Top Gamma Support Strike

Strike with the largest positive 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_support_strike

Overview

Top Gamma Support is the option strike with the largest positive dealer gamma exposure across all Deribit BTC expiries. Around such a strike dealers are long gamma: they buy when the price falls towards it and sell when it rises away, so the strike often acts as support and a pinning level. 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

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

• $K$ — 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

• A support strike close below the price suggests dealer buying on dips into it.
• A support strike at the price indicates pinning, typical before large expiries.
• A sudden jump of the strike shows that positioning moved (new open interest or an expiry rolled off).

Use Cases

• Mark hedging-driven support on the price chart next to the Top Gamma Resistance strike.
• Watch pinning into monthly and quarterly expiries.
• Combine with Net Gamma Exposure to judge how strong the level is.

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 Resistance Strike — Strike with the most negative 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)