Net gamma exposure by strike ($M per 1% move) · estimated from the SOFI options chain (Polygon).
These are the 6 strikes carrying the most dealer gamma in SOFI right now. The heaviest is 17 at +4.8M per 1% move, 0.1% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 20 | +4.2M | 17.8% | pins price |
| 19 | +1.9M | 11.9% | pins price |
| 18 | +4.4M | 6.0% | pins price |
| 17.5 | +3M | 3.1% | pins price |
| 17 | +4.8M | 0.1% | pins price |
| 14 | -1.6M | -17.6% | accelerates moves |
As of the latest session, SOFI is trading at $16.98 (+1.31% on the day). Net dealer gamma is positive, with the zero-gamma flip near 16.77. The call wall sits at 17 (upside magnet / resistance) and the put wall at 15 (downside level). Max pain is 16, and the options market is pricing a 1-sigma expected move of about ±4.5% (ATM IV 49%).
SOFI is perched right on its flip. Spot 16.98 is only +1.24% above 16.77 — about 0.3× the move the options are pricing for a single session. Technically still positive gamma, but with no margin: a normal day's range reaches the level where dealer hedging flips from damping moves to amplifying them. This is the setup that looks calm and isn't.
The gamma is stacked above spot: +$20M sits overhead against +$1M underneath, a 16.8-to-1 skew. That imbalance is a magnet — dealer hedging leans price upward toward 17 — but it is also why there is so little to catch SOFI if it goes the other way.
One strike dominates the map: 17, carrying +$5M per 1% move — above the current price. Positive gamma that size behaves like a wall: rallies into it get sold by hedging flow, and dips toward it get bought.
The options market is pricing a 1-sigma move of ±4.5% (±$0.76) into the nearest expiry, with ATM implied volatility at 49% — neither stretched nor giving anything away.
Spot is effectively at the 17 call wall (+0.12% away), the top of a 15–17 band worth 11.8% of price. This is where hedging flow does the most work: expect supply into strength until the wall is decisively cleared.
Want it interactive? Open SOFI on the live gamma map → · see how SOFI compares across the whole board on the free market regime tracker · new to this? What is GEX →
SOFI is technically in positive gamma, but only just — spot sits +1.24% above the 16.77 flip, inside 0.3× a single session's expected move. The regime is intact but has no margin; a normal day's range can flip it.
About +1.24%, which is roughly 0.3× the ±4.5% the options are pricing for one session. Under 1× means the flip is reachable in a normal day; over 2× means the regime is unlikely to change without a catalyst. We track this across every major index on the free regime dashboard.
SOFI's flip is 16.77, with spot at $16.98. The level SOFI would have to lose is 16.77, about 0.3× the ±4.5% one session is priced for — inside a normal day's range, so this regime is not safe.
SOFI's call wall (17) is a magnet and resistance; the put wall (15) is support in positive gamma but a through-level once price is below the flip.
16, for the 2026-11-06 expiry — 3 days out. Spot is $16.98, so max pain sits 5.8% below the current price. Positive gamma tends to pull price toward it as the expiry approaches.
About +17M per 1% move into the 2026-11-06 expiry — and with spot above the zero-gamma flip, dealer hedging works against the move and damps realised volatility. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the SOFI options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
