Gamma exposure · SPDR S&P 500 ETF
SPY gamma exposure (GEX)
Net dealer gamma on SPY options is -$4.64B per 1% move, from the close on Thu, Nov 12. Dealers are net short gamma, so their hedging tends to follow moves: they sell into drops and buy into rallies.
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SPY gamma levels
Every 30 minFrom the close on Thu, Nov 12, net dealer gamma on SPY options was -$4.64B per 1% move, with SPY at $757.00. The call wall was $775 and the put wall $750. There is no clear gamma flip near the price: added up strike by strike, net GEX never changes sign close enough to matter.
These figures are from the close on Thu, Nov 12. The market is closed; updates resume after the 9:30 AM ET open, every 30 minutes.
SPY GEX by strike
Each bar is the net dealer gamma at one strike, in dollars per 1% move in SPY: green bars are net positive (call gamma heavier), red bars net negative (put gamma heavier). The lines mark the price and the call and put walls. Strikes from $705 to $809.
Largest SPY strikes by net GEX
The 10 strikes carrying the most net gamma, biggest first. The largest, $775, sits +2.4% from the price.
| Strike | From price | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|
| $775 | +2.4% | +$1.71B | -$169M | +$1.54B |
| $760 | +0.4% | +$1.08B | -$1.92B | -$845M |
| $755 | -0.3% | +$582M | -$1.30B | -$716M |
| $750 | -0.9% | +$706M | -$1.41B | -$708M |
| $740 | -2.2% | +$166M | -$857M | -$691M |
| $730 | -3.6% | +$102M | -$768M | -$666M |
| $770 | +1.7% | +$1.15B | -$506M | +$646M |
| $800 | +5.7% | +$635M | -$8M | +$628M |
| $745 | -1.6% | +$226M | -$823M | -$596M |
| $735 | -2.9% | +$89M | -$678M | -$589M |
Totals across the book: calls +$15.90B, puts -$20.54B, net -$4.64B per 1% move.
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Open Dealer PositioningHow to read SPY GEX
Net GEX is the total gamma dealers carry across SPY options, in dollars of hedging per 1% move. When it is positive, dealers hedge against the move: they sell as SPY rises and buy as it falls, which tends to calm the market. When it is negative, they hedge with the move, which tends to make swings larger.
The gamma flip is the price where net GEX changes sign. Above it, dealer hedging tends to dampen moves; below it, to amplify them. A SPY close below the flip often comes with wider daily ranges.
The call wall is the strike at or above the price with the most call gamma, and the put wall the strike at or below it with the most put gamma. Heavy hedging at those strikes can slow a move into them, so traders watch them as resistance and support. They are tendencies, not barriers: news and large flows push through them.
New to the idea? Start with what GEX is, or the longer guide to gamma exposure.
How these numbers are built
For every strike and side, GEX is gamma times open interest times 100 shares times the price squared, times 1%: the dollars of stock dealers would buy or sell to stay hedged if SPY moved 1%. Calls count as positive and puts as negative, on the usual assumption that dealers are long the calls customers sell and short the puts customers buy. That assumption is the main limit of any GEX number.
The book covers 16 expirations through Jan 29, 2027: every monthly inside 90 days first, then the nearest expirations, then the Fridays. The flip is where cumulative GEX across strikes crosses zero nearest the price. The price shown is the nearest expiration's implied forward, which tracks spot closely.
These are the same figures the Terminal's Dealer Positioning module shows, refreshed here every 30 minutes while the market is open. Full details are in the methodology.
GEX on every ticker and expiration
TerminalThis page covers SPY. The Terminal shows dealer gamma by strike, the flip and the walls on any optionable ticker, for the whole book or a single expiration.
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