SPY gamma exposure today
Open interest settled Tuesday, November 3, 2026. The levels below are computed from that settled base — levels as of Nov 4, 2026 4:46 PM ET— and stay in force until the next settled build, after today's close. Inside the scanner, SPY's surface reprices against live spot roughly every 30 seconds from the same settled base.
Where dealer gamma sits on SPY.
Every level is a link to its plain-language definition.
Total dealer gamma on SPY's chain — +$8.1B from calls, -$8.0B from puts. Negative: dealers are net short gamma, so their hedging amplifies moves instead of dampening them.
The price where net dealer gamma crosses zero — dampening above it, amplifying below it.
The strike carrying the largest positive gamma. Dealer hedging into it tends to cap rallies — the level price runs into, not a ceiling that must hold.
The strike carrying the largest negative gamma. Dealer hedging into it tends to cushion selloffs — the level declines run into, not a floor that must hold.
SPY reference spot for this surface (previous close $754.35). The options market's 1-day expected move is ±$8.02 (±1.05%) — roughly $758.79 to $774.83 — from 16.6% at-the-money implied volatility.
The strikes that carry the book.
The largest per-strike gamma exposures in the settled data — the walls are the extremes by construction.
| Strike | Level | Gamma at strike | What it means |
|---|---|---|---|
| $770 | Call wall | +$457.6M | The largest positive-gamma strike. Dealer hedging into it tends to cap rallies — a magnet and a lid, not a guarantee. |
| $769 | Gamma flip | net zero | Where net dealer gamma crosses zero: dampening above, amplifying below. |
| $750 | Put wall | -$790.2M | The largest negative-gamma strike. Dealer hedging into it tends to cushion selloffs — support structure, not a promise. |
Across the whole modeled chain: call gamma totals +$8.1B, put gamma totals -$8.0B, for the net +$152.2M above. Per-strike detail for every strike — and every one of the 194 tracked symbols — is on SPY's full gamma page.
Structure, not a forecast.
As of Nov 4, 2026 4:46 PM ET, SPY trades near $766.81 in negative (short) gamma, with net dealer exposure of +$152.2M, a call wall at $770 and a put wall at $750, and the flip at $769 separating the dampening regime above from the amplifying one below.
These levels describe dealer positioning and the hedging mechanics it creates — where moves tend to get dampened, amplified, capped, or cushioned. They describe structure, not direction: a short-gamma day can rally hard, and a wall is a magnet, not a guarantee. Read them as the terrain the session trades over, never as a prediction of which way it goes.
The base under every figure is settled open interest — it settles overnight through the OCC, which is why the settled date, not the clock, is the honest freshness stamp. The full method, including the dealer-positioning assumption and where the model can be wrong, is published in the gamma exposure methodology.
SPY GEX, asked plainly.
SPY's gamma flip (zero-gamma level) is about $769, from open interest settled Tuesday, November 3, 2026 (levels as of Nov 4, 2026 4:46 PM ET). Above it, dealers sit in positive gamma and their hedging dampens moves; below it, negative gamma, and hedging amplifies them.
The call wall is $770 (+$457.6M of gamma at the strike) — the largest positive-gamma strike, where dealer hedging tends to cap rallies. The put wall is $750 (-$790.2M) — the largest negative-gamma strike, where hedging tends to cushion selloffs. Both are computed from open interest settled Tuesday, November 3, 2026 and shift as spot and positioning change.
SPY's net dealer gamma exposure is +$152.2M — +$8.1B from calls and -$8.0B from puts — on open interest settled Tuesday, November 3, 2026 (levels as of Nov 4, 2026 4:46 PM ET). A negative total means dealers are net short gamma: their hedging buys strength and sells weakness, which amplifies moves rather than dampening them.
Negative — SPY's current settled surface is a short-gamma one: net GEX is +$152.2M with spot at $766.81 against a gamma flip near $769. That describes dealer positioning and the hedging mechanics it creates — amplification rather than dampening — not a forecast of direction.
They are computed from open interest settled Tuesday, November 3, 2026 — open interest is an OCC clearing figure that settles overnight, so no vendor's GEX rests on live OI. The settled surface is rebuilt after every session (Nov 4, 2026 4:46 PM ET for this one) and this page reads that build directly. Inside the Profit Builders scanner, SPY's surface reprices against live spot roughly every 30 seconds through the session, from the same settled base.
Publishing on SPY gamma? This card refreshes with every settled build — drop it in an iframe and it stays current:
<iframe src="https://profitbuilders.io/embed/gex?symbol=SPY" width="420" height="320" style="border:0;border-radius:12px;overflow:hidden" loading="lazy" title="SPY gamma exposure — Profit Builders"></iframe>
Swap the symbol parameter for any of the 194 tracked symbols. The card links back to that symbol’ full gamma page.
GEX levels are modeled from options open interest and dealer-positioning assumptions and refresh each session (open interest settled Tuesday, November 3, 2026; levels as of Nov 4, 2026 4:46 PM ET). They describe structure, not a directional signal, and are not financial advice. Live levels are in the Profit Builders scanner.