XLP Gamma Exposure (GEX)
Consumer Staples Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $84.12 · 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 |
|---|---|---|---|
| $85 | $11M | 13.3% | 1.05% |
| $83 | −$7M | 8.1% | -1.33% |
| $84 | $6M | 7.7% | -0.14% |
| $86 | $5M | 5.8% | 2.23% |
| $85.5 | $5M | 5.8% | 1.64% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-17 | $18M | $64M |
| 2026-07-24 | $1M | $3M |
| 2026-07-31 | −$1M | $3M |
| 2026-08-07 | −$29,566 | $680,563 |
| 2026-08-14 | $126,029 | $2M |
| 2026-08-21 | $891,361 | $8M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLP. 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 ($83.02 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 XLP options data
See the XLP max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLP 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.