How to Read Bitcoin & Ethereum Gamma Exposure (Free Crypto GEX)

Reading crypto GEX: the same language as indices

The core mantra is identical to equity indices:

Two ways crypto differs (don't copy indices blindly)

1. 24/7 continuous trading, no closing auction. So charm's "closing magnet" effect is weak — crypto has no "into-the-bell" window for delta to drift in bulk. The zero-gamma and wall support/resistance logic still holds, but don't wait for a "closing pin."
2. A different expiry cadence. Crypto's big expiries (quarterly settlement) matter a lot; walls reshuffle meaningfully as they approach. Treat it as crypto's OPEX.

Viewing BTC / ETH GEX on HermesGEX (free)

Here's the key part: crypto GEX for BTC and ETH is completely free for every registered user.

Data comes from a public crypto-options exchange feed; the GEX surface, zero gamma, Call/Put walls and regime classification are all computed live.

Two entry points:

• A quick look: the BTC GEX and ETH GEX tool pages — open and see the current structure.
• The full terminal: open HuntingFlow and pick BTC or ETH from the Crypto ticker group — the same heatmap, walls and regime tiles you use for ES / NQ.

A reusable reading routine

Whether it's BTC or SPX, the routine is the same:

1. Set the regime: is price above or below zero gamma? Is the regime tile green (long) or red (short)?
2. Draw the boundaries: where are the Call Wall above and Put Wall below? That's your range.
3. Pick the playbook: on long-gamma days, fade between the walls; on short-gamma days, follow the trend and don't catch the knife.
4. Watch expiry: near a big quarterly expiry, expect walls to reshuffle.

Start now

Open BTC GEX / ETH GEX for a snapshot of the current structure, or register and track it live from the Crypto group in HuntingFlow — crypto GEX is free forever. To bring the same regime read to ES / NQ and 26 equity-index tickers, see Pro / Ultra.

Further reading

• What Is Gamma Exposure (GEX) — the GEX foundation
• What Is Zero Gamma — the regime-pivot line
• How to Read Net GEX — reading net GEX as structure
• Long Gamma vs Short Gamma Regime — the practical difference between the two regimes

Crypto assets are highly volatile and involve substantial risk. Hermēs provides research tools, not investment advice. See disclaimer.