SPX net GEX today — the current value

Net dealer gamma by strike

Rows are 25-point strike buckets around spot — SPX lists 5-point strikes across thousands of points, so each row sums the net gamma inside its bucket. Values are $M per 1% index move. The ladder covers 890 listed strikes across all expiries, and max pain is computed from open interest at 562 strikes. Bars are UW gamma-exposure units, not dollars — see the note below on why no dollar total is shown.

What the current reading means

Net dealer gamma is negative, which flips the hedging flow from damping to amplifying. Below the zero-gamma line dealers hedge in the same direction as the move — selling as the index falls, buying as it rises — so ranges break instead of holding and realised volatility runs above what the options are pricing.

Spot is below the 7,996 zero-gamma cross by +2.51%. This is the unstable half of the structure: until the index reclaims that level, rallies are being sold into by hedging flow rather than supported by it.

The structure brackets the index between the put wall at 7,500 (+3.85% below) and the call wall at 7,900 (+1.28% above) — the strikes carrying the largest negative and positive gamma inside the near-money window. Walls are where hedging flow is densest, so they tend to act as friction rather than as barriers: the index can pass one, it just has to spend something to do it.

Max pain — the strike where the most open interest expires worthless — sits at 7,300 for the front expiry. It is a description of where the open interest is concentrated, not a forecast, and it moves as positions roll.

The SPX zero-gamma cross and gamma wall, in one paragraph

7,996 is the level where cumulative net dealer gamma crosses from negative to positive. It is not support and it is not a target — it is the line where the market's dominant hedging flow changes sign. Above it, the mechanical bid-and-offer from delta-hedging works against whichever direction price is trying to go. Below it, the same flow works with it. That single change of sign is why the same 1% move produces a quiet session in one regime and a trend day in the other.

Treat any single flip print as a zone, not a decimal. The chain is refetched continuously and the crossing point moves with it; a level quoted to two decimals is quoting precision the data does not have.

SPX or SPY — which gamma should you watch?

They track the same index and the levels correspond after dividing by roughly ten, but the open interest lives in two separate chains and they are not interchangeable. SPX is cash-settled, European-style, ten times the notional per contract, and where institutional hedging size actually sits. SPY is American-style, physically settled, and carries the retail and ETF-hedging flow. The walls can land in genuinely different relative places, which is exactly why watching both is informative.

SPY gamma exposure →  ·  QQQ →  ·  IWM →  ·  every index side by side →

How this is calculated — and what is deliberately missing

The strike ladder is Unusual Whales' per-strike gamma exposure for the SPX chain, calls signed positive and puts negative on the standard convention that dealers are short the public's open interest. The zero-gamma cross is the interpolated point where the running cumulative total, walked from the low strike upward, changes sign. The walls are the largest positive and largest negative strikes inside ±12% of spot. Max pain is computed separately, from open interest alone, as the strike where the most contracts expire worthless.

There is no dollar figure on this page, and that is on purpose. A "net GEX of $X per 1% move" requires knowing the exact units of the underlying gamma feed. We tried twice to establish them by comparing against our own Polygon-derived SPY figure, which is in known units. Comparing totals failed because the two feeds cover different chains. Comparing a single fully-paginated expiry — which removes that problem — gave 6,196 dollars-per-unit for one expiry and 3,901 for the next, a 1.6× spread caused by Polygon withholding greeks on roughly a quarter of contracts and thereby corrupting our side of the comparison. Until that is pinned down, publishing a dollar total would mean publishing a number that could be wrong by more than half.

What you see instead is everything that does not depend on the scale. The zero-gamma cross is a sign change, the walls are an argmax and an argmin, and the call/put split is a ratio — multiply every value in the ladder by any positive constant and all three are unchanged. Those levels are exact regardless of the unit question. The one thing we cannot yet tell you is how many dollars of hedging sit behind them.

SPX also runs on a different pipeline from every other ticker here. Our options data vendor serves index-option prices and open interest but returns empty greeks for SPX — verified on a strike-7635 contract against spot 7670 expiring in two days, so not the documented deep-in-the-money exception. Index gamma therefore comes from a second vendor, which is why this page carries its own caveats and SPY's does not.

Share SPX's levels

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Common questions

What is SPX net gamma exposure right now?
SPX is in negative dealer gamma with the zero-gamma cross at 7,996, the index at 7,800, bracketed by the 7,500 put wall and the 7,900 call wall. Measured from the SPX options chain as of 2026-10-07. Note that we publish the levels — the zero-gamma cross and the call and put walls — rather than a dollar gamma total, because the levels are exact while a dollar figure depends on the vendor's undocumented units.

What is the SPX zero gamma level?
The SPX zero-gamma cross is at 7,996. That is the index level where cumulative net dealer gamma crosses zero: above it dealer hedging dampens moves, below it hedging amplifies them.

Is SPX gamma the same as SPY gamma?
No. They track the same index but the open interest sits in two separate chains, and SPX is roughly ten times the notional of SPY per contract with cash settlement and no early assignment. The levels correspond after dividing by about ten, but the gamma is not interchangeable and the walls can sit at genuinely different places.

How often is this SPX gamma reading updated?
The gamma data carries its own date, shown on the page as the "as of" stamp — currently 2026-10-07. The index level updates through the session; the strike-level gamma ladder is published per session rather than tick by tick, so treat it as the standing structure rather than a live quote.