Thermography

Strike expiry decomposition

Decomposes open interest and net GEX at a single strike by expiration date. Returns one row per active expiration at that strike, sorted by expiration. Latest snapshot only. Use to understand which tenors carry the position at a strike: front-week hedging vs back-month directional bets. Source table: deribit_options_gex_strikes.

GET/v1/thermography/strike-decompproalpha

Query Parameters

coinstringrequired

Underlying asset.

e.g.BTCETHSOL

strikenumberrequired

Strike price to decompose.

e.g.100000105000

Response Schema

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

Field	Type	Tier	Description
`expiration`	`datetime`	pro	Expiration date of this tenor slice.
`days_to_expiry`	`integer`	pro	Calendar days until expiration.
`call_oi_usd`	`float`	pro	Call open interest in USD at this strike+expiry.
`put_oi_usd`	`float`	pro	Put open interest in USD at this strike+expiry.
`total_oi_usd`	`float`	pro	Total OI (call + put) in USD at this strike+expiry.
`net_gex_usd`	`float`	alpha	Net gamma exposure in USD at this strike+expiry. Positive = dealer long gamma (stabilizing). Negative = dealer short gamma (amplifying).

Suggested Calculations

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

FieldTypeInputsexpand all

▶tenor_concentrationfloatclient-sideWhich expiration dominates this strike?expand

Which expiration dominates this strike?

Divide each expiry's total_oi_usd by the sum across all expirations at this strike. If one expiry holds > 50 pct, the strike's behavior (gamma, pinning) is driven by a single tenor. That tenor's days_to_expiry tells you when the position unwinds. Front-heavy = hedging, needs constant rolling. Back-heavy = directional conviction.

Inputstotal_oi_usd

Tenor concentration

\text{conc} = \frac{\text{total\_oi}(K, T_i)}{\sum_j \text{total\_oi}(K, T_j)} \times 100

Range0 to 100.

▶gex_tenor_profilestringclient-sideIs gamma stabilizing or amplifying by tenor?expand

Is gamma stabilizing or amplifying by tenor?

Plot net_gex_usd against days_to_expiry. Front-month positive GEX + back-month negative GEX = near-term pinning with long-term breakout potential. The reverse (front negative, back positive) means near-term volatility but longer-term stability. The crossover date (where GEX flips sign) is when the strike's character changes.

Inputsnet_gex_usddays_to_expiry