$252K
$2,580$97K-$10$97K$97K
$2,600$2.94M-$545K$2.39M$3.48M
$2,625$125K-$1,792$123K$127K
$2,650$534K-$176K$358K$710K
$2,700$767K-$321K$446K$1.09M
$2,750$225K-$38K$187K$263K
$2,800$574K-$128K$446K$702K
$2,850$75K-$3,981$71K$79K
$2,900$301K-$35K$265K$336K
$2,950$29K-$93$29K$29K
$3,000$555K-$23K$532K$579K
$3,050$18K$0$18K$18K
$3,100$77K-$5,272$71K$82K
$3,150$6,934-$154$6,780$7,088
$3,200$193K-$10K$183K$204K

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.