Gamma Exposure Leaders — Top 50 by Net Dealer Gamma
As of April 21, 2026 (end-of-day snapshot). Pages update daily after the market close.
Net gamma exposure (GEX) measures the total dollar-delta change dealers must hedge per $1 move in the underlying, under the standard assumption that retail is net long calls and net short puts (dealers on the other side). Positive GEX means dealers must buy as price rises and sell as price falls — a volatility-dampening force that creates pinning. Negative GEX flips this: dealers chase moves, amplifying realized volatility. Names with the largest absolute GEX have the strongest dealer hedging footprint.
Top 50 by Net GEX
| # | Ticker | Net GEX | Spot Price | ATM IV | P/C Ratio |
|---|---|---|---|---|---|
| 1 | SPX | $18.18B | $7057.52 | 17.0% | 1.25 |
| 2 | SPY | -$3.38B | $703.36 | 17.3% | 1.23 |
| 3 | NDX | $2.30B | $26439.90 | 21.7% | 1.29 |
| 4 | NVDA | $1.60B | $199.51 | 40.6% | 0.67 |
| 5 | HYG | -$1.50B | $80.34 | 5.0% | 2.23 |
| 6 | MSFT | $1.41B | $423.72 | 36.9% | 0.36 |
| 7 | META | $990.2M | $668.31 | 42.3% | 0.73 |
| 8 | AMZN | $952.6M | $249.40 | 40.8% | 0.46 |
| 9 | AAPL | $882.0M | $266.50 | 29.4% | 0.60 |
| 10 | GLD | $798.7M | $429.59 | 26.5% | 0.85 |
| 11 | IWM | -$745.3M | $274.08 | 25.2% | 1.76 |
| 12 | RUT | $457.6M | $2759.75 | 24.9% | 1.28 |
| 13 | GOOGL | $404.2M | $332.30 | 36.7% | 0.85 |
| 14 | TLT | $386.9M | $86.66 | 10.8% | 1.00 |
| 15 | TSLA | $385.5M | $386.40 | 47.2% | 0.91 |
| 16 | GOOG | $311.7M | $330.36 | 36.3% | 0.77 |
| 17 | QQQ | $289.9M | $643.12 | 21.8% | 1.19 |
| 18 | XSP | -$285.5M | $705.95 | 17.1% | 1.17 |
| 19 | UNH | $240.9M | $346.86 | 30.6% | 0.54 |
| 20 | IEF | -$236.5M | $95.47 | 5.8% | 3.99 |
| 21 | AVGO | $227.1M | $400.02 | 44.5% | 0.80 |
| 22 | AMD | $221.9M | $282.74 | 63.9% | 0.70 |
| 23 | LQD | -$213.7M | $109.65 | 6.5% | 4.42 |
| 24 | MSTR | $186.5M | $165.05 | 76.8% | 0.59 |
| 25 | ORCL | $181.4M | $181.88 | 55.8% | 0.35 |
| 26 | EWZ | $179.4M | $40.89 | 29.5% | 0.44 |
| 27 | MU | $173.1M | $448.41 | 72.8% | 0.66 |
| 28 | XLP | -$164.3M | $81.80 | 16.8% | 1.73 |
| 29 | JPM | $155.9M | $312.95 | 24.0% | 0.52 |
| 30 | EEM | $135.1M | $62.19 | 26.7% | 0.88 |
| 31 | GS | $125.8M | $924.65 | 32.0% | 0.84 |
| 32 | SLV | $121.3M | $68.50 | 54.0% | 0.47 |
| 33 | C | $106.1M | $131.51 | 34.7% | 1.23 |
| 34 | PLTR | $96.5M | $145.46 | 62.3% | 0.49 |
| 35 | XOM | $95.9M | $148.16 | 34.2% | 0.22 |
| 36 | TSM | $93.3M | $365.96 | 43.0% | 1.26 |
| 37 | XLI | -$93.2M | $171.15 | 23.2% | 7.38 |
| 38 | WMT | $91.7M | $129.37 | 31.7% | 0.39 |
| 39 | COST | $90.0M | $1004.32 | 20.7% | 0.67 |
| 40 | BRK_B | $88.1M | $468.66 | 19.1% | 0.34 |
| 41 | XOP | -$80.3M | $165.20 | 35.6% | 0.12 |
| 42 | XLF | $80.0M | $52.25 | 19.0% | 1.36 |
| 43 | VOO | $79.0M | $646.61 | 16.8% | 0.94 |
| 44 | KWEB | $76.1M | $29.36 | 32.5% | 0.27 |
| 45 | NFLX | $75.1M | $92.53 | 30.4% | 0.46 |
| 46 | IGV | $71.3M | $86.67 | 38.8% | 0.64 |
| 47 | INTC | $69.5M | $65.87 | 74.5% | 0.92 |
| 48 | CRWD | $69.1M | $447.75 | 48.6% | 0.57 |
| 49 | BKLN | -$66.3M | $20.55 | 165.9% | - |
| 50 | DIA | $65.8M | $490.73 | 17.3% | 0.96 |
Methodology
GEX is computed from the full options chain using the dealer-hedging convention. For each contract: GEX = gamma × open_interest × contract_multiplier × spot² × 0.01 (per $1 move). Calls contribute positively under the retail-long assumption; puts contribute negatively. Net GEX sums across all strikes and expirations. Updated daily after close.
Frequently Asked Questions
What does positive vs negative GEX mean?
Positive GEX: dealers must buy on up-moves and sell on down-moves, damping volatility and often causing price to pin near heavy OI strikes. Negative GEX: dealers must sell into weakness and buy into strength, amplifying realized volatility.
Where does the dealer-hedging assumption come from?
The industry-standard convention assumes retail is net long calls (for speculation) and net short puts (via cash-secured puts or put-writing strategies). Market makers take the offsetting position. This is the framing used by most published gamma-exposure research.
What is the "gamma flip" level?
The strike at which net GEX crosses zero as a function of spot price. Above the flip, dealers are net long gamma (damping); below, net short gamma (amplifying). Each ticker's Gamma Exposure page shows the flip level along with call and put walls.
How accurate is GEX?
GEX depends on the retail-long assumption, which doesn't hold perfectly. Sophisticated institutional flow can reverse the expected dealer position. Treat GEX as a positioning signal, not a precise mechanical forecast.