Endpoint

GET /v1/exposure/dex/{symbol}

Auth required (X-Api-Key) Rate Limited: Yes Basic+

Parameters

Name	In	Required	Default	Description
`symbol`	path	yes	-	Underlying symbol
`expiration`	query	no	`all`	Filter by expiry date `yyyy-MM-dd`, or `0dte` for same-day only

curl -H "X-Api-Key: YOUR_API_KEY" \
  "https://lab.flashalpha.com/v1/exposure/dex/SPY"

import requests

resp = requests.get(
    "https://lab.flashalpha.com/v1/exposure/dex/SPY",
    headers={"X-Api-Key": "YOUR_API_KEY"}
)
data = resp.json()
print(f"Net DEX: ${data['net_dex']:,.0f}")

const resp = await fetch(
  "https://lab.flashalpha.com/v1/exposure/dex/SPY",
  { headers: { "X-Api-Key": "YOUR_API_KEY" } }
);
const data = await resp.json();
console.log(`Net DEX: $${data.net_dex.toLocaleString()}`);

API Key

Response

{
  "symbol": "SPY",
  "underlying_price": 597.505,
  "as_of": "2026-02-28T16:30:45Z",
  "net_dex": -450000000,
  "strikes": [
    {
      "strike": 575.0,
      "call_dex": 5600000,
      "put_dex": 4200000,
      "net_dex": 9800000
    }
  ]
}

Key Response Fields

Field	Type	Description
`symbol`	string	Underlying symbol
`underlying_price`	number	Current price of underlying
`as_of`	string	ISO 8601 timestamp
`net_dex`	number	Aggregate net delta exposure in dollars
`strikes`	array	Per-strike breakdown
`strikes[].strike`	number	Strike price
`strikes[].call_dex`	number	Call delta exposure at this strike
`strikes[].put_dex`	number	Put delta exposure at this strike
`strikes[].net_dex`	number	Net (call + put) delta exposure

What Is Delta Exposure?

Delta exposure (DEX) measures the net directional position that options dealers hold. When net DEX is positive, dealers are net long delta - they've accumulated shares as hedges. When net DEX is negative, dealers are short the underlying. Unlike GEX (which measures hedging acceleration), DEX captures the absolute directional tilt. Large shifts in DEX can precede directional moves, as dealer hedging activity feeds back into the underlying's supply and demand.

Common Use Cases

Directional bias detection - positive DEX means dealers are long, indicating call-heavy positioning; negative DEX means put-heavy
Mean-reversion setups - extreme DEX readings often mark stretched positioning that can unwind
Sector rotation signals - compare DEX across symbols to spot where directional conviction is concentrating
Earnings positioning - track DEX buildup before events to see which direction the market is betting
Multi-exposure analysis - combine DEX with GEX to distinguish between directional and volatility regimes

Delta Exposure (DEX) API