SPY GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 761.86
- Gamma flip
- 765.260.5% above spot
- Regime
- Negative gamma
- Positive peak (P1)
- 800.00
- Negative peak (N1)
- 745.00
- Max pain
- 760.0022 Sep 2026 expiry
- Net GEX
- -4.6B
SPY is in negative gamma: the gamma flip at 765.26 is 0.5% above spot (761.86). Below the flip, dealers are short gamma and tend to amplify moves. The top positive gamma peak (P1) is at 800.00 (+5.0% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 745.00 (-2.2% from spot), a volatility trigger rather than support. The flip moved -0.1% since the previous snapshot (765.88 → 765.26).
SPY GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 761.86 | 765.26 | 800.00 | 745.00 | Negative |
| 17 Sep 16:03 ET | 762.55 | 765.88 | 765.00 | 745.00 | Negative |
| 16 Sep 16:07 ET | 754.23 | 766.41 | 800.00 | 750.00 | Negative |
| 15 Sep 16:08 ET | 757.89 | 768.66 | 780.00 | 750.00 | Negative |
| 14 Sep 16:13 ET | 760.77 | 770.15 | 775.00 | 760.00 | Negative |
| 11 Sep 16:00 ET | 764.19 | 769.19 | 775.00 | 750.00 | Negative |
| 10 Sep 16:00 ET | 757.85 | 769.79 | 775.00 | 760.00 | Negative |
| 9 Sep 16:00 ET | 762.38 | 770.38 | 775.00 | 760.00 | Negative |
| 8 Sep 16:00 ET | 765.98 | 771.49 | 780.00 | 760.00 | Negative |
| 4 Sep 16:00 ET | 770.24 | 771.64 | 780.00 | 760.00 | Negative |
| 3 Sep 16:00 ET | 773.11 | 770.42 | 775.00 | 760.00 | Positive |
| 2 Sep 16:00 ET | 765.15 | 769.18 | 780.00 | 760.00 | Negative |
| 1 Sep 16:00 ET | 761.64 | 770.09 | 780.00 | 765.00 | Negative |
| 31 Aug 16:00 ET | 766.94 | 770.72 | 780.00 | 765.00 | Negative |
See SPY gamma exposure live
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About SPY options GEX
SPY, the SPDR S&P 500 ETF Trust, holds the stocks of the S&P 500 and tracks the index. Unlike SPX, SPY options are American-style and settle by delivery of ETF shares. Each contract is roughly a tenth of the notional size of an SPX option. Expirations are listed for every weekday.
Every listed SPY expiry is combined into a single gamma exposure profile here. Key markers include the flip point, the long-gamma peaks P1 and P2, the short-gamma troughs N1 and N2, and the 30-day heatmap of how those strikes have evolved.
The most useful habit with SPY is a cross-check. Because it follows the same index, its levels usually sit near the SPX levels scaled by roughly one tenth. When a SPY peak and an SPX peak line up after that scaling, the strike is supported by two separate pools of positioning. When they diverge, ETF and index traders are hedging differently, and neither level deserves full confidence on its own. A flip on SPY that sits well away from the scaled SPX flip is also a sign that the regime call is less clear-cut.
These figures come from end-of-day open interest from the latest available report and appear after the US session ends; intraday trading in SPY is not reflected until the next update.
FAQ
What is the difference between SPY and SPX options?
SPY options are American-style contracts on an exchange-traded fund and are settled by delivering ETF shares. SPX options are European-style contracts on the S&P 500 index itself and settle in cash.
Why compare SPY GEX with SPX GEX?
Both markets track the S&P 500 but attract different participants. Looking at the two pages together shows whether a level is backed by index option positioning, by ETF option positioning, or by both at once.
What does the SPY gamma flip tell me?
It is the SPY price at which estimated dealer gamma changes sign. Above it, dealer hedging tends to lean against moves in the ETF; below it, hedging tends to push in the same direction as the move.
How often are SPY levels refreshed on this page?
Once per trading day. The levels are computed from end-of-day open interest from the latest available report across every listed SPY expiration and are published 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.