SPDR S&P 500 ETF Trust (SPY)
SPY Daily Gamma Exposure
Current Gamma Exposure (GEX) is -7.33M, which is -770% below the 3M average of -842.88K. Over this period, GEX peaked at 1.1M on Jul 10, 2025 and bottomed at -7.91M on Aug 21, 2025, showing a shift between positive and negative gamma regimes. The exposure has been increasing recently, signaling a shift in market maker hedging dynamics. Today's put-call gamma ratio of 1.36 is elevated versus the recent average of 1.24, suggesting increased put hedging. High GEX volatility (±2.1M) suggests frequent repositioning and potential regime changes.
GEX History
| Date | Call GEX | Put GEX | Net GEX | P/C GEX |
|---|---|---|---|---|
| Aug 29, 2025 | 20,500,178.9 | -27,832,073.93 | -7,331,895.03 | 1.36 |
| Aug 28, 2025 | 19,514,165.27 | -20,848,386.38 | -1,334,221.11 | 1.07 |
| Aug 27, 2025 | 16,865,275.69 | -21,613,206.5 | -4,747,930.81 | 1.28 |
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