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 27 at +0.1M per 1% move, 13.3% above spot — that is where hedging flow concentrates, and where price tends to slow down or stall.
| Strike | Net gamma | From spot | Effect |
|---|---|---|---|
| 27 | +0.1M | 13.3% | pins price |
| 24 | -0.1M | 0.7% | accelerates moves |
| 23 | -0.1M | -3.5% | accelerates moves |
| 22.5 | -0.1M | -5.6% | accelerates moves |
| 20 | -0.1M | -16.1% | accelerates moves |
As of the latest session, UPST is trading at $23.83 (-3.29% on the day). Net dealer gamma is negative, with the zero-gamma flip near —. The call wall sits at 21 (upside magnet / resistance) and the put wall at 24 (downside level). Max pain is 25, and the options market is pricing a 1-sigma expected move of about ±6.4% (ATM IV 61%).
One strike dominates the map: 20, carrying −$0M per 1% move — below the current price. Negative gamma that size behaves like an accelerant — dealers chase price through it rather than defending it.
Options are expensive here: ATM implied volatility is 61%, pricing a 1-sigma move of ±6.4% (±$1.53) into the nearest expiry. At that level you need the move and you need it quickly — long premium bleeds fast, and the structure above argues for spreads over outright calls.
Note that UPST has already traded through its call wall at 21 (−11.88% away). Past the wall, that positive gamma stops acting as a magnet and starts acting as a cap — the pull that carried price here is now the thing resisting it. The 24–21 band spans -12.6% of spot.
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 (21) is a magnet and resistance; the put wall (24) is support in positive gamma but a through-level once price is below the flip.
25, for the 2026-10-02 expiry — 4 days out. Spot is $23.83, so max pain sits 4.9% 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 2026-10-02 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 →
The flip, walls and max pain before the open — free. No card required.
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Estimated from the UPST options chain (Polygon) · gamma shifts intraday · educational, not financial advice · options carry substantial risk.
