ETH Futures Gamma Exposure
Per-strike dealer gamma positioning for ETH (Ether) options-on-futures. Dollar gamma is scaled by the $50/point CME multiplier and priced with Black-76. Identifies the call wall, put wall, and the gamma flip level where dealer hedging behavior changes.
GEX by Strike
Per-Strike GEX Data
Sign up free to see the delayed call wall, put wall and gamma flip for ETH futures. The full GEX by strike chart with call/put gamma and net GEX is included from the Growth plan.
The full GEX by strike chart with call/put gamma, net GEX, and key levels for ETH futures is included from the Growth plan. Net GEX, regime, walls and the gamma flip above are delayed on every other plan.
ETH Futures Gamma Exposure - Live Analysis
This page shows real-time gamma exposure (GEX) data for ETH (Ether) options-on-futures, updated every 15 seconds during market hours.
Key ETH levels from dealer gamma positioning: The call wall at 2800 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at 2100 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is 2100 - 2800 in ETH index points. In a positive gamma environment, expect ETH to gravitate within this zone.
Volatility context: ETH ATM implied volatility is 48.9%.
FlashAlpha computes ETH gamma exposure from live options-on-futures data across all expirations, pricing each contract with the Black-76 model (Black-Scholes-Merton evaluated on the forward) and scaling dollar gamma by the $50/point CME multiplier rather than the 100x equity-option multiplier. The GEX chart above shows per-strike gamma with call GEX (green), put GEX (red), and net GEX (blue line). Sign up free to unlock all key levels, or use the GEX API to pull ETH gamma exposure data programmatically.
Frequently Asked Questions - ETH Futures Gamma Exposure
What is ETH futures gamma exposure today?
Gamma exposure (GEX) measures the total gamma held by options market makers on the ETH (Ether) chain at each strike. Dollar gamma is scaled by the $50/point CME multiplier and priced with the Black-76 model. It reveals where dealer hedging flows are concentrated and how they create intraday support and resistance levels.
Is ETH in positive or negative gamma?
In positive gamma, dealers buy dips and sell rallies - dampening volatility. In negative gamma, dealers amplify moves in both directions - creating trending, volatile conditions. The gamma flip level marks the transition point between these two regimes, and because ETH trades nearly 24 hours on CME Globex it can shift overnight.
Where is ETH's gamma flip level?
The gamma flip is the price level where aggregate dealer gamma transitions from positive (supportive) to negative (destabilizing). Above the flip, dealers suppress volatility. Below it, they amplify moves. Many traders use the ETH gamma flip as a key intraday pivot level.
What are ETH's key support and resistance levels from options?
The ETH call wall (resistance) is at 2800 and the put wall (support) is at 2100. The call wall is the strike with the highest call gamma - dealers sell here, creating resistance. The put wall has the highest put gamma - dealers buy here, creating support. Levels are quoted in ETH points. In positive gamma regimes, price tends to oscillate between these two levels.
Related Reading
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What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For ETH futures, dollar gamma is scaled by the $50/point CME multiplier and priced with Black-76. It reveals where dealer hedging flows are concentrated and how they affect price action.
Positive GEX (long gamma): Dealers buy dips and sell rips, dampening volatility. Price tends to pin near high-gamma strikes.
Negative GEX (short gamma): Dealers sell into drops and buy into rips, amplifying moves. Expect increased volatility and trend-following behavior.
Key Levels
- Call Wall: The strike with the highest call gamma. Acts as a resistance magnet in positive gamma regimes.
- Put Wall: The strike with the highest put gamma (absolute). Acts as a support magnet.
- Gamma Flip: The price level where net gamma shifts from positive to negative. A critical regime boundary.
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