Churchill Capital Corp XI (CCXI) Gamma Exposure (GEX) & Greeks

Gamma exposure (GEX) analysis shows an assumed dealer book's hedging pressure across strikes (dealers long the calls, short the puts). Beside it: the put-minus-call delta balance (DEX), vanna, charm flow, vomma, and vega exposure.

Churchill Capital Corp XI (CCXI) operates in the Financial Services sector, specifically the Shell Companies industry, with a market capitalization near $471.8M, listed on NASDAQ, employing roughly 2 people, carrying a beta of -1.17 to the broader market. Churchill Capital Corp. Led by Michael S. Klein, public since 2026-02-09.

Snapshot as of Nov 13, 2026.

Spot Price

$8.45

GEX (assumed)

$0 of delta per 1% move

DEX (put-minus-call balance)

$0 underlying-equivalent

Vega exposure (assumed)

$0 per vol point

Vanna (assumed)

$0 of delta per vol point

Charm flow (assumed)

$0 per calendar day

Vomma (assumed)

$0 per (vol point)^2

Exposures are the assumed dealer book over the expirations within 30 days of the session, or the first four when none are (1 expiration, through Nov 20, 2026), as of Nov 13, 2026. Assumes dealers are long the calls and short the puts, a share p of open interest each - here 100% of open interest (the GEX page sets the share). A date without a stored exposure is a gap; a value marked * is partial, averaged over fewer days, or may include contracts expiring that day or of an unreadable expiration: its reason is printed beside it. Its charm flow holds a cash level fixed: the spot.

As of Nov 13, 2026, Churchill Capital Corp XI (CCXI) has positive GEX of $0 of delta per 1% move on the assumed dealer book (dealers long the calls, short the puts, at 100% of open interest). The put-minus-call delta balance (DEX) is $0 underlying-equivalent. Positive GEX means the assumed book is long gamma: its hedging buys dips and sells rallies, damping realized volatility and possibly pinning price near strikes it is long gamma at, where real dealers are positioned like the book.

CCXI Strategy Sizing in the Current GEX Regime

The assumed dealer book's GEX on Churchill Capital Corp XI is positive ($0 of delta per 1% move). In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level the GEX page draws - the spot price at which the book's GEX changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.

Reading the CCXI gamma exposure profile

The assumed dealer book's GEX is positive at $0 of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book. The put-minus-call delta balance (DEX) is $0 underlying-equivalent: the open interest leans put-heavy by delta, the same in every view - a lean, not a dealer position or a hedge size (the hedging a move sets off is GEX's). The book's vega exposure is $0 per vol point: the change in its option value for +1 vol point.

CCXI GEX regime and trading style

With the assumed book long gamma, Churchill Capital Corp XI realized volatility tends to undershoot implied where real dealers are positioned like it, supporting short-vol structures: credit spreads near established ranges, covered calls, iron condors with wings just outside the range its hedging leans against. Risk: a regime flip into negative gamma typically arrives with a spot drop through a gamma-flip strike, after which the same structures get hit by accelerating moves. The current expected move of 63.30% is the anchor for sizing wings - structures with wings at ±1σ collect ~68% probability of staying inside the band.

How the assumed book's hedging on CCXI would feed the tape

Hedging is mechanical, not opinionated: a book's hedge follows its gamma. A long-gamma book sells into rallies and buys into dips, narrowing intraday ranges where real dealers are positioned like it; pinning, where it happens, comes from long gamma at a strike. The gamma flip, which the GEX page draws, is the price where the book's GEX changes sign: moves through it can change the regime of realized volatility, not just the direction.

Practical caveats for trading CCXI GEX

GEX here is a model output, not a measured quantity: it assumes a dealer book long every call and short every put of open interest, at 100% of it, and cannot see who is actually short. Real books differ: call overwriting and protective-put buying fit the assumption, while heavy customer call buying or put selling contradict it, and then the real regime can differ from the sign shown. Cross-check with the IV-rank context on the volatility page: high-IV-rank regimes tend to coincide with negative gamma even when the headline number prints positive, because realized vol is already running hot enough to make hedging flows reactive rather than damping. When the implied move sits above 4% (63.30% here), the entire gamma profile compresses into the near-expiration tenors and the longer-dated GEX number becomes less actionable. Treat the gamma sign as a probability tilt, not a deterministic prediction.

Learn how gamma exposure is reported and how to read the data →