SPX vs SPY Gamma Exposure Comparison

Analyze options gamma exposure and find the gamma flip point

📊 SPX Data Time:
2025-12-05 22:14:59 CET
Last trade timestamp
📊 SPY Data Time:
2025-12-05 21:59:59 CET
Last trade timestamp
🕐 Fetch Time:
2025-12-06 17:04:30 CET
Data retrieved at
📅 Analysis Controls
📈 What is Gamma Exposure?

Gamma exposure (GEX) measures how much market makers need to hedge their positions when the underlying moves. It helps identify key support and resistance levels in the market.

Gamma Flip Point: The price level where gamma exposure changes from negative to positive, indicating different market dynamics.
Select Symbol(s)
Choose to analyze SPX, SPY, or compare both side-by-side
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📊 Key Statistics Comparison

📈 SPX
$6870.40
Spot Price
$6826.58
Gamma Flip
$2.80B
Total Gamma
Status: Above gamma flip point (Positive environment)
🕷️ SPY
$685.69
Spot Price
$681.93
Gamma Flip
$0.89B
Total Gamma
Status: Above gamma flip point (Positive environment)
🔍 Comparison Insights
Price Difference:
SPX is $6184.71 higher than SPY
Gamma Flip Difference:
SPX flip point is $6144.65 higher
Total Gamma Difference:
SPX has $1.91B more gamma
📊 Analysis for: 2025-12-08

Total Gamma Exposure Comparison

💡 Interactive Controls: Click and drag to zoom, double-click to reset, hover for details. Compare: Notice differences in gamma magnitude and flip points between SPX and SPY.
📈 SPX Total Gamma
🕷️ SPY Total Gamma

Call vs Put Gamma Comparison

💡 Analysis: Compare call vs put positioning between SPX and SPY. Notice how market makers hedge differently across the two instruments.
📈 SPX Call vs Put Gamma
🕷️ SPY Call vs Put Gamma

Open Interest Comparison

💡 Insights: Compare option positioning and liquidity between SPX and SPY. Higher open interest typically indicates stronger support/resistance levels.
📈 SPX Open Interest
🕷️ SPY Open Interest
📈 Reading the Comparison
  • Red Line: Current spot price
  • Black Line: Gamma flip point
  • Scale Differences: SPX typically has larger absolute values
  • Patterns: Look for similar trends despite scale differences
💡 SPX vs SPY Differences
  • Contract Size: SPX is ~10x larger than SPY
  • Settlement: SPX is cash-settled, SPY is physically settled
  • Liquidity: Both are highly liquid but serve different purposes
  • Tax Treatment: SPX has favorable 60/40 tax treatment
🔍 What to Look For
  • Correlation: Do gamma levels move together?
  • Divergence: Where do they differ significantly?
  • Flip Points: Are they aligned or divergent?
  • Volume Patterns: Which has more activity at key levels?