# Пов'язані статті щодо Dealer

Introducing: Taker-Flow-Based Gamma Exposure

This article introduces a Taker-Flow-Based Gamma Exposure (GEX) model specifically designed for crypto options markets. Unlike traditional equity markets, crypto options have different participant behaviors and data availability, making classic GEX heuristics inaccurate. The new methodology leverages the unique transparency of crypto exchanges, where the taker of each trade is identifiable, to reconstruct actual dealer positioning by mirroring cumulative taker flows. This flow-based approach provides a realistic, net view of dealer gamma exposure across strikes and maturities. The resulting GEX metric helps identify price zones where dealer hedging flows are likely to stabilize (positive gamma) or destabilize (negative gamma) the market, offering traders a map to anticipate volatility regimes and potential pinning effects. The model is available for major cryptocurrencies on Deribit.

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