IBIT max pain, gamma exposure (GEX) & options open interest
As of close · rank #10 by open interest · 468 sessions of history since Nov 20, 2024
IBIT's nearest-expiration max pain is 47.50 for 2026-10-05, its GEX flip is 41.43, net GEX is 396,950,197, its put/call open-interest ratio is 0.71. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: smile convexity 82.6 pp · volume/OI 0.11
IBIT closed 4.0% below its gamma max of 49.65. It is 11.0% above the delta neutral price of 42.47. Total open interest is 7,063,872, -4.0% versus the previous session. Its options catalyst-intensity score is 45.8 out of 100, led by smile convexity 82.6 pp, volume/OI 0.11. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -195,416 contracts · -4.5% |
| Put OI change, 1 session | -96,980 contracts · -3.2% |
| Call minus put OI growth, 1 session | -1.3 pp |
| Call OI change, 5 sessions | +59,302 contracts · +1.5% |
| Put OI change, 5 sessions | +6,077 contracts · +0.2% |
| Call minus put OI growth, 5 sessions | +1.2 pp |
| Daily call OI change surprise | -0.81σ (252 prior changes) |
| Daily put OI change surprise | -0.69σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.37σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 8 completed Day +10 paths · latest Sep 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | -0.7% | -1.3% to +1.1% | 44% | -1.8% to +2.1% | 0.0% |
| Day +2 | 9 | -0.6% | -1.7% to -0.1% | 22% | -2.0% to +1.6% | 0.0% |
| Day +3 | 9 | +0.1% | -2.6% to +0.8% | 56% | -3.0% to +1.5% | 0.0% |
| Day +4 | 9 | -1.5% | -3.2% to +0.3% | 44% | -3.3% to +1.3% | 0.0% |
| Day +5 | 9 | +0.1% | -3.1% to +1.7% | 56% | -4.0% to +2.5% | 0.0% |
| Day +6 | 9 | -2.0% | -3.1% to +1.7% | 33% | -4.7% to +2.3% | 0.0% |
| Day +7 | 9 | -1.8% | -3.5% to +2.3% | 33% | -4.8% to +3.8% | 0.0% |
| Day +8 | 9 | +0.3% | -4.2% to +3.8% | 56% | -6.4% to +5.3% | 0.0% |
| Day +9 | 8 | +1.6% | -0.1% to +6.6% | 75% | -4.2% to +7.8% | 0.0% |
| Day +10 | 8 | +3.1% | -0.2% to +7.4% | 63% | -0.6% to +8.1% | 0.0% |
Crosses above gamma max 8 completed Day +10 paths · latest Sep 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +1.5% | -0.4% to +2.2% | 67% | -0.4% to +2.3% | 0.0% |
| Day +2 | 9 | +0.1% | -1.6% to +2.3% | 56% | -2.3% to +3.7% | 0.0% |
| Day +3 | 9 | +0.9% | -1.0% to +3.5% | 67% | -2.4% to +4.2% | 0.0% |
| Day +4 | 9 | +1.9% | -1.6% to +1.9% | 67% | -2.9% to +3.5% | 0.0% |
| Day +5 | 9 | -0.0% | -2.9% to +3.3% | 44% | -3.7% to +4.1% | 0.0% |
| Day +6 | 9 | -1.3% | -3.5% to +2.7% | 44% | -3.7% to +7.7% | 0.0% |
| Day +7 | 9 | +0.9% | -3.9% to +5.5% | 56% | -4.3% to +9.2% | 0.0% |
| Day +8 | 9 | +0.1% | -2.2% to +6.0% | 56% | -7.1% to +6.0% | 0.0% |
| Day +9 | 9 | +0.7% | -3.5% to +7.2% | 56% | -6.6% to +8.7% | 0.0% |
| Day +10 | 8 | +1.5% | -2.5% to +8.7% | 50% | -6.3% to +9.7% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 2% |
| Gamma max crosses | 7 |
| Delta neutral crosses | 32 |
| Prior-year sessions closer to gamma max | 15.1% of 252 |
| Prior-year sessions closer to delta neutral | 88.5% of 252 |
| Open interest percentile (1y) | 66th |
| Daily open interest change versus prior year | -0.80σ (-292,396 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.9% |
| Open interest change, 21 sessions | -5.3% |
| History available | Nov 20, 2024 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 48.83 vs 49.51 (-1.4%)
- closed above gamma max at 49.01 vs 48.09 (+1.9%)
- closed below gamma max at 45.21 vs 47.66 (-5.4%)
- closed above gamma max at 46.35 vs 46.21 (+0.3%)
- closed below gamma max at 44.64 vs 45.17 (-1.2%)
- closed above gamma max at 38.78 vs 38.49 (+0.7%)
- closed above delta neutral at 36.42 vs 36.19 (+0.6%)
- closed below delta neutral at 36.23 vs 36.32 (-0.2%)
- closed above delta neutral at 36.39 vs 36.25 (+0.4%)
- closed below delta neutral at 35.64 vs 36.41 (-2.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IBIT
Questions people ask about IBIT
Where is IBIT's gamma max today?
As of Oct 2, 2026, the gamma max for IBIT is 49.65, +4.0% from the 47.73 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is IBIT above or below its delta neutral price?
IBIT closed above delta neutral: 47.73 against a delta neutral price of 42.47. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IBIT have?
7,063,872 contracts of open interest across 1,801 listed contracts on Oct 2, 2026, -4.0% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.