UPST max pain, gamma exposure (GEX) & options open interest
As of close · rank #331 by open interest · 1,369 sessions of history since Jan 7, 2021
UPST's nearest-expiration max pain is 24.50 for 2026-10-09, its GEX flip is 23.39, net GEX is -1,055,016, its put/call open-interest ratio is 0.63. 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.
UPST closed 33.8% below its gamma max of 30.52. It is 10.1% below the delta neutral price of 25.11. Total open interest is 262,744, -6.6% versus the previous session. Its options catalyst-intensity score is 43.9 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 | -14,003 contracts · -8.0% |
| Put OI change, 1 session | -4,625 contracts · -4.3% |
| Call minus put OI growth, 1 session | -3.7 pp |
| Call OI change, 5 sessions | +9,380 contracts · +6.2% |
| Put OI change, 5 sessions | +4,511 contracts · +4.6% |
| Call minus put OI growth, 5 sessions | +1.6 pp |
| Daily call OI change surprise | -0.76σ (252 prior changes) |
| Daily put OI change surprise | -0.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.83σ (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 16 completed Day +10 paths · latest Apr 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.7% | -1.1% to +2.2% | 63% | -0.8% to +1.8% | 0.0% |
| Day +2 | 16 | +2.3% | -2.8% to +5.9% | 63% | -2.0% to +5.7% | 0.0% |
| Day +3 | 16 | -0.5% | -4.8% to +6.6% | 50% | -3.5% to +6.2% | 0.0% |
| Day +4 | 16 | +3.8% | -4.9% to +9.0% | 63% | -4.5% to +9.0% | 0.0% |
| Day +5 | 16 | +1.6% | -7.1% to +10.1% | 56% | -7.0% to +9.3% | 0.0% |
| Day +6 | 16 | +2.0% | -4.7% to +12.2% | 69% | -4.2% to +11.5% | 0.0% |
| Day +7 | 16 | +3.2% | -3.7% to +16.3% | 75% | +0.1% to +15.9% | +0.1% |
| Day +8 | 16 | +6.1% | -4.3% to +17.2% | 63% | -0.7% to +16.7% | 0.0% |
| Day +9 | 16 | +10.2% | -14.3% to +20.1% | 63% | -14.0% to +19.3% | 0.0% |
| Day +10 | 16 | +6.7% | -10.5% to +20.1% | 63% | -8.7% to +18.7% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest Apr 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.5% | -1.8% to +3.9% | 44% | -1.8% to +3.1% | 0.0% |
| Day +2 | 18 | +2.8% | +0.1% to +9.2% | 72% | +0.4% to +8.3% | +0.4% |
| Day +3 | 18 | +4.9% | -2.2% to +13.4% | 61% | -2.2% to +12.0% | 0.0% |
| Day +4 | 18 | +1.5% | -3.5% to +11.4% | 56% | -1.0% to +10.7% | 0.0% |
| Day +5 | 18 | +4.6% | -3.1% to +11.8% | 61% | -1.8% to +8.7% | 0.0% |
| Day +6 | 18 | +4.9% | -2.9% to +14.0% | 61% | -2.8% to +13.2% | 0.0% |
| Day +7 | 18 | +10.7% | +0.5% to +12.9% | 78% | +0.8% to +12.2% | +0.8% |
| Day +8 | 18 | +7.9% | -1.3% to +16.1% | 67% | -0.7% to +15.3% | 0.0% |
| Day +9 | 18 | +5.8% | -1.7% to +22.0% | 61% | -1.5% to +21.0% | 0.0% |
| Day +10 | 18 | +10.3% | -8.3% to +20.8% | 67% | -7.2% to +20.3% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 30 |
| Prior-year sessions closer to gamma max | 77.8% of 252 |
| Prior-year sessions closer to delta neutral | 79.8% of 252 |
| Open interest percentile (1y) | 10th |
| Daily open interest change versus prior year | -0.61σ (-18,628 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.6% |
| Open interest change, 21 sessions | -15.4% |
| History available | Jan 7, 2021 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 26.98 vs 27.76 (-2.9%)
- closed above delta neutral at 28.52 vs 28.31 (+0.7%)
- closed below delta neutral at 27.39 vs 28.31 (-3.4%)
- closed above delta neutral at 30.30 vs 28.74 (+5.2%)
- closed below delta neutral at 28.86 vs 28.88 (-0.1%)
- closed above delta neutral at 30.60 vs 29.32 (+4.2%)
- closed below delta neutral at 29.11 vs 29.18 (-0.2%)
- closed above delta neutral at 29.43 vs 28.98 (+1.5%)
- closed below delta neutral at 28.64 vs 29.27 (-2.2%)
- closed above delta neutral at 29.27 vs 29.05 (+0.7%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/UPST
Questions people ask about UPST
Where is UPST's gamma max today?
As of Oct 2, 2026, the gamma max for UPST is 30.52, +33.8% from the 22.81 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 UPST above or below its delta neutral price?
UPST closed below delta neutral: 22.81 against a delta neutral price of 25.11. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does UPST have?
262,744 contracts of open interest across 533 listed contracts on Oct 2, 2026, -6.6% 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.