XLF Gamma Exposure (GEX)
Financial Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $55.71 · 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 |
|---|---|---|---|
| $55 | $36M | 12.0% | -1.27% |
| $56 | $24M | 8.1% | 0.52% |
| $55.5 | $17M | 5.6% | -0.38% |
| $54 | $16M | 5.3% | -3.07% |
| $52 | −$14M | 4.6% | -6.66% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-13 | −$1M | $2M |
| 2026-07-15 | −$3M | $3M |
| 2026-07-17 | $46M | $159M |
| 2026-07-20 | $44,838 | $600,176 |
| 2026-07-22 | $33,422 | $66,431 |
| 2026-07-24 | $8M | $11M |
| 2026-07-31 | $13M | $17M |
| 2026-08-07 | $163,889 | $628,731 |
| 2026-08-14 | −$114,404 | $390,098 |
| 2026-08-21 | $13M | $103M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLF. 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 ($54.15 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 XLF options data
See the XLF max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLF 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.