GEX

GEX strikes

Returns per-strike gamma exposure aggregation across all options at each strike price. Each row represents one strike for one expiration at one timestamp. Includes OI breakdown (contracts and USD), net gamma exposure in USD, 9 proprietary strike-surface Greeks (partial derivatives with respect to strike price that no other platform computes for crypto), and taker-flow corrected GEX that replaces the standard dealer positioning assumption with actual Deribit trade data. Foundation table for all Gamma Pinning intelligence.

GET/v1/gex/strikesproalpha

Query Parameters

coinstringrequired

Underlying asset. Required.

e.g.BTCETHSOL

expirationstringoptional

Filter to specific expiration (ISO 8601). Default: all near-expiry.

e.g.2026-03-14T08:00:00Z

near_expirybooleanoptional

Only expirations <= 72h away. Default: true.

e.g.truefalse

fromstringoptional

Start of time range, UTC. ISO 8601. Default: latest snapshot.

e.g.2026-03-08T00:00:00Z

tostringoptional

End of time range, UTC. ISO 8601. Default: now.

e.g.2026-03-09T00:00:00Z

limitintegeroptional

Max rows returned. Default 500, max 5000.

e.g.1000

Response Schema

Fields marked pro require a Pro subscription. Fields marked alpha require Alpha.

