BTC · live

BTC gamma exposure

Spot —
As of —
Gamma computed via Black-Scholes from Deribit's own mark_iv — Deribit doesn't publish gamma directly on the bulk feed, so this is derived, not read off the exchange. Aggregated across every expiry that lists a given strike, the standard construction for a gamma-by-strike chart.
Assumes dealers are net short calls and net long puts relative to customer flow — the convention every public GEX tracker uses, because actual dealer positioning cannot be observed from open interest alone. Treat this as a structural read, not a certainty.
Net GEX
—
Zero-gamma flip
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Net gamma exposure by strikeUSD per 1% move
Positive — dealers long gamma, tends to dampen moves Negative — dealers short gamma, tends to amplify moves

How to read this chart

Each bar is net gamma exposure at one strike, across all Deribit BTC expiries. Green: dealers estimated long gamma. Red: short. The marker is the zero-gamma flip level.

  • Spot above the flip — long-gamma regime; moves tend to be absorbed.
  • Spot below the flip — short-gamma regime; moves tend to extend.
  • Large bars near spot — heavy OI; a magnet (positive) or accelerant (negative) into expiry.

Methodology & data

Deribit doesn't publish gamma directly on its bulk market-data feed, so this is derived: gamma is computed via the Black-Scholes formula using Deribit's own published mark_iv for each strike/expiry, with a risk-free rate of 0% — the standard convention for BTC options pricing, since Deribit's own interest_rate field is consistently 0.0 in practice. Dealer positioning itself is never directly observable from public data, so — like every public GEX tool — this assumes dealers are net short calls and net long puts relative to customer flow. Treat it as a structural read on likely hedging pressure, not a certainty.

What is BTC gamma exposure?

A measure of how much market makers must buy or sell BTC to stay delta-hedged as price moves, aggregated by strike. It's derived from implied volatility, not observed directly, since no exchange publishes dealer positioning.

What is the zero-gamma flip level?

The BTC price at which net dealer gamma exposure crosses from positive to negative (or vice versa). Above it, the market tends to be self-dampening; below it, self-amplifying — the same mechanic index-options traders track for NIFTY and BANKNIFTY, applied to BTC.

Which exchange does this data come from?

Deribit — the dominant venue for BTC options by open interest. The chain is streamed live, and gamma is recalculated on every update, not on a fixed interval.

Does this account for perpetual futures hedging?

No — this is options-implied gamma exposure only, calculated from Deribit's listed BTC options chain. It doesn't incorporate perp funding or futures basis positioning.