ETH · Ethereum
ETH Gamma Exposure.
Live ETH gamma exposure, dealer positioning, and Friday 08:00 UTC expiry mechanics for Ethereum options.
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Why ETH GEX matters
ETH is the second-largest crypto options market and carries a distinctly different dealer profile from BTC. ETH has heavier DeFi-hedging flow (structured products, on-chain derivatives desks), a wider range of active strikes relative to spot, and often shows a different regime sign than BTC in the same session. Reading ETH GEX alongside BTC is one of the highest-signal cross-checks in crypto derivatives.
Coverage
ETH GEX aggregates the full options chain across Deribit, Bybit, Binance, and OKX - dailies, weeklies (Friday 08:00 UTC), monthlies, and quarterlies. The venue mix is similar to BTC but with slightly heavier institutional participation via Deribit institutional books and OTC flow reflected in the tape.
How to read ETH GEX
ETH GEX is usually a step ahead of BTC on regime shifts because the DeFi flow reacts faster to on-chain events (protocol updates, EIP releases, unlock schedules). When ETH flips gamma sign a session or two before BTC, treat it as an early warning. Combine with the ETH/BTC ratio and cross-venue funding to gauge whether the flip is real or noise.
ETH GEX - common questions
What is ETH gamma exposure?
ETH gamma exposure is the aggregate gamma held by dealers on Ethereum options. Because ETH has heavier DeFi-hedging flow than BTC, ETH dealer positioning often shifts on on-chain events (unlocks, protocol releases) that BTC ignores.
How is ETH GEX different from BTC GEX?
ETH usually shows a wider strike distribution and more sensitivity to on-chain catalysts. BTC is dominated by macro flow (spot ETFs, macro hedges). Comparing the two often reveals whether a crypto move is crypto-native or macro-driven.
What time does ETH expiry settle?
Friday 08:00 UTC for daily and weekly Deribit ETH options - same schedule as BTC. The Friday daily and weekly co-settle, producing the largest gamma concentration of the week for ETH.
Does BackQuant cover ETH 0DTE?
Yes. ETH daily expiries on Deribit are covered on the 0DTE and 1DTE panels alongside BTC. Volume is smaller than BTC but still meaningful for reading dealer positioning into the settlement window.
Learn how ETH GEX works
In-depth guides covering the mechanics behind the panel.
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