What is the current GEX for VOO?

As of 2026-07-10, VOO net gamma exposure is $51M per 1% move (positive gamma), with total absolute exposure of $178M. The gamma flip level is $680.01.

What is GEX (gamma exposure)?

GEX estimates how much market makers must hedge as the underlying moves. Positive net gamma means dealers trade against the move (dampening volatility); negative net gamma means they trade with the move (amplifying it). The gamma flip is the price where the regime switches.

VOO Gamma Exposure (GEX)

Vanguard S&P 500 ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $693.86 · updated nightly

Net GEX / 1% move

$51M

positive gamma regime

Gamma flip

$680.01

-2% from spot

Top gamma wall

$690

7.5% of total gamma

Absolute GEX

$178M

net/abs ratio 0.285

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
$690	$13M	7.5%	-0.56%
$700	$10M	5.8%	0.88%
$697.5	$7M	3.8%	0.52%
$675	$6M	3.4%	-2.72%
$692.5	$4M	2.4%	-0.20%

GEX by expiration

Expiration	Net GEX / 1%	Absolute GEX
2026-07-17	$32M	$112M
2026-07-24	$5M	$15M
2026-07-31	$6M	$15M
2026-08-07	$6M	$17M
2026-08-14	−$3M	$5M
2026-08-21	$4M	$15M

What is gamma exposure?

When you buy an option, a market maker usually takes the other side and hedges by holding shares of VOO. 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 ($680.01 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 VOO options data

See the VOO max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with VOO if you hold it as a fund.

GEX for other tickers

DIA GEX $205M IWM GEX −$1.91bn QQQ GEX −$561M SMH GEX −$472M SOXX GEX −$95M SPY GEX $2.82bn XBI GEX −$8M XLE GEX $51M

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.