Field	Type	Tier	Description
`timestamp`	`datetime`	pro	Snapshot time in UTC. Aligned to 10-minute boundary.
`coin`	`string`	pro	Underlying asset (BTC, ETH, SOL, XRP, AVAX, TRX).
`expiration_timestamp`	`datetime`	pro	Option expiration time in UTC.
`strike`	`float`	pro	Strike price. All options at this strike are aggregated into one row.
`days_to_expiry`	`integer`	pro	Calendar days to expiration.
`hours_to_expiry`	`float`	pro	Hours to expiration (decimal). Pinning territory: <= 72h.
`underlying_price`	`float`	pro	Spot price of the underlying at snapshot time.
`distance_from_spot_pct`	`float`	pro	Distance from spot as percentage: (strike - spot) / spot * 100. Positive = above spot, negative = below.
`call_oi`	`float`	pro	Call open interest at this strike in contracts (native crypto units).
`put_oi`	`float`	pro	Put open interest at this strike in contracts.
`total_oi`	`float`	pro	Total open interest (call + put) in contracts.
`call_oi_usd`	`float`	pro	Call OI in USD: call_oi * contract_size * underlying_price.
`put_oi_usd`	`float`	pro	Put OI in USD.
`total_oi_usd`	`float`	pro	Total OI in USD.
`put_call_oi_ratio`	`float`	pro	Put/call OI ratio at this strike. NULL if call_oi = 0. Above 1 = put-heavy, below 1 = call-heavy.
`call_gamma_oi_sum`	`float`	pro	Sum of (gamma * OI) for calls at this strike. Raw gamma-contract units.
`put_gamma_oi_sum`	`float`	pro	Sum of (gamma * OI) for puts at this strike.
`net_gamma_oi`	`float`	pro	Net gamma*OI: call minus put. Positive = call-dominant.
`call_gex_usd`	`float`	pro	Call gamma exposure in USD: call_gamma_oi * contract_size * S^2 * 0.01.
`put_gex_usd`	`float`	pro	Put gamma exposure in USD.
`net_gex_usd`	`float`	pro	Net Gamma Exposure in USD (heuristic: dealers assumed net short). Positive = stabilizing (pinning). Negative = destabilizing (trending). See tf_net_gex_usd for the corrected version.
`gex_concentration_pct`	`float`	pro	This strike as percentage of total \|net_gex_usd\| across all strikes for this expiry. Above 30 = strong magnet. Above 50 = dominant magnet.
`call_avg_iv_pct`	`float`	pro	OI-weighted average implied volatility (pct) for calls at this strike.
`put_avg_iv_pct`	`float`	pro	OI-weighted average IV (pct) for puts at this strike.
`avg_iv_pct`	`float`	pro	Combined OI-weighted average IV across calls and puts.
`call_count`	`integer`	pro	Number of call instruments at this strike.
`put_count`	`integer`	pro	Number of put instruments at this strike.
`option_count`	`integer`	pro	Total instruments (call + put) at this strike.
`avg_reliability_score`	`float`	pro	Average reliability score (0-100) across instruments at this strike.
`avg_liquidity_score`	`float`	alpha	Average liquidity score (0-100) across instruments at this strike.
`taker_net_call_contracts`	`float`	alpha	Net taker buy minus sell call contracts in 24h rolling window. Positive = taker buying calls (dealer short). NULL if no trades.
`taker_net_put_contracts`	`float`	alpha	Net taker buy minus sell put contracts in 24h window.
`taker_net_call_usd`	`float`	alpha	Net taker call flow in USD.
`taker_net_put_usd`	`float`	alpha	Net taker put flow in USD.
`tf_dealer_call_sign`	`integer`	alpha	Inferred dealer positioning for calls: +1 = dealer short (heuristic holds), -1 = dealer long (heuristic wrong).
`tf_dealer_put_sign`	`integer`	alpha	Inferred dealer positioning for puts: +1 = dealer short, -1 = dealer long (heuristic holds for puts).
`tf_net_gex_usd`	`float`	alpha	Taker-flow corrected Net GEX in USD. Replaces net_gex_usd when trade data is available. Uses actual dealer sign per strike instead of the blanket assumption. First deployment shows 55-60 pct disagreement with the heuristic for liquid coins.
`tf_sign_agrees_heuristic`	`boolean`	alpha	TRUE if both call and put dealer signs match the standard heuristic. FALSE = taker flow contradicts the assumption at this strike.
`tf_confidence`	`float`	alpha	Confidence in taker-flow signal (0-100). Based on trade count: 50 trades = 100. Low confidence = sparse data, correction may be noisy.
`call_dual_delta_oi_sum`	`float`	alpha	Call-side strike directional sensitivity (aggregated) See detail ↓
`put_dual_delta_oi_sum`	`float`	alpha	Put-side strike directional sensitivity (aggregated) See detail ↓
`call_dual_gamma_oi_sum`	`float`	alpha	Call-side strike curvature (aggregated) See detail ↓
`put_dual_gamma_oi_sum`	`float`	alpha	Put-side strike curvature (aggregated) See detail ↓
`net_dual_gamma_oi`	`float`	alpha	Net strike curvature: how sharply the pinning effect concentrates See detail ↓
`call_surface_vanna_oi_sum`	`float`	alpha	Call-side vol-shock sensitivity at this strike See detail ↓
`put_surface_vanna_oi_sum`	`float`	alpha	Put-side vol-shock sensitivity at this strike See detail ↓
`net_surface_vanna_oi`	`float`	alpha	Net vol-shock sensitivity: will a vol spike break this magnet? See detail ↓
`call_surface_charm_oi_sum`	`float`	alpha	Call-side time decay of gamma at this strike See detail ↓
`put_surface_charm_oi_sum`	`float`	alpha	Put-side time decay of gamma at this strike See detail ↓
`net_surface_charm_oi`	`float`	alpha	Net time decay rate: how fast is this magnet weakening? See detail ↓
`call_lightning_oi_sum`	`float`	alpha	Call-side structural fracture sensitivity See detail ↓
`put_lightning_oi_sum`	`float`	alpha	Put-side structural fracture sensitivity See detail ↓
`net_lightning_oi`	`float`	alpha	Fracture zone detector: where price behavior becomes chaotic See detail ↓
`call_flare_oi_sum`	`float`	alpha	Call-side curvature-vol coupling See detail ↓
`put_flare_oi_sum`	`float`	alpha	Put-side curvature-vol coupling See detail ↓
`net_flare_oi`	`float`	alpha	How a vol spike reshapes the curvature landscape See detail ↓
`net_halo_oi`	`float`	alpha	Spot-vol-strike coupling: can a vol shock move the magnet? See detail ↓
`net_droplet_oi`	`float`	alpha	Acceleration of vol-sensitivity as expiry approaches See detail ↓
`net_aurora_oi`	`float`	alpha	Meta-stability: how fast is the entire surface dynamics evolving? See detail ↓

