Works with CME index futures. Pass ES=F or NQ=F and URL-encode the = as %3D - e.g. /v1/flow/dealer-risk/ES%3DF. Options-on-futures are priced with Black-76 using the CME multiplier ($50/pt ES, $20/pt NQ); CME index futures are Growth-tier. See the futures hub.

Endpoint

GET /v1/flow/dealer-risk/{symbol}

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

Parameters

Name	In	Required	Default	Description
`symbol`	path	yes	-	Underlying symbol
`expiry`	query	no	all expiries	Filter chain to a single expiry (`yyyy-MM-dd`). Omit to aggregate across all expiries

curl -H "X-Api-Key: YOUR_API_KEY" \
  "https://lab.flashalpha.com/v1/flow/dealer-risk/SPY"

import requests

resp = requests.get(
    "https://lab.flashalpha.com/v1/flow/dealer-risk/SPY",
    headers={"X-Api-Key": "YOUR_API_KEY"}
)
data = resp.json()
print(f"Direction: {data['flow_direction']}")
print(f"GEX shift: {data['flow_gex_pct_shift']:.1%}")
print(data['description'])

const resp = await fetch(
  "https://lab.flashalpha.com/v1/flow/dealer-risk/SPY",
  { headers: { "X-Api-Key": "YOUR_API_KEY" } }
);
const data = await resp.json();
console.log(`Direction: ${data.flow_direction}`);
console.log(`GEX shift: ${(data.flow_gex_pct_shift * 100).toFixed(1)}%`);
console.log(data.description);

API Key

Response

{
  "symbol": "SPY",
  "as_of": "2026-05-12T18:42:10Z",
  "underlying_price": 597.505,
  "expiry": "2026-05-15",
  "settled_net_gex": 2850000000,
  "live_net_gex": 3120000000,
  "flow_gex_adjustment": 270000000,
  "flow_gex_pct_shift": 0.094,
  "settled_net_dex": -450000000,
  "live_net_dex": -480000000,
  "flow_dex_adjustment": -30000000,
  "flow_dex_pct_shift": -0.066,
  "total_abs_delta_contracts": 18420,
  "contracts_with_flow": 1820,
  "flow_direction": "amplifying",
  "description": "Flow has amplified dealer GEX by 9.4% since open. 1820 contracts saw 18,420 contract-units of repositioning."
}

Key Response Fields

Field	Type	Description
`settled_net_gex` / `_dex`	number	Computed on this morning's OPRA settled OI
`live_net_gex` / `_dex`	number	Computed on simulator-effective OI
`flow_gex_adjustment` / `flow_dex_adjustment`	number	`live - settled` for GEX and DEX, in USD notional
`flow_gex_pct_shift` / `flow_dex_pct_shift`	number, nullable	`adjustment / \|settled\|`. `null` when the settled value is zero and the live value is non-zero (regime created with no baseline)
`total_abs_delta_contracts`	number	Sum of absolute per-contract effective-OI changes
`contracts_with_flow`	number	Number of contracts whose effective OI moved
`flow_direction`	string	`no_flow`, `amplifying`, `dampening`, `regime_flip`, `neutral` (when absolute percent shift is below 5%)
`description`	string	Human-readable summary of the shift

Direction Labels

Label	Meaning
`no_flow`	Simulator reported zero per-contract movement on every contract. Distinct from `neutral` so consumers can tell 'no flow yet' from 'flow exists but is small'
`amplifying`	Same sign as settled, magnitude grew (dealers more exposed)
`dampening`	Same sign as settled, magnitude shrank (positions resolving)
`regime_flip`	Net GEX changed sign, or a regime was created from a zero baseline
`neutral`	Absolute percent shift below 5%

About Flow Dealer Risk

Dealer Risk is the join between settled and live: /v1/exposure/summary's dealer-GEX/DEX numbers are anchored to the morning OPRA-broadcast OI, while the live values use the OI simulator's effective open interest. This endpoint returns both sides plus the deltas, percent shifts, contract-flow magnitude, and a single directional label that classifies the shift as amplifying, dampening, regime_flip, or neutral. The description field is the same shift spelled out in plain English.

Common Use Cases

Regime-flip alerts - fire when flow_direction becomes regime_flip, signalling net GEX has changed sign and the volatility regime has inverted since the open
Flow-direction filter - trade with flow during amplifying, fade or de-risk during dampening, and stand down on neutral or no_flow
Quantify intraday repositioning - cite total_abs_delta_contracts and contracts_with_flow as the single magnitude and breadth numbers in a daily desk note
Detect a stale snapshot - a high flow_gex_pct_shift or flow_dex_pct_shift tells you the morning settled view has stopped being representative and the live numbers should drive decisions
Separate gamma from delta drift - compare flow_gex_adjustment against flow_dex_adjustment to see whether flow is reshaping pinning pressure or directional dealer lean
Drop in a pre-built narrative - push description straight into a dashboard tile or chat alert with no formatting work

Complementary endpoints

Flow Live Bundle - the raw real-time tape that drives the repositioning
Flow Summary - rolled-up flow context for the same window
Flow GEX - the live flow-adjusted gamma surface by strike
Dealer Premium - signed premium flow that complements the Greek-risk view

Flow Dealer Risk API