PepsiCo, Inc. (PEP) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
PepsiCo, Inc. (PEP) operates in the Consumer Defensive sector, specifically the Beverages - Non-Alcoholic industry, with a market capitalization near $204.04B, listed on NASDAQ, employing roughly 319,000 people, carrying a beta of 0.39 to the broader market. PepsiCo, Inc. Led by Ramon Luis Laguarta, public since 1972-06-01.
Snapshot as of May 15, 2026.
- Spot Price
- $148.75
- Net Gamma
- -$27.6M
- Net Delta
- $215.7M
- Net Vega
- -$5.5M
- Gamma Concentration
- 0.09
As of May 15, 2026, PepsiCo, Inc. (PEP) has negative net gamma exposure of $27.6M under the standard dealer-hedging convention. Net delta exposure is $215.7M. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
PEP Strategy Sizing in the Current GEX Regime
PepsiCo, Inc. is in a negative dealer-gamma regime ($27.6M). Net dealer delta of $215.7M sets the size of the directional hedging flow that fires as spot moves. In this regime, momentum and breakout strategies fit the regime: long calls or puts, ratio backspreads, calendar spreads positioned for vol expansion. Realized volatility tends to overshoot implied during negative-gamma stretches, hurting indiscriminate short-vol exposure. The gamma-flip level - the spot price at which net dealer gamma 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.
Learn how gamma exposure is reported and how to read the data →
PEP largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $155.00 | Sep 18, 2026 | 42.3K | 868 | 24.3% | $5.50 | $5.70 |
| CALL | $155.00 | Sep 18, 2026 | 42.3K | 868 | 24.3% | $5.50 | $5.70 |
| CALL | $170.00 | Sep 18, 2026 | 41.3K | 2.5K | 23.7% | $1.81 | $1.93 |
| CALL | $170.00 | Sep 18, 2026 | 41.3K | 2.5K | 23.7% | $1.81 | $1.93 |
Top 4 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked PEP gamma exposure (gex) & greeks questions
- What is the current PEP gamma exposure (GEX)?
- As of May 15, 2026, PepsiCo, Inc. (PEP) net gamma exposure is negative at $27.6M under the standard dealer-hedging convention. Net dealer delta exposure is $215.7M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is PEP in positive or negative dealer gamma right now?
- PEP is currently in negative dealer gamma. Dealers net short gamma must sell into weakness and buy into strength to maintain delta-neutrality, which amplifies realized volatility and tends to accelerate directional moves.
- What does PEP GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.