Dealer positioning · Deribit

Gamma Exposure

Where dealers are forced to hedge — and what that does to spot. Positive dealer gamma damps volatility (dealers buy dips, sell rips); negative dealer gamma amplifies it (dealers chase the move). Computed from Deribit's public option chain. Refreshes every 60s.

BTC Spot

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Net Dealer GEX

$ per 1% spot move

Call wall

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max +GEX strike

Put wall

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max −GEX strike

Gamma flip

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no zero-crossing

Dealer GEX by strike · BTC

Teal right = positive dealer GEX (vol-damping). Pink left = negative (vol-amplifying). Strikes within ±25% of spot. Blue line = spot, yellow = gamma-flip level.

Spot —

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GEX by expiry

Aggregate dealer GEX per expiration, with the call/put walls for that bucket and its gamma-flip level.

ExpiryDTENet GEXCall wallPut wallFlip

No active expiries.

Math: Black-Scholes gamma γ = N'(d1) / (S σ √T). Per-strike GEX = (call OI − put OI) × γ × S² × 0.01, summed over expiries. VEX uses vanna ∂Δ/∂σ; CEX uses charm ∂Δ/∂t. 0DTE strikes with markIv ≤ 5% or ≥ 500% are skipped as dead-strike noise. Sign convention: dealers short calls, long puts; call OI contributes positive dealer GEX. Source: Deribit /public/get_book_summary_by_currency.