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DERIVATIVES · ZERO-GAMMA

Zero-Gamma Estimates in Crypto: How to Read the Data With Price Context

The zero-gamma level is the price where modelled aggregate gamma exposure changes sign. ChartsPod lists zero-gamma analysis in its options workspace.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Zero-gamma is estimated by recomputing gamma exposure at a range of hypothetical spot prices and finding where the total crosses zero. Under the usual dealer-positioning assumption, above it hedging tends to dampen moves; below it, to amplify them. The estimate depends on the assumption, the OI snapshot and which expiries are included, so treat it as a zone, not a line. Read it with price: distance from zero-gamma frames which regime the model implies.

How it's estimated

Zero-gamma estimateZero-gamma estimate. Steps: 1. OI + Greeks — Snapshot; 2. Shift spot — Grid of prices; 3. Recompute GEX — At each price; 4. Find sign change — Zero-gamma1OI + GreeksSnapshot2Shift spotGrid of prices3Recompute GEXAt each price4Find sign changeZero-gamma
Model output from many recalculations. Original ChartsPod editorial graphic.

Exposure figures need an assumption about who holds each option (commonly: dealers are short what customers bought). Public open interest doesn't reveal positions, so treat dealer-exposure numbers as model outputs.

Price context

Spot vs zero-gammaModel reading
Well aboveDampening regime
NearTransition zone
BelowAmplifying regime
Moves after expiryOI changed
Zero-gamma checksZero-gamma checks: Expiries included; Assumption stated; Snapshot time; Treat as zone; Recompute after expiries.ZERO-GAMMA CHECKSExpiries includedAssumption statedSnapshot timeTreat as zoneRecompute after expiries
Inputs change the level. Original ChartsPod editorial graphic.

Using it

Related: Crypto Options Gamma Exposure: How to Read the Data With Price Context, ChartsPod Options Gamma Exposure: Settings to Check Before Your First Analysis.

Check zero-gamma beside price in ChartsPod.

Open BTC/USDT in ChartsPod

Read it with price: distance from zero-gamma frames which regime the model implies.

Check Zero-Gamma Estimates in Crypto against a live market before relying on it.

Try it in ChartsPod

Questions readers ask

What is zero-gamma?

The price where modelled aggregate gamma changes sign.

Does ChartsPod show it?

Zero-gamma analysis is listed in its options workspace.

Is it a precise level?

Treat it as a zone.

Sources and methodology

Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.

  1. Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.
  2. Deribit API: ticker — greeks: delta, gamma, vega, theta, rho; bid/ask/mark IV.
  3. ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.

This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.