Gamma layer · updated 26.07.2026 02:34 UTC · auto-refresh every ~2 h · Deribit data
Options are held together by hedging, not opinion. When dealers are long gamma, every move forces them to trade against it — the market gets dampened. When they are short, they trade with it, and candles get longer. This page shows exactly where the line between the two regimes runs (zero-gamma, the gamma flip), where the hedging walls sit — and how the regime has shifted over recent months. Max pain and open-interest walls live on the separate levels board →
where hedging dampens the move, and below which line it starts amplifying it · recomputed from the live chain every ~2 h
📍 Now: spot $65 527 (▲ mark on the axis) — between the put wall $60 000 and the call wall $70 000; zero-gamma $62 291; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
📍 Now: spot $1 878 (▲ mark on the axis) — between the put wall $1 600 and the call wall $2 000; zero-gamma $1 775; regime: damping — moves get absorbed
Above zero — call gamma (dealers dampen the move around those strikes), below — put gamma (dealers amplify it). The tallest bar on top is the call wall (ceiling), the deepest one below — the put wall (floor). Model: Black-Scholes gamma from mark_iv × OI with the standard dealer-book assumption (long calls · short puts, as in SpotGamma) — an estimate, not a measurement.
our own archive: 139 days of daily snapshots since 10 Mar 2026 — no public source hands out this series, because the exchange only shows the current state
📍 Now: BTC: across 20 weeks on record the accelerating regime held for 4 weeks (20% of the time); right now — damping
The line is price, the background is the regime from our end-of-week snapshot. Green: aggregate dealer gamma is positive, hedging works against the move — price sticks to levels and candles stay short. Red: gamma is negative, hedging pushes with the move — the same headline produces a wider swing. This is not a direction call: the regime describes the character of the move, not its side.
📍 Now: ETH: across 20 weeks on record the accelerating regime held for 5 weeks (25% of the time); right now — damping
The line is price, the background is the regime from our end-of-week snapshot. Green: aggregate dealer gamma is positive, hedging works against the move — price sticks to levels and candles stay short. Red: gamma is negative, hedging pushes with the move — the same headline produces a wider swing. This is not a direction call: the regime describes the character of the move, not its side.
📍 Now: the BTC flip is -4.9% away from spot, ETH -5.5% — there is room before the regime line
Zero means price sits exactly on zero-gamma. Above zero the flip is above price, below zero it is under it. The closer the line runs to zero, the smaller the move needed to switch regimes — those are the weeks that produce sharp accelerations. We show percent because a percentage is comparable between BTC and ETH and across price levels.
📊 Data — from Deribit (options) and Hyperliquid (futures). Both venues are our partners: signing up through our links gets you −10% / −4% off fees; it does not affect the analysis.
We compute GEX ourselves: Black-Scholes gamma from each instrument’s mark_iv × open interest, aggregated under the standard dealer-book assumption, in dollars per 1% move in spot. Zero-gamma is the point where aggregate gamma changes sign (interpolated over a ±20% grid around spot). A journal of the system’s decisions, not investment advice. © 2026 INDICIA DESK.