UVXY GEX - Live Gamma Exposure
Live UVXY GEX levels for ProShares Ultra VIX Short-Term Futures ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive UVXY GEX chart.
The calculator below is pre-filled with UVXY — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the UVXY 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 the largest put GEX, shown as the deepest negative bar (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 UVXY gamma exposure
UVXY holds leveraged short-term VIX futures, making it the closest thing to a tradable long-volatility instrument with a standard equity options chain. Its gamma exposure is unlike any equity name: the fund grinds relentlessly lower in calm markets because of roll costs and leverage decay, then explodes higher during volatility spikes. Options positioning reflects that asymmetry, with call open interest bought as crash insurance and put open interest sold to harvest the structural decay.
Because UVXY can double in days during a volatility event, its call wall sits far above spot in percentage terms yet still gets tested with surprising regularity. The put wall is where decay harvesters cluster, and it tends to sit just beneath the price, ratcheting downward as the fund bleeds. Read the gamma flip level with care here: unlike an equity, UVXY's drift is structurally negative, so a positive-gamma regime does not imply price stability so much as a continuation of the slow bleed.
New to the concept? Start with our guides to gamma in options and the options Greeks.
UVXY GEX FAQ
What is UVXY GEX (gamma exposure)?
UVXY GEX measures the aggregate gamma that options market makers carry across all UVXY strikes and expirations. When UVXY 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 ProShares Ultra VIX Short-Term Futures ETF options chain.
What is the UVXY call wall and put wall?
The UVXY call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the UVXY 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 $30, the put wall is at $24.50, the gamma flip level is near $17.56.
What is the UVXY gamma flip level?
The UVXY 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 UVXY volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $17.56.
How often is UVXY 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 UVXY options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this UVXY GEX chart free?
Yes. The UVXY 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.
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