Delta Exposure Leaders

As of April 21, 2026 (end-of-day snapshot). Pages update daily after the market close.

Names with the largest absolute dealer net option-delta exposure (DEX). GEX describes how hedging flows behave when spot moves; DEX describes the raw option delta dealers are carrying, before the stock hedge. Sign convention (from the persisted exposure compute): calls contribute negative delta and puts contribute positive. Negative net_dex = dealer short-call-heavy → hedged long stock; positive net_dex = dealer short-put-heavy → hedged short stock.

Top 50 by Net DEX

The live dealer delta exposure leaderboard loads after the page hydrates. Rows are ranked by absolute net_dex and include a DEX/OI normalization column.

Methodology

Computed per-ticker from the full by-strike delta aggregate during daily ORATS import (see proxy/lib/exposure-compute.ts). Ranked by |net_dex| descending. DEX/OI column surfaces smaller names with outsized dealer inventory. Filters: total_oi ≥ 50,000, spot ≥ $5.

Frequently Asked Questions

How is this different from gamma exposure?

GEX is a vol-regime signal (how dealer hedging responds to moves). DEX is a positioning snapshot (what option delta dealers are carrying right now, before the stock hedge). A name can be neutral on GEX but heavily long/short on DEX.

What does negative net_dex mean?

Under the persisted convention (calls contribute negative delta), negative net_dex indicates call-heavy retail flow — dealers short calls, hedging with long stock. Positive net_dex indicates put-heavy flow — dealers short puts, hedging with short stock. The direction of the dealer STOCK hedge is the opposite sign of net_dex.

Why "DEX / OI"?

Raw |DEX| favors big-OI names. Normalized DEX/OI surfaces names where dealer option-delta exposure is disproportionately large relative to the accumulated chain — setups where forced hedging can move price more violently than on large-cap names.

Are dealers really that directionally exposed?

Not at the firm level — MMs hedge aggressively against stock. Net DEX represents the pre-hedge option-book delta. Big residuals correspond to one-sided flow days where hedging is still catching up.