Gamma layer · updated 26.10.2026 14:16 UTC · auto-refresh every ~2 h · Deribit data (≈29% of ETH options; Bybit ≈38%)
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 $79 490 (▲ mark on the axis) — between the put wall $75 000 and the call wall $90 000; zero-gamma $78 660; 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 $2 296 (▲ mark on the axis) — between the put wall $2 300 and the call wall $2 500; zero-gamma $2 285; 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.
there is no single gamma-flip number — it depends on which expiries you count
| horizon | contracts | GEX per 1% | zero-gamma | vs spot |
|---|---|---|---|---|
| ≤ 2 d | 63 | -6.7M | 80 020 | +0.7% |
| ≤ 7 d | 213 | -25.2M | 80 145 | +0.8% |
| ≤ 14 d | 249 | -25.0M | 80 088 | +0.8% |
| ≤ 30 d | 274 | -25.3M | 80 093 | +0.8% |
| ≤ 60 d | 473 | +25.9M | 78 920 | -0.7% |
| whole book | 738 | +37.2M | 78 660 | -1.0% |
| horizon | contracts | GEX per 1% | zero-gamma | vs spot |
|---|---|---|---|---|
| ≤ 2 d | 80 | -0.8M | 2 326 | +1.3% |
| ≤ 7 d | 197 | -8.0M | 2 403 | +4.7% |
| ≤ 14 d | 223 | -8.6M | 2 404 | +4.7% |
| ≤ 30 d | 248 | -8.4M | 2 400 | +4.5% |
| ≤ 60 d | 393 | -1.2M | 2 310 | +0.6% |
| whole book | 603 | +0.8M | 2 285 | -0.5% |
Why this matters. Near-dated expiries describe what moves price today; the whole book describes the structure of positioning. Those are different questions, and the answers differ by thousands of dollars. When someone quotes a single gamma-flip number with no horizon, ask which window they used. We show all of them.
our own archive: 231 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 34 weeks on record the accelerating regime held for 4 weeks (12% 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 34 weeks on record the accelerating regime held for 5 weeks (15% 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 -1.9% away from spot, ETH -1.8% — price is close to the regime line, so changing the character of the move is cheap
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.