Gamma map
Where option gamma sits on the chain, expressed as obligated hedge flow per 1% spot move. Use it for pin awareness — knowing which strikes carry mass into expiry — not as a directional signal.
Spot $66,269
Call wall
66,000
27.0 BTC / 1% move
Put wall
66,000
19.4 BTC / 1% move
Net gamma flow (naive)
+65.8 BTC
assumes dealers long calls, short puts
Flip proxy (naive)
67,200
cumulative-crossing estimate
Gamma-weighted hedge flow per strike per 1% spot move (Γ × OI × 0.01·S), split by side. Bars right of zero are call-side mass, left are put-side.
Read this before trusting any gamma map
- The sign is a guess. Equity-index GEX leans on a stable customer habit (funds overwrite calls, buy protective puts). Crypto flow has no such convention — naive dealer-positioning signs can be exactly backwards. The chart above shows where the gamma mass sits, split by side; the “net” and “flip” tiles apply the naive convention and inherit its uncertainty.
- This is one venue. Most BTC option open interest sits on other venues; this map covers Delta Exchange only and understates total gamma.
- Strongest near expiry, near big strikes. Expiry-day pinning at max-OI strikes is the robust, observable effect. Far-from-expiry levels are weak signals; gamma also migrates toward spot as price moves, so the map must be re-read after large moves.