BTC · live

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

Why BTC gamma exposure matters

When market makers sell options, they hedge the resulting delta by trading the underlying — buying or selling BTC as price moves, to stay flat. Gamma exposure (GEX) measures how large that hedging flow is likely to be at each strike, and in which direction it pushes price.

When dealers are net long gamma (positive GEX), their hedging works against the move — they sell into rallies and buy into dips — which tends to compress volatility and pin price near high-open-interest strikes. When dealers are net short gamma (negative GEX), hedging flows with the move instead, amplifying it. The point where net GEX crosses zero is the zero-gamma flip — the level where the market's structural bias switches from dampening to amplifying.

How to read this chart

Each bar is the net gamma exposure at one strike, aggregated across every listed BTC expiry on Deribit. Green bars (positive) sit above the zero line — dealers are estimated long gamma there. Red bars (negative) sit below — dealers are estimated short. The dashed marker shows the current zero-gamma flip level relative to spot.

  • Spot above the flip level — the market is in a long-gamma regime; moves tend to get absorbed.
  • Spot below the flip level — the market is in a short-gamma regime; moves tend to extend further than they otherwise would.
  • Large bars near spot — strikes with heavy open interest, more likely to act as a magnet (positive) or an accelerant (negative) as expiry approaches.

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.