What's New — September 2026

6 releases in September 2026.

Expiry Split for Every Big Bar#

Added

  • Click any big bar to see which expirations hold it: The expiry split — the donut that shows which expirations build the gamma at a strike — used to open only for the six named levels (P1/P2, N1/N2, A1/A2). Now it opens for every bar that matters: any strike carrying at least 5% of the largest bar. Click a Net GEX bar for the net split, or the Abs GEX area below for the absolute one (tap on mobile); bars that have a split say Click for expiry split on hover. Why it matters: a wall that sits almost entirely in this Friday's expiry is gone after Friday, while one built from the quarterly will still be there next month. Works for crypto and US stocks & indices, on All exchanges or any mix. Bars under 5% of the largest don't open a split, and Time Machine replays and single-expiration views don't have one.
    BTC GEX by Strike: hovering the unlabelled 85,000 bar shows 'Click for expiry split', and the open donut splits it by expiration — 30 Oct 30%, 25 Dec 29%, 2 Oct 16%, 1 Oct 13%, Other 12%.

Improved

  • Faster loading, especially on phones: Pages, scripts and chart data now travel compressed and over HTTP/2. The app's own code downloads at about a quarter of its old size on first load (~2.4 MB → ~0.7 MB), and every chart refresh is 2–5× lighter — most noticeable on mobile and slower connections.

Flip History for Any Exchange Mix#

Added

  • Flip history, the History flip line and the Time Machine now work for any mix of exchanges: pick e.g. Deribit + Derive and the side panel's Flip history, the gamma-flip line on the History heatmap and Time Machine replay are all available, just like for a single exchange or All. A mix's flip isn't the average of each exchange's flip — it's where the whole mix's gamma curve crosses zero — so every 15-minute capture now also stores each exchange's gamma curve, and the flip of any mix is rebuilt from those. Flip history for mixes starts from this release (older captures didn't keep the curves); until the window fills, the chart says where it begins. In the Time Machine a mix replays the summed bars, walls, max pain and flip; the per-expiration breakdown tooltips aren't available for mixes.

Derive + Mix Any Exchanges You Like#

Added

  • Derive joins the exchange line-up — the first on-chain venue on GammaFlip: Derive, the decentralized options exchange (formerly Lyra), is now the fourth crypto venue next to Deribit, Bybit and OKX, for BTC, ETH, SOL, XRP and HYPE. Pick Derive to see its book on its own, or stay on All, which now adds it to the others; the chart title names the venues that actually contributed (e.g. Deribit+Bybit+Derive for HYPE — OKX doesn't list HYPE options). Every chart works on it: GEX by strike, flip point, term structure, open interest by expiration (Derive is the violet segment), Monte Carlo and Reach %. One thing to read carefully: a large share of Derive's open interest comes from structured products such as covered-call vaults, so a single program can dominate an expiry — on HYPE's 30 Oct expiry four call strikes (85/95/100/105) hold about 1M contracts. That wall is real hedging, but it's one position: compare Derive with All before treating it as market-wide. History starts from today — snapshots are captured every 15 minutes from launch. Included in the Crypto plan at no extra cost. Why we added it: Derive joins GammaFlip.
  • Pick any combination of exchanges: The Exchange column in the picker is now multi-select, like the expiration list. Tick Deribit + Derive, or any other mix, and every live chart — GEX by strike, gamma profile and flip, term structure, open interest by expiration, Monte Carlo, Reach % and Flow — is computed over exactly those venues; the chart title names them. All resets to every venue, and a single tick is the familiar one-exchange view. History is captured for single exchanges and All: for a custom mix, the History heatmap, Flow and the side panel's Hedging Pressure and Absolute GEX history are summed from the chosen venues' own captures. A venue counts from its first capture on — just like All — and the chart marks the moment ("Derive included from …"), so a step there reads as a new venue, not new positioning. Flip history and the Time Machine stay with single exchanges and All — a flip isn't additive, it depends on the whole mix's gamma curve.
    The context picker for HYPE with the Exchange column in multi-select: Deribit and Derive are ticked, OKX is greyed out because it lists no HYPE options, and the header pill reads HYPE · Deribit+Derive · TOTAL.

