Options & GEX
An options analytics desk for crypto (
BTC and 
ETH, built on Deribit with a multi-source view across Deribit, 
OKX, 
Bybit and 
Binance) and equities (IBIT plus dealer gamma on US indices and large caps) — implied volatility, the vol surface, Greeks, dealer gamma, and option structures scored to the current regime. Find it at Data Hub → Options and Data Hub → Gamma.
What’s inside
Section titled “What’s inside”Volatility & surface
Section titled “Volatility & surface”- IV smile and full volatility surface (SVI-fit) per expiry
- IV rank / IV percentile, realized-vol cone, IV–RV spread
- Term structure (contango / backwardation) and DVOL
- Vol phase — expansion, compression, coiling or consolidation, from IV percentile, DVOL velocity and term slope
Options for BTC: spot, implied volatility, skew, term structure and signal performance measured against a control.
Strategy ranking — each options structure scored for the current volatility regime.
Flow & positioning
Section titled “Flow & positioning”- Crypto options flow and block trades
- Put/Call ratios, open interest by strike
- Greeks (delta / gamma / vega / theta) for your position in the Strategy Builder
Scored option structures
Section titled “Scored option structures”Formion scores classic structures — iron condor, short and long strangle, volatility risk premium, bull call and bear put spreads, calendar, covered call, protective put, collar — against current IV, term structure and the IV–RV spread, so you see which structure fits this regime. Build a position and see its payoff and Greeks in the Strategy Builder. Equity-options coverage includes a dedicated IBIT page.
GEX — Dealer Gamma Exposure
Section titled “GEX — Dealer Gamma Exposure”
Formion runs an in-house gamma engine (computed from public option chains, refreshed every minute) covering US indices and ETFs (SPX, 
SPY, QQQ, IWM, DIA, VIX…) and large caps (
NVDA, 
TSLA, 
AAPL, MSFT, 
COIN, 
MSTR…):
- Gamma exposure by strike, flip level, call/put walls
- Live GEX regimes — pinned (dealers long gamma dampen moves), trending (dealers short gamma amplify moves) and cascade risk (flip level near spot)
- Per-ticker dealer-positioning table + strike profile
Long dealer gamma pins price near big strikes; short dealer gamma lets moves run. The flip level separates the two.
Gamma tells you where dealers are forced to hedge — i.e. where price gets pinned or where a move accelerates.