Gamma Exposure BTC (GEX): Net Gamma & Market Maker Hedging

Gamma Exposure is the aggregate gamma position of market makers, expressed as the amount of BTC they must buy or sell per 1% price move. Net gamma is the sum of gamma across all open calls and puts at every strike.

Positive net gamma means market makers hedge against the market (sell rallies, buy dips) and suppress volatility. Negative net gamma amplifies moves.

Every large strike is a level where gamma — and therefore dealer hedging flow — concentrates. Around these levels BTC price often slows (in positive GEX) or accelerates (in negative GEX).

A net gamma exposure chart shows where market makers are long vs short gamma — effectively the map of crypto dealer hedging levels.

The zero-gamma level (a.k.a. the Gamma Flip) is the price where net gamma reaches zero. Above it positive gamma and a low-volatility regime dominate; below it, negative gamma and high volatility. It is a key level for reading BTC market sentiment.

Simplified, GEX per strike = option gamma × open interest × contract multiplier × spot², signed by the market-maker side (typically + for calls, − for puts in the dealer convention). Summing across strikes gives net gamma; the price profile gives the GEX map.

In Crypto Metrics Pro this is computed automatically from Deribit options open interest for BTC and ETH and refreshed every 60 seconds — no manual math required.