Derived Fields

FieldTypeTiercollapse all

▶call_dual_delta_oi_sumfloatalphacollapse

Call-side strike directional sensitivity (aggregated)

Sum of dual_delta * OI for calls at this strike. Dual delta is the partial derivative of the option price with respect to strike price. Profiles the option value surface along the strike dimension.

RangeUnbounded. Scale depends on OI.

▶put_dual_delta_oi_sumfloatalphacollapse

Put-side strike directional sensitivity (aggregated)

Sum of dual_delta * OI for puts at this strike.

RangeUnbounded.

▶call_dual_gamma_oi_sumfloatalphacollapse

Call-side strike curvature (aggregated)

Sum of dual_gamma * OI for calls. Dual gamma is the second strike derivative: how sharply the option payoff curves at this strike. Higher values mean sharper pinning: small price moves near this strike cause large hedge adjustments.

▶put_dual_gamma_oi_sumfloatalphacollapse

Put-side strike curvature (aggregated)

Sum of dual_gamma * OI for puts.

▶net_dual_gamma_oifloatalphacollapse

Net strike curvature: how sharply the pinning effect concentrates

Call minus put dual_gamma * OI. Measures the sharpness of the gamma profile at this strike. High absolute values indicate a strike where small price movements trigger disproportionate dealer rebalancing. This is the denominator in both the Stability Score and Persistence Score computed in the pinning table.

Strike curvature

\text{dual\_gamma} = \frac{\partial^2 V}{\partial K^2}

ORIA uses this to

Key input to both Stability Score and Persistence Score computed in the pinning table. Dimensionally corrected for cross-coin comparability.

▶call_surface_vanna_oi_sumfloatalphacollapse

Call-side vol-shock sensitivity at this strike

Sum of surface_vanna * OI for calls. Surface vanna is the cross-derivative of option price with respect to strike and implied volatility. Measures how the gamma profile at this strike reshapes when IV changes.

▶put_surface_vanna_oi_sumfloatalphacollapse

Put-side vol-shock sensitivity at this strike

Sum of surface_vanna * OI for puts.

▶net_surface_vanna_oifloatalphacollapse

Net vol-shock sensitivity: will a vol spike break this magnet?

Call minus put surface_vanna * OI. This is the primary input to the Stability Score. High absolute values mean this strike is fragile to IV changes: a vol shock will redistribute gamma away from this strike, weakening or destroying the pinning effect. Nobody else computes this for crypto.

Strike-vol cross sensitivity

\text{surface\_vanna} = \frac{\partial^2 V}{\partial K \, \partial \sigma}

RangeUnbounded. Higher magnitude = more fragile magnet.

ORIA uses this to

Primary input to Stability Score. High exposure relative to structural curvature = fragile magnet.

▶call_surface_charm_oi_sumfloatalphacollapse

Call-side time decay of gamma at this strike

Sum of surface_charm * OI for calls. Surface charm measures how the gamma profile at this strike decays with time. Negative values mean gamma at this strike is strengthening as expiry approaches.

▶put_surface_charm_oi_sumfloatalphacollapse

Put-side time decay of gamma at this strike

Sum of surface_charm * OI for puts.

▶net_surface_charm_oifloatalphacollapse

Net time decay rate: how fast is this magnet weakening?

Call minus put surface_charm * OI. Primary input to the Persistence Score. High values mean gamma at this strike is decaying rapidly with time. The magnet will lose strength before expiry. This determines whether a pinning signal has a 6-hour or 24-hour shelf life.

