Ethereum (ETH) GEX Today — Gamma Flip & Key Levels
Daily snapshot · 21 Sep 2026, 08:00 UTC · all expirations
- Spot
- 2,658
- Gamma flip
- 2,4806.7% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 2,650
- Negative peak (N1)
- 2,300
- Max pain
- 2,25025 Sep 2026 expiry
- Net GEX
- +57.9M
ETH is in positive gamma: the gamma flip at 2,480 is 6.7% below spot (2,658). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 2,650 (-0.3% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 2,300 (-13.5% from spot), a volatility trigger rather than support. The flip moved +7.5% since the previous snapshot (2,306 → 2,480).
ETH GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 21 Sep 07:57 UTC | 2,658 | 2,480 | 2,650 | 2,300 | Positive |
| 20 Sep 08:01 UTC | 2,579 | 2,306 | 2,600 | 2,580 | Positive |
| 19 Sep 08:04 UTC | 2,626 | 2,323 | 2,600 | 2,580 | Positive |
| 18 Sep 08:02 UTC | 2,497 | 2,374 | 2,500 | 2,350 | Positive |
| 17 Sep 08:03 UTC | 2,444 | 2,386 | 2,500 | 2,350 | Positive |
| 16 Sep 08:07 UTC | 2,390 | 2,354 | 2,600 | 2,350 | Positive |
| 15 Sep 08:05 UTC | 2,469 | 2,372 | 2,600 | 2,400 | Positive |
| 14 Sep 08:08 UTC | 2,522 | 2,342 | 2,600 | 2,100 | Positive |
| 13 Sep 07:57 UTC | 2,518 | 2,530 | 2,600 | 2,520 | Negative |
| 12 Sep 08:00 UTC | 2,524 | 2,416 | 2,600 | 2,520 | Positive |
| 11 Sep 07:59 UTC | 2,467 | 2,429 | 2,600 | 2,420 | Positive |
| 10 Sep 08:00 UTC | 2,473 | 2,437 | 2,500 | 2,100 | Positive |
| 9 Sep 08:02 UTC | 2,516 | 2,352 | 2,600 | 2,100 | Positive |
| 8 Sep 08:08 UTC | 2,472 | 2,335 | 2,500 | 2,100 | Positive |
See ETH gamma exposure live
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About Ethereum (ETH) options GEX
Ether options trade around the clock on the same crypto venues as bitcoin options. GammaFlip combines Deribit, Bybit and OKX, and Deribit's ether contracts expire at 08:00 UTC on daily, weekly, monthly and quarterly cycles. When ETH swings more than BTC in percentage terms, as it often has, a switch between hedging regimes can show up in the price faster and with larger swings.
The chart combines every listed expiration into one net GEX curve. Three markers do most of the work:
- the flip point separates positive gamma, where dealer hedging leans against moves, from negative gamma, where it leans with them;
- the strongest long-gamma strikes, marked P1 and P2, often act as brakes;
- N1 and N2 are short-gamma strikes that price can slice through quickly.
For ether, distance to the flip matters more than on bitcoin: a move that would be routine for BTC can carry ETH across the flip in a single session. Check which side of it spot sits on first, then open the BTC page to see whether both markets share a regime. If BTC is in positive gamma while ETH sits below its own flip, dealer hedging is damping one market and amplifying the other, so the two can diverge.
These levels come from one daily snapshot; positioning keeps changing between 08:00 UTC runs.
FAQ
What is ETH gamma exposure?
ETH gamma exposure estimates the ether that option dealers would need to trade to keep their books hedged as the price changes. It is built from open interest on every listed ether strike and expiry at the venues GammaFlip tracks.
How is the ETH GEX page different from the BTC page?
The method is identical, but the two assets do not move the same way. When ether swings more in percentage terms than bitcoin, the same distance to the flip is covered faster. Comparing both pages shows whether bitcoin and ether sit in the same gamma regime.
Where does the ether options data come from?
Open interest is combined from Deribit, Bybit and OKX into a single profile, so the levels reflect positioning across the three venues instead of one order book.
How often do the ETH levels change on this page?
This page refreshes once per day from a snapshot taken at 08:00 UTC. Inside the GammaFlip app the profile updates every 15 minutes and can be split by expiration, including 0DTE.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.