Net gamma exposure by strike ($M per 1% move) · estimated from the UPST options chain (Polygon).
These are the 5 strikes carrying the most dealer gamma in UPST right now. The heaviest is 20.5 at +0.3M per 1% move, 3.0% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 22.5 | -0.1M | 13.0% | accelerates moves |
| 20.5 | +0.3M | 3.0% | pins price |
| 20 | -0.2M | 0.5% | accelerates moves |
| 17.5 | -0.2M | -12.1% | accelerates moves |
| 17 | -0.1M | -14.6% | accelerates moves |
As of the latest session, UPST is trading at $19.91 (+3.96% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 20.5 (upside magnet / resistance) and the put wall at 20 (downside level). Max pain is 20.5, and the options market is pricing a 1-sigma expected move of about ±6.4% (ATM IV 50%).
One strike dominates the map: 20.5, carrying +$0M 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 ±6.4% (±$1.28) into the nearest expiry, with ATM implied volatility at 50% — neither stretched nor giving anything away.
That leaves a working band of 20 to 20.5 — 2.5% of spot, with +2.96% of room to the call wall and +0.45% down to the put wall. In a positive-gamma tape the edge is fading the edges of that band rather than chasing either end.
Want it interactive? Open UPST on the live gamma map → · see how UPST compares across the whole board on the free market regime tracker · new to this? What is GEX →
UPST is in positive gamma with — of room above the null flip. Dealers are damping moves, so expect a mean-reverting tape that pulls back toward the heavy strikes.
UPST's flip isn't resolvable from the current chain — check the live map for today's level.
UPST's flip is not resolvable from the current chain. Pull it live on the free map — the level moves with open interest, so a stale number is worse than none.
UPST's call wall (20.5) is a magnet and resistance; the put wall (20) is support in positive gamma but a through-level once price is below the flip.
20.5, for the 2026-11-20 expiry — 6 days out. Spot is $19.91, so max pain sits 3.0% above the current price. In negative gamma the pull is weak: dealers are amplifying moves, not damping them toward a strike.
About 0M per 1% move into the 2026-11-20 expiry — though spot is below the zero-gamma flip, so hedging at this price runs with the move and adds to it. GEX describes the character of the tape, not the direction. How dealer gamma works →
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Estimated from the UPST options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
