Deribit BTC Gamma Exposure (GEX) Today: Gamma Flip & Key Levels
Deribit options only · daily snapshot · 30 Oct 2026, 08:00 UTC · all expirations
- Spot
- 77,997
- Gamma flip
- 78,0150.0% above spot
- Regime
- Negative gamma
- Positive peak (P1)
- 90,000
- Negative peak (N1)
- 77,000
- Max pain
- 77,5003 Nov 2026 expiry
- Net GEX
- +2.5M
Deribit vs all five exchanges
Deribit holds 81% of BTC options open interest across Deribit, Bybit, OKX, Derive and Binance. The rest sits on the other four exchanges and moves the levels.
| Level | Deribit | All five exchanges | Difference |
|---|---|---|---|
| Gamma flip | 78,015 | 78,685 | −$670 (−0.9%) |
| Positive peak (P1) | 90,000 | 90,000 | same |
| Negative peak (N1) | 77,000 | 77,000 | same |
| Net GEX | +2.5M | -29.4M | opposite sign |
| Open interest, BTC | 284,378 | 350,490 | Deribit is 81% |
Open interest and gamma flip by exchange
| Exchange | Open interest, BTC | Share | Put/call | Gamma flip | Flip vs spot |
|---|---|---|---|---|---|
| Deribit | 284,378 | 81.1% | 0.69 | 78,015 | +0.0% |
| OKX | 29,573 | 8.4% | 1.21 | 79,830 | +2.4% |
| Bybit | 15,947 | 4.5% | 1.15 | 79,791 | +2.3% |
| Binance | 13,777 | 3.9% | 1.01 | 79,880 | +2.4% |
| Derive | 6,815 | 1.9% | 0.25 | 72,860 | -6.6% |
| All except Deribit | 66,112 | 18.9% | 0.99 | 79,651 | +2.1% |
| All five exchanges | 350,490 | 100.0% | 0.74 | 78,685 | +0.8% |
How far the flip sits from price
| Since 16 Oct, every 4 hours | Deribit | All five | All except Deribit |
|---|---|---|---|
| Median distance from price to flip | 1.96% | 0.90% | 0.40% |
| Time price spent above the flip | 96% | 89% | 43% |
The flip of the other four exchanges is built from their own gamma curves. Over this period it sat closer to price than Deribit's flip. Read: Retail gamma flip, BTC gamma without Deribit →
- Deribit
- All five exchanges
- F Deribit flip 78,015
- All-five flip 78,685
- Flip without Deribit 79,651
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About Deribit BTC options GEX
How much of the BTC options market is on Deribit?
Deribit holds 81% of BTC options open interest across the five exchanges GammaFlip tracks (284,378 of 350,490 BTC). Deribit is the largest crypto options exchange by open interest, but not the whole market: Bybit, OKX, Derive and Binance hold the rest.
Why does the Deribit gamma flip differ from the combined one?
The other exchanges add their own calls and puts at different strikes, so summing all five moves the zero-gamma point. The difference changes every day; the table above shows today's.
How is Deribit GEX calculated here?
From Deribit open interest and implied volatility, assuming dealers are long calls and short puts, the standard convention. The methodology page explains every level.
Is Deribit GEX available in the API?
Yes. Every paid plan's REST API and the Claude and ChatGPT connector accept a single exchange such as deribit, or any mix of the five.
Levels are derived from options open interest on each exchange, assuming dealers are long calls and short puts, and are published once a day. Educational information, not investment advice.