IBIT GEX — Live Gamma Exposure
Live IBIT GEX levels for iShares Bitcoin Trust ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive IBIT GEX chart.
The calculator below is pre-filled with IBIT — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the IBIT GEX heatmap.
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What is Gamma Exposure (GEX)?
Gamma Exposure represents the sensitivity of an option's delta to changes in the underlying price. Market makers hedge their gamma exposure, creating support/resistance at high GEX strikes.
Key Levels:
- Call Wall: Strike with highest positive GEX (resistance)
- Put Wall: Strike with most negative GEX (support)
- Gamma Flip: Where total GEX changes from negative to positive
Positive GEX: Market makers sell into rallies, buy into dips (stabilizing).
Negative GEX: Market makers buy into rallies, sell into dips (amplifying moves).
Select a ticker and expiration date, then click Generate GEX to see the analysis
Understanding IBIT gamma exposure
IBIT options, listed in late 2024, created something genuinely new: an equity-market gamma complex tied directly to spot Bitcoin. The market has grown explosively, and IBIT dealer hedging now feeds back into Bitcoin itself — a call wall in IBIT can contribute to resistance in the underlying crypto market as market makers hedge their exposure. IBIT GEX has quickly become required reading for crypto traders, not just ETF traders.
Crypto's 24/7 trading against IBIT's exchange hours gives its gamma profile a distinctive rhythm: overnight Bitcoin moves land on the options market at the open, forcing rapid re-hedging and making IBIT's first trading hour disproportionately important. The gamma flip level in IBIT is a clean read on whether options positioning will dampen or amplify Bitcoin's next move during US hours.
New to the concept? Start with our guides to gamma in options and the options Greeks.
IBIT GEX FAQ
What is IBIT GEX (gamma exposure)?
IBIT GEX measures the aggregate gamma that options market makers carry across all IBIT strikes and expirations. When IBIT GEX is positive, dealer hedging dampens price moves (selling rallies, buying dips); when it is negative, hedging amplifies moves. It is calculated from open interest and each contract's gamma across the iShares Bitcoin Trust ETF options chain.
What is the IBIT call wall and put wall?
The IBIT call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the IBIT put wall is the strike with the largest negative gamma exposure and often acts as support. As of the latest snapshot, the call wall is at $35, the put wall is at $33, the gamma flip level is near $34.01.
What is the IBIT gamma flip level?
The IBIT gamma flip (zero-gamma) level is the price where net dealer gamma crosses from positive to negative. Above it, market-maker hedging tends to suppress IBIT volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $34.01.
How often is IBIT GEX data updated?
GEX levels on this page are recomputed from live options data throughout US market hours, and the interactive calculator below pulls fresh IBIT options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this IBIT GEX chart free?
Yes. The IBIT GEX levels on this page are free, and the interactive GEX calculator offers free daily lookups without an account. Creating a free QuantWheel account raises the daily limit, and the GEX Dashboard adds unlimited access, intraday tracking, and alerts.
Track IBIT GEX all day, automatically
The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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