PYPL max pain, gamma exposure (GEX) & options open interest
As of close · rank #66 by open interest · 1,394 sessions of history since Dec 1, 2020
PYPL's nearest-expiration max pain is 54.00 for 2026-10-09, its GEX flip is 41.03, net GEX is 46,858,009, its put/call open-interest ratio is 0.37. 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.
PYPL closed 15.3% below its gamma max of 60.87. It is 8.3% above the delta neutral price of 48.43. Total open interest is 1,617,981, -4.9% versus the previous session. Its options catalyst-intensity score is 37.2 out of 100. 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 | -62,391 contracts · -5.0% |
| Put OI change, 1 session | -21,550 contracts · -4.7% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +12,929 contracts · +1.1% |
| Put OI change, 5 sessions | +6,433 contracts · +1.5% |
| Call minus put OI growth, 5 sessions | -0.4 pp |
| Daily call OI change surprise | -1.12σ (252 prior changes) |
| Daily put OI change surprise | -0.84σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.19σ (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 17 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 17 | +0.5% | -0.4% to +1.0% | 59% | -0.4% to +1.0% | 0.0% |
| Day +2 | 17 | +0.3% | -0.7% to +3.1% | 59% | -0.7% to +3.1% | 0.0% |
| Day +3 | 17 | +0.6% | -1.6% to +2.9% | 65% | -1.6% to +2.9% | 0.0% |
| Day +4 | 17 | +1.0% | -2.0% to +2.7% | 59% | -2.0% to +2.7% | 0.0% |
| Day +5 | 17 | +1.2% | -1.3% to +4.1% | 65% | -1.3% to +4.1% | 0.0% |
| Day +6 | 17 | +2.2% | -1.9% to +3.9% | 65% | -1.9% to +3.9% | 0.0% |
| Day +7 | 17 | +1.0% | -1.8% to +4.7% | 53% | -1.8% to +4.7% | 0.0% |
| Day +8 | 17 | +0.4% | -3.6% to +5.3% | 59% | -3.6% to +5.3% | 0.0% |
| Day +9 | 17 | -0.1% | -1.9% to +3.7% | 47% | -1.9% to +3.7% | 0.0% |
| Day +10 | 17 | +1.3% | -3.2% to +2.6% | 59% | -3.2% to +2.6% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest Jul 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.4% | -1.2% to +1.4% | 44% | -1.2% to +1.2% | 0.0% |
| Day +2 | 16 | +0.4% | -1.5% to +1.6% | 63% | -1.3% to +1.5% | 0.0% |
| Day +3 | 16 | +0.4% | -1.9% to +2.5% | 50% | -1.7% to +2.4% | 0.0% |
| Day +4 | 16 | -0.2% | -1.8% to +3.0% | 44% | -1.3% to +2.5% | 0.0% |
| Day +5 | 16 | +0.6% | -1.7% to +3.6% | 56% | -1.4% to +3.6% | 0.0% |
| Day +6 | 16 | +1.0% | -1.6% to +3.1% | 63% | -1.0% to +2.9% | 0.0% |
| Day +7 | 16 | +1.2% | -0.8% to +2.6% | 63% | -0.2% to +2.4% | 0.0% |
| Day +8 | 16 | +0.6% | -2.1% to +1.9% | 56% | -2.0% to +1.7% | 0.0% |
| Day +9 | 16 | +0.6% | -3.7% to +4.0% | 63% | -2.9% to +3.9% | 0.0% |
| Day +10 | 16 | +1.2% | -3.0% to +2.6% | 56% | -2.9% to +2.4% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 40 |
| Prior-year sessions closer to gamma max | 66.3% of 252 |
| Prior-year sessions closer to delta neutral | 76.6% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -1.07σ (-83,941 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.2% |
| Open interest change, 21 sessions | -12.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 56.73 vs 59.90 (-5.6%)
- closed above gamma max at 55.51 vs 50.47 (+9.1%)
- closed above delta neutral at 42.48 vs 41.23 (+2.9%)
- closed below delta neutral at 44.56 vs 44.95 (-0.9%)
- closed above delta neutral at 45.19 vs 45.03 (+0.3%)
- closed below delta neutral at 44.38 vs 44.97 (-1.3%)
- closed above delta neutral at 44.41 vs 44.09 (+0.7%)
- closed below delta neutral at 45.04 vs 45.37 (-0.7%)
- closed above delta neutral at 45.23 vs 44.96 (+0.6%)
- closed below delta neutral at 45.37 vs 45.80 (-0.9%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/PYPL
Questions people ask about PYPL
Where is PYPL's gamma max today?
As of Oct 2, 2026, the gamma max for PYPL is 60.87, +15.3% from the 52.80 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 PYPL above or below its delta neutral price?
PYPL closed above delta neutral: 52.80 against a delta neutral price of 48.43. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PYPL have?
1,617,981 contracts of open interest across 698 listed contracts on Oct 2, 2026, -4.9% 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.