Greek Repositioning
Where the BTC desk is adding or shedding each options risk, hour by hour. This is the flow lens on Greek exposure: what changed, not the standing level. Repositioning is the open-interest change on strikes that stayed in the book, kept apart from revaluation and calendar rolls.
Pick a coin and cohort. Click any exposure, in the table or the heatmap, to open its detail and its across-the-surface pivot. Net counts calls minus puts; Dealer signs each strike from live taker flow.
How the three Greek-exposure views differ
The platform shows Greek exposure three ways. They look alike but answer different questions.
| View | Lens | Answers | Options traders should watch for |
|---|---|---|---|
| Greek Exposure Surface | Level · by strike | Where risk sits by strike, and how it decays into expiry. | Strike walls and gamma pins, and which strikes decay fastest into expiry. |
| Greek Repositioning | Flow · by cohort | Where traders added or removed risk, by cohort, over the last day. | Fresh adds and cuts. A whole column lit means a coordinated multi-Greek move. |
| Greek Exposure Projection | Hedge-flow · by price | What dealers must do to stay hedged, by price, into settlement. | Gamma-flip, charm-neutral and vanna-neutral price levels. |
Each view has its own colour scale, some configurable, so a colour is not one meaning across them. Read the legend on the chart itself.
Repositioning now: BTC
One row per exposure, for ATM, 8-30d. The latest hour first, then how big that move is next to a normal hour for it, then the last 24h as a sparkline. Click a row to open it below.
How to read these exposures
What adding (blue) or cutting (orange) each risk signals. The four gold rows carry most of the read; the rest refine them.
Options repositioning: BTC
Each row is one kind of options risk. Each column is one hour. Blue means traders added that risk, orange removed, brighter means a bigger move next to a normal hour for it. When a whole column lights up, traders shifted several risks at once.
Click the highlighted row again to close the detail below.
VommaEX in detail: BTC
VommaEX measures how sensitive the position is to large swings in volatility. This chart shows where traders added or removed it over the last 24h, and keeps real trades separate from options simply ageing into and out of this strike bucket.
Blue bars are exposure traders added, orange bars exposure they removed — real trades on options already in this bucket, read against the left scale. A small grey tick at the bottom marks an hour when options simply rolled into or out of the bucket: that calendar effect is kept off the chart because it can be a thousand times larger than a real trade and would hide everything else. Turn on Show revaluation to also see how much the exposure moved on its own when price and volatility changed, with no trading. Cohort ATM_DTE_30 · 24h · weighted by open interest · dealer side inferred from recent trades.
VommaEX repositioning map: BTC
One exposure (VommaEX) fixed, every row a strike bucket from far above spot down to far below, short-dated to long. Blue means it was added there, orange removed, brighter a bigger move for that bucket. A bright ATM band is front-month positioning, bright wings are tail bets.
The change in a cohort's VommaEX between two 10-minute bars splits three ways. This grid shows only the middle term, genuine trading.
Sum over strikes present in bucket c at both bars (continuing strikes). Vommai is option i's Vomma, OI its open interest. Only the change in open interest counts, so revaluation of existing positions is excluded.
The sign convention. Net assumes long calls, short puts; Dealer reads the market-maker's side from taker flow.
Ten-minute repositioning summed to the hour h shown in each column.
The colour. Blue for positive (added), orange for negative (removed), brightness by size. sc is the scale.
Relative scales each cohort by its own 95th percentile over 30 days; Absolute uses one percentile pooled across all cohorts.