# Gamma Exposure ⎊ Area ⎊ Resource 8

---

## What is the Metric of Gamma Exposure?

This quantifies the aggregate sensitivity of a dealer's or market's total options portfolio to small changes in the price of the underlying asset, calculated by summing the gamma of all held options. A high positive or negative net gamma exposure indicates significant potential for the market maker to either buy or sell the underlying asset to maintain delta neutrality. Understanding this aggregate positioning provides insight into potential future market behavior.

## What is the Exposure of Gamma Exposure?

When market makers are short gamma, they are forced to buy into rallies and sell into dips, potentially exacerbating price movements and volatility clustering. This dynamic is a critical consideration for market analysis.

## What is the Consequence of Gamma Exposure?

Significant net gamma positioning across major crypto derivatives platforms can create self-fulfilling price pressure, particularly around strike prices with high concentrations of open interest.


---

## [Protocol Integrity](https://term.greeks.live/term/protocol-integrity/)

## [Non-Linear Utility](https://term.greeks.live/term/non-linear-utility/)

## [Liquidation Risk Management](https://term.greeks.live/term/liquidation-risk-management/)

## [Automated Market Maker Slippage](https://term.greeks.live/term/automated-market-maker-slippage/)

## [Risk Tranches](https://term.greeks.live/term/risk-tranches/)

## [Financial Risk Management](https://term.greeks.live/term/financial-risk-management/)

## [Liquidation Penalty](https://term.greeks.live/term/liquidation-penalty/)

## [Short Option Writing](https://term.greeks.live/term/short-option-writing/)

## [Counterparty Risk Elimination](https://term.greeks.live/term/counterparty-risk-elimination/)

## [Security Guarantees](https://term.greeks.live/term/security-guarantees/)

## [Protocol Insurance Funds](https://term.greeks.live/term/protocol-insurance-funds/)

## [On-Chain Transaction Costs](https://term.greeks.live/term/on-chain-transaction-costs/)

## [Liquidity Pool Utilization](https://term.greeks.live/term/liquidity-pool-utilization/)

## [On-Chain Solvency Verification](https://term.greeks.live/term/on-chain-solvency-verification/)

## [Gas Price Manipulation](https://term.greeks.live/term/gas-price-manipulation/)

## [Delta Hedging Vulnerability](https://