Top Gamma Resistance Strike

Strike with the most negative dealer GEX (Deribit BTC options)

Property	Value
Category	Options
Unit	USD
Resolution	1d
Assets	BTC
Tier	Pro
API Endpoint	GET /v1/options/gex
Field	top_resist_strike

Overview

Top Gamma Resistance is the option strike with the most negative dealer gamma exposure across all Deribit BTC expiries. Around such a strike dealers are short gamma: their hedging trades in the direction of the move, so the price tends to accelerate through the level rather than stop at it. Dealer inventory comes from the full trade tape since listing (dealers take the other side of every taker trade); per-strike GEX uses Deribit gamma at the snapshot.

Formula

$\text{GEX}_K = \sum_{i:\,K_i = K} \text{inv}_i \, \Gamma_i \, \frac{S^2}{100}, \qquad \text{Resistance} = \arg\min_K \text{GEX}_K \; (\text{GEX}_K \lt 0)$

• $K$ — strike; the sum runs over calls and puts of all expiries at that strike
• $\Gamma_i$ — Deribit gamma at the snapshot; $S$ — BTC index price
• Strikes whose total GEX is below USD 1,000 in absolute value are left out

Interpretation

• The name follows the market convention for the most negative gamma strike; the level marks acceleration risk rather than a ceiling.
• A strike close to the price signals that a move into it can speed up as dealers chase the price.
• A strike far from the price has little effect on near-term trading.

Use Cases

• Mark short-gamma acceleration zones on the price chart next to the Top Gamma Support strike.
• Plan for faster moves when the price approaches the level.
• Combine with the Dealer Hedge Flow metrics to size the flow behind the move.

Data Notes

• Daily value = the 00:00 UTC hourly snapshot of the day (the first snapshot of the day if 00:00 is missing), away from the 08:00 UTC daily expiry; a day's value does not change once published. Every hourly snapshot is available from /v1/options/gex/hourly, the full price profile from /v1/options/gex/profile.
• History starts on 2026-03-16 (hourly snapshots of the options board); about four weeks in June 2026 are missing (collection outage). Dealer inventory is summed over each option's full trade history since listing, so early values are not a cold start.
• Deribit BTC options only; other venues are not included.

API Usage

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/options/gex?start_date=2024-01-01&end_date=2024-12-31&limit=365"

Related Metrics

• Top Gamma Support Strike — Strike with the largest positive dealer GEX (Deribit BTC options)
• Zero Gamma Level — Price where net dealer gamma changes sign (Deribit BTC options)
• Net Gamma Exposure (GEX) — Net dealer gamma exposure, USD per 1% move (Deribit BTC options)