BTC · Bitcoin
BTC Gamma Exposure.
Live BTC gamma exposure, dealer positioning, and Friday 08:00 UTC expiry mechanics - updated 24/7.
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Why BTC GEX matters
BTC has the deepest options market in crypto, dominated by Deribit but with meaningful contribution from Bybit, Binance, and OKX. Dealer hedging on BTC options directly moves BTC spot around the Friday 08:00 UTC expiry window - the crypto equivalent of a Friday close. Reading BTC dealer positioning correctly is one of the cleanest edges available in the 24/7 crypto tape.
Coverage
BTC GEX aggregates the full options chain across Deribit, Bybit, Binance, and OKX - dailies, weeklies (Friday 08:00 UTC), monthlies, and quarterlies. The Friday daily and weekly co-settle, producing the largest gamma concentration of the week. Quarterly OpEx (last Friday of March, June, September, December) carries the largest open interest of the year.
How to read BTC GEX
Watch BTC GEX in the lead-up to Friday 08:00 UTC. Positive-gamma weeks tend to pin toward the largest OI strike; negative-gamma weeks amplify moves into the expiry window. The post-08:00 UTC hours often see the sharpest moves of the week as pent-up direction resolves after the gamma release. Cross-check with funding and perps flow on the same panel.
BTC GEX - common questions
What is BTC gamma exposure?
BTC gamma exposure is the aggregate gamma held by dealers on Bitcoin options. Because crypto trades 24/7, dealer hedging is continuous - and it concentrates hardest around the Friday 08:00 UTC expiry window on Deribit, which is the crypto equivalent of a weekly close.
Which exchanges does BackQuant aggregate BTC GEX from?
Deribit is the primary source, plus Bybit, Binance, and OKX for the growing options venues. The aggregate view combines every listed BTC options chain into a single GEX profile so you see cross-venue positioning without having to check each exchange individually.
What time does BTC expiry settle?
Friday 08:00 UTC for daily and weekly Deribit BTC options. This is the crypto analogue of the equity Friday weekly. The Asian and early European sessions in the lead-up produce the highest concentration of intraday 0DTE crypto flow.
What is BTC 0DTE?
BTC 0DTE refers to same-day expiry options on Deribit, which lists daily contracts expiring at 08:00 UTC. Gamma concentration on the expiring cycle is highest, and dealer hedging into the final hours often drives spot into or away from the largest OI strike depending on the sign of aggregate gamma.
How does BTC GEX interact with perps?
Dealer hedging on BTC options often prints in the perp order book because perp liquidity is deeper than spot. Watching perp funding and CVD alongside BTC GEX gives you a cleaner read of where the dealer flow is landing - and where it's being absorbed.
Learn how BTC GEX works
In-depth guides covering the mechanics behind the panel.
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