Strike-time cross sensitivity

\text{surface\_charm} = -\frac{\partial^2 V}{\partial K \, \partial t}

RangeUnbounded. Higher magnitude = faster decay.

ORIA uses this to

Primary input to Persistence Score. High exposure relative to structural curvature = short-lived magnet.

▶call_lightning_oi_sumfloatalphacollapse

Call-side structural fracture sensitivity

Sum of lightning * OI for calls.

▶put_lightning_oi_sumfloatalphacollapse

Put-side structural fracture sensitivity

Sum of lightning * OI for puts.

▶net_lightning_oifloatalphacollapse

Fracture zone detector: where price behavior becomes chaotic

Call minus put lightning * OI. Lightning is the third strike derivative. High absolute values between two adjacent strikes indicate a structural break point in the gamma surface. Price entering this zone behaves chaotically: neither pinning nor trending, but whipsawing. Used to identify breakout acceleration zones around the pinning boundary.

Third strike derivative

\text{lightning} = \frac{\partial^3 V}{\partial K^3}

RangeUnbounded. High |net_lightning_oi| between strikes = fracture zone.

ORIA uses this to

Input to Breakout Zone detection. High lightning at pinning zone edges means breakouts will be violent.

▶call_flare_oi_sumfloatalphacollapse

Call-side curvature-vol coupling

Sum of flare * OI for calls.

▶put_flare_oi_sumfloatalphacollapse

Put-side curvature-vol coupling

Sum of flare * OI for puts.

▶net_flare_oifloatalphacollapse

How a vol spike reshapes the curvature landscape

Call minus put flare * OI. Flare is the derivative of dual_gamma with respect to vol. If flare is high, an IV spike does not just weaken the magnet (that is surface_vanna), it reshapes which strikes have the most curvature, potentially moving the magnet entirely. Stability Score enhancer.

Curvature-vol coupling

\text{flare} = \frac{\partial^3 V}{\partial K^2 \, \partial \sigma}

▶net_halo_oifloatalphacollapse

Spot-vol-strike coupling: can a vol shock move the magnet?

Net (call - put) halo * OI. Halo is a third-order cross-derivative coupling spot, vol, and strike simultaneously. High halo values mean a vol shock can shift which strike becomes the dominant magnet. Shift Risk input for the pinning intelligence layer.

Spot-vol-strike coupling

\text{halo} = \frac{\partial^3 V}{\partial S \, \partial \sigma \, \partial K}

▶net_droplet_oifloatalphacollapse

Acceleration of vol-sensitivity as expiry approaches

Net (call - put) droplet * OI. Droplet measures how surface_vanna changes with time. If droplet is high, the magnet becomes increasingly fragile to vol shocks as expiry approaches. Persistence Score enhancer: captures the second-order time effect on stability.

Surface vanna decay acceleration

\text{droplet} = -\frac{\partial^3 V}{\partial K \, \partial \sigma \, \partial t}

▶net_aurora_oifloatalphacollapse

Meta-stability: how fast is the entire surface dynamics evolving?

Net (call - put) aurora * OI. Aurora is a fourth-order cross-derivative coupling spot, vol, strike, and time. The ultimate complexity measure. If aurora is high, all predictions about magnetic strikes, stability, and persistence have shorter shelf life. Prediction Confidence input in the pinning intelligence layer.

Meta-stability (4th order)

\text{aurora} = \frac{\partial^4 V}{\partial S \, \partial \sigma \, \partial K \, \partial t}

Suggested Calculations

Not included in the API response. Compute these client-side from the fields above. Formulas and context provided.

FieldTypeInputsexpand all

▶gex_bar_chartstringclient-sideBuild a GEX bar chart: the most important options visualizationexpand

Build a GEX bar chart: the most important options visualization

Plot net_gex_usd as vertical bars at each strike, with a vertical line at underlying_price. Green bars = positive GEX (stabilizing, dealer buys dips). Red bars = negative GEX (destabilizing, dealer sells dips). The tallest green bar is the magnetic strike: the price level where dealer hedging creates the strongest gravitational pull. This chart is the foundation of all GEX analysis. Every options desk in the world builds this chart.

