Oruka Therapeutics Inc. (ORKA)

The total Delta Exposure (DEX) for ORKA across all expirations shows 350.72 net shares that market makers must hedge, with 511.6 from calls and 160.88 from puts. The put-call delta ratio of 0.31 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Nov 21, 25 with 276.66 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.