IBIT GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 45.96
- Gamma flip
- 41.0810.6% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 50.00
- Negative peak (N1)
- 35.00
- Max pain
- 44.0023 Sep 2026 expiry
- Net GEX
- +128.3M
IBIT is in positive gamma: the gamma flip at 41.08 is 10.6% below spot (45.96). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 50.00 (+8.8% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 35.00 (-23.8% from spot), a volatility trigger rather than support. The flip moved -2.9% since the previous snapshot (42.29 → 41.08).
IBIT GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 45.96 | 41.08 | 50.00 | 35.00 | Positive |
| 17 Sep 16:04 ET | 43.33 | 42.29 | 45.00 | 42.50 | Positive |
| 16 Sep 16:07 ET | 43.15 | 41.55 | 45.00 | 41.00 | Positive |
| 15 Sep 16:09 ET | 42.96 | 39.37 | 45.00 | 43.00 | Positive |
| 14 Sep 16:13 ET | 44.85 | 39.56 | 45.00 | 43.00 | Positive |
| 11 Sep 16:00 ET | 43.75 | 39.34 | 45.00 | 35.00 | Positive |
| 10 Sep 16:00 ET | 43.66 | 39.34 | 45.00 | 44.50 | Positive |
| 9 Sep 16:00 ET | 44.28 | 38.57 | 45.00 | 44.50 | Positive |
| 8 Sep 16:00 ET | 44.39 | 38.27 | 45.00 | 44.50 | Positive |
| 4 Sep 16:00 ET | 45.22 | 38.22 | 48.00 | 35.00 | Positive |
| 3 Sep 16:00 ET | 46.34 | 37.99 | 45.00 | 35.00 | Positive |
| 2 Sep 16:00 ET | 43.78 | 38.11 | 45.00 | 43.50 | Positive |
| 1 Sep 16:00 ET | 43.75 | 37.36 | 45.00 | 43.50 | Positive |
| 31 Aug 16:00 ET | 44.67 | 37.34 | 45.00 | 43.50 | Positive |
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About IBIT options GEX
The iShares Bitcoin Trust is BlackRock's spot bitcoin ETF: it holds bitcoin, and its share price follows BTC less fund expenses. Listed options on IBIT bring bitcoin exposure into the regulated US options system. Like other equity options they are American-style and settle in shares. That makes this page a bridge between crypto-native positioning and the US listed market.
The page folds every IBIT expiration into one gamma exposure profile, labeled with the flip point, the biggest positive peaks and the biggest negative peaks.
Two details matter when reading it. First, the levels are in ETF dollars: a strike here is an IBIT share price, not a bitcoin price, and the ratio between the two drifts slowly as fees accrue, so translate using the current prices rather than a fixed multiple. Second, IBIT only trades during US exchange hours, while bitcoin itself trades all week. A weekend move in BTC reaches IBIT as a gap at the Monday open, which can jump straight past a level instead of testing it. For the crypto side of the same asset, open the BTC page, which aggregates Deribit, Bybit and OKX. When a BTC level and a translated IBIT level coincide, positioning in both worlds points at the same price.
IBIT levels use end-of-day open interest from the latest available report and are published after the US close, while the BTC page updates on its own 08:00 UTC schedule.
FAQ
Are IBIT GEX levels in bitcoin prices?
No. IBIT options are written on shares of the ETF, so every strike and level on this page is an IBIT share price in US dollars. Bitcoin-denominated levels from crypto option venues are on the BTC page.
How is IBIT gamma different from BTC gamma?
IBIT options are US-listed and trade only during US market hours, while bitcoin options on crypto venues trade around the clock. The two pages therefore capture different participants and are refreshed at different times of day.
What kind of options are IBIT options?
They are American-style options on the iShares Bitcoin Trust ETF, cleared like other US equity options and settled by delivering ETF shares rather than bitcoin or cash.
When are the IBIT levels updated?
Once per trading day. GammaFlip derives them from end-of-day open interest from the latest available report across every listed IBIT expiration and publishes them after the US market close.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.