Improved

  • HYPE and ETH now see (nearly) the whole book: GEX is built from open interest, and most HYPE options open interest lives on Derive — about $265M, versus ~$43M on Deribit and ~$5M on Bybit (28 Sep). Until now HYPE's All exchanges view covered roughly 15% of the market; with Derive it covers almost all of it. ETH picks up about $780M, roughly 14% of the ETH options market across our four venues.

Fixed

  • US stocks & indices: candles could disappear on the Day chart during market hours: When the expected-move cone was on, the chart could render empty — no candles, only the level labels — while the market was open. The cone was projected from the latest open-interest session (e.g. Friday), so its first points fell before today's live candle and the chart library refused to draw anything. The cone now starts from the latest candle, and the candles are always drawn.

Flow: Watch Positioning Build, Strike by Strike#

Added

  • Flow — see where open interest is being built and unwound: A new Flow tab, between Expiry and History, shows how positioning changed over a window rather than where it stands. Every cell is one strike × one expiration, green where exposure was added and red where it was taken off; a bar panel on the same strike axis sums all expirations. Switch between Notional (the dollar value of the change in open interest) and Gamma (the same change expressed as dealer gamma per 1% move). Pick a window: 15m, 1H, 4H, 1D, 2D, 1W, 1M for crypto, where exchanges report open interest intraday, or 1D, 2D, 1W, 1M for TradFi, counted in trading sessions (1, 2, 5 and 21) so weekends and holidays don't blank it — the subtitle shows the session count. 1M is one options cycle: a week shows the current churn, a month shows which walls were built or taken down between monthly expiries. Read Net, Calls or Puts. Gamma counts only new positioning, not repricing from spot drifting, so both metrics always agree in sign. Long chains scroll inside the chart — strikes up and down, expirations sideways — so every tile stays big enough to print its figure, even on a phone; it opens centred on spot, and a tag at the edge brings you back to it. The gear menu holds strike coverage, expirations and colour palettes. What Flow can't tell you is who initiated: it sees open interest change, not whether customers bought or sold. Guide: How to read Flow. Open Flow.
    The Flow tab: a strikes-by-expirations heatmap of open-interest change, green where exposure was built and red where it was unwound, with a by-strike bar panel on the right

Fixed

  • TradFi: open interest was missing on deep in-the-money options: Options trading near intrinsic value sometimes have no usable closing implied volatility, and those contracts were dropped from the chain together with their open interest. On a bad day SPX's 18 Sep expiry lost roughly 29% of its call open interest, which skewed Term OI, the put/call ratio and Max Pain for US names. GEX itself barely moved, since deep ITM options carry almost no gamma. Open interest is now kept for every contract, and history since September 8 has been rebuilt.
  • TradFi: open interest is now a session fresher: US open interest settles overnight and is published at 6:30 ET. We used to pick it up only after the next close, so for a whole session the app showed open interest a day older than was available. It now refreshes every trading morning before the open.

Heatmap: Today's Levels, Projected Right#

Added

  • Today's levels, projected past the history: On the History → Heatmap, the latest snapshot — one pixel column pinned to the right edge, unreadable on a 30d or 90d window — is now held forward into a dimmed band past the NOW line, with today's levels drawn across it as labelled rays: P1/P2 and N1/N2 on Net GEX, A1/A2 on |GEX|, plus the flip F, the same markers the Now tab shows. It's not a forecast — nothing is predicted, today's levels are simply placed in empty space so you can line them up against the past; turn it off in chart settings under Project current levels.

HYPE: Dealer Gamma on Hyperliquid's Token#

Added

  • HYPE joins the crypto line-up — on Deribit and Bybit: Hyperliquid's token now gets the full GEX read — gamma by strike, flip point, gamma walls, max pain, term structure and the Monte Carlo probabilities — running on the same engine as BTC, ETH, SOL and XRP. Two things worth knowing before you trade off it. The book is young and concentrated: roughly 83% of open interest sits in just two dated expiries (25 Sep and 25 Dec), so weeklies are thin and a 0DTE-style read isn't really available yet — the TOTAL view and the flip point are driven by the monthlies. And OKX doesn't list HYPE options, so All exchanges here means Deribit + Bybit. History starts from today: the History tab and the GEX Time Machine fill in going forward, not backwards — there's no way to buy back an options book that didn't exist. HYPE is part of the Crypto plan at no extra cost.