Inputsstrikenet_gex_usdunderlying_price

▶find_the_magnetstringclient-sideWhich strike is the strongest magnet?expand

Which strike is the strongest magnet?

Sort by |net_gex_usd| descending. The top strike is the magnetic strike: price is pulled toward it by dealer hedging activity. If the magnet is within 2 pct of spot (small distance_from_spot_pct), pinning is active. If it is far from spot, the market is not yet in pinning territory. This is a simplified version of the magnetic_strike_1 field from /v1/gex/pinning.

Inputsnet_gex_usdstrikedistance_from_spot_pct

▶positive_vs_negative_gexstringclient-sideIs the market in pinning mode or trending mode?expand

Is the market in pinning mode or trending mode?

Sum all positive net_gex_usd and all negative net_gex_usd separately. If positive dominates, dealers are net stabilizers (buy dips, sell rallies): the market tends to pin and mean-revert. If negative dominates, dealers are net destabilizers (sell dips, buy rallies): the market tends to trend and overshoot. This is the simplest gamma regime indicator.

Inputsnet_gex_usd

▶strike_moneynessfloatclient-sideNormalize strikes for cross-coin comparisonexpand

Normalize strikes for cross-coin comparison

Moneyness ratio: strike / spot. 1.0 = ATM. Above 1 = OTM call / ITM put. Below 1 = ITM call / OTM put. A $100K BTC strike and a $4K ETH strike can both be 1.05 moneyness, so you can compare GEX profiles across coins.

Inputsstrikeunderlying_price

Strike moneyness

\text{moneyness} = \frac{K}{S}

RangeTypically 0.5 to 2.0 for liquid options.

▶gex_intensityfloatclient-sideGEX per dollar of open interestexpand

GEX per dollar of open interest

Normalizes gamma exposure by OI size. A strike with $500K GEX and $10M OI has higher intensity than one with $1M GEX and $100M OI. High intensity = concentrated gamma pressure, stronger pinning effect per dollar committed.

Inputsnet_gex_usdtotal_oi_usd

Normalized GEX intensity

\text{gex\_intensity} = \frac{|\text{net\_gex\_usd}|}{\text{total\_oi\_usd}}

Range0 to ~0.1. Higher = more concentrated gamma pressure per dollar of OI.

▶cumulative_gex_profilefloatclient-sideFind the gamma flip level: where does the regime change?expand

Find the gamma flip level: where does the regime change?

Sort strikes ascending, compute running sum of net_gex_usd. Where the sum crosses zero is the gamma flip level: the boundary between positive gamma territory (dealers stabilize, pinning) and negative gamma territory (dealers amplify, trending). This is arguably more important than the magnetic strike for risk management.

Inputsnet_gex_usdstrike

Or use the pre-computed endpointalpha

Pre-computed at /v1/gex/pinning as gamma_flip_level with regime classification (POSITIVE_GAMMA, NEGATIVE_GAMMA, NEAR_FLIP, NO_FLIP).

▶stability_scorefloatclient-sideWill the magnet survive a vol shock?expand

Will the magnet survive a vol shock?

Proprietary composite using strike-surface Greeks (surface_vanna, flare, halo relative to dual_gamma) with proprietary weighting. Requires identifying the magnetic strike first, then computing ratios from the Alpha-only columns.

Or use the pre-computed endpointalpha

Pre-computed at /v1/gex/pinning as stability_score (0-100, 100 = most stable).

▶persistence_scorefloatclient-sideHow long will the magnet hold before time decay kills it?expand

How long will the magnet hold before time decay kills it?

Proprietary composite using surface_charm and droplet relative to dimensionally-corrected dual_gamma. Determines whether a pinning signal has a 6-hour or 24-hour shelf life.

Or use the pre-computed endpointalpha

Pre-computed at /v1/gex/pinning as persistence_score (0-100, 100 = most persistent).