ETH Gamma Exposure (GEX) Dashboard
Dealer gamma / delta / vega exposure and key levels for ETH, computed from the full Deribit options chain. Free to view, no sign-up required.
Market-wide dealer gamma. Positive = dampens moves, negative = amplifies them
Annualised implied volatility of at-the-money options
Dealer delta exposure (positioning basis)
Dealer vega exposure: P&L per 1 IV-point move
Today's key levels
| Level | Price | Plain-language meaning |
|---|---|---|
| Call Wall (upside cap) | — | Strike with the heaviest call-side gamma — rallies tend to stall here |
| Put Wall (downside floor) | — | Strike with the heaviest put-side gamma — sell-offs tend to get absorbed here |
| Zero Gamma (regime flip) | — | Price where dealers flip from suppressing to amplifying volatility |
| HVL (volatility divide) | — | Strike with the largest total gamma — price tends to oscillate around it |
| Max OI strike | — | Strike with the most open interest — a "pin" magnet near expiry |
| D+ (upper delta extreme) | — | Strike with the largest positive delta exposure — hedging flow flips above it |
| D− (lower delta extreme) | — | Strike with the largest negative delta exposure — hedging flow flips below it |
What is ETH GEX?
GEX (Gamma Exposure) measures the direction and size of options market-makers' hedging pressure. When ETH net GEX is positive, dealers sell rallies and buy dips, suppressing volatility. When negative, dealers are forced to chase moves, amplifying volatility.
Crypto options trade 24/7, and Deribit handles roughly 85% of global crypto options volume. This page computes exposure contract-by-contract from the full Deribit chain (expiries within 90 days), refreshed every 5 minutes.
Three levels are enough to start: above Zero Gamma = range-bound conditions, favour mean-reversion; below = trend conditions, favour breakouts. Call Wall and Put Wall act as natural resistance and support references.
Frequently asked questions
Where does the ETH GEX data come from, and how often does it update?
From the public Deribit API (the largest crypto options exchange). We compute gamma/delta/vega exposure contract-by-contract for all options expiring within 90 days and aggregate by strike. This page refreshes every 5 minutes; registered users get a 15-second live terminal.
What is the difference between positive and negative GEX?
With positive GEX, dealers hold long gamma and hedge by selling rallies and buying dips — markets tend to range and volatility compresses. With negative GEX, dealers must trade in the direction of price, so moves extend and volatility expands.
How do I use the Call Wall / Put Wall?
The Call Wall is the strike with the heaviest call-side gamma and often acts as resistance; the Put Wall is its mirror on the downside and often acts as support. As price approaches them, dealer hedging creates counter-pressure. Treat them as reference zones, not exact reversal points.
What do I get by signing up?
This page is a 5-minute snapshot. A free account unlocks the live BTC/ETH terminal: 15-second refresh, 90-day replay, per-strike distributions and multi-expiry views. Paid tiers add equity-futures GEX (ES/NQ and more), 5 desktop platform plugins, and signal delivery.
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Data is sourced from the public Deribit API, computed at the time shown above, and provided for informational and educational purposes only — not investment advice. Crypto assets are highly volatile; assess risk yourself.