SPY Gamma Exposure (GEX)
SPDR S&P 500 ETF Trust · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $754.95 · updated nightly
Net GEX by strike
■ positive (dealers dampen moves) ■ negative (dealers amplify moves) — strikes within ±15% of spot.
Gamma walls
| Strike | Net GEX / 1% | Share of total gamma | Distance from spot |
|---|---|---|---|
| $757 | $1.50bn | 5.2% | 0.27% |
| $760 | $1.49bn | 5.2% | 0.67% |
| $758 | $696M | 2.4% | 0.40% |
| $740 | −$596M | 2.1% | -1.98% |
| $755 | $560M | 1.9% | 0.01% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-13 | $1.22bn | $3.04bn |
| 2026-07-14 | $635M | $1.38bn |
| 2026-07-15 | $1.27bn | $2.81bn |
| 2026-07-16 | $36M | $346M |
| 2026-07-17 | −$31M | $10.86bn |
| 2026-07-20 | $13M | $308M |
| 2026-07-21 | $15M | $192M |
| 2026-07-22 | $7M | $143M |
| 2026-07-23 | $340,182 | $38M |
| 2026-07-24 | $730M | $1.93bn |
| 2026-07-31 | −$325M | $3.11bn |
| 2026-08-07 | −$74M | $530M |
| 2026-08-14 | −$8M | $124M |
| 2026-08-21 | −$670M | $3.95bn |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of SPY. As the price moves, the amount they must hold changes — that sensitivity is gamma. GEX aggregates it across all open contracts (calls positive, puts negative, per the standard dealer-positioning convention) into a dollar figure per 1% move.
In a positive gamma regime, dealers sell into rallies and buy dips — mechanically dampening volatility. In negative gamma, hedging flows push in the same direction as the market, amplifying moves. The gamma flip ($752.76 right now) is the estimated price where the regime switches, and large single-strike concentrations ("gamma walls") often act like short-term magnets or barriers. These are estimates built on simplified assumptions — positioning context, not predictions. Full explainer: what is GEX?
More SPY options data
See the SPY max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with SPY if you hold it as a fund.
GEX for other tickers
GEX is computed nightly from end-of-day open interest and quotes using a Black-Scholes approximation (r=0, q=0), matching common retail GEX conventions (methodology). Derived metrics only — not raw market data, not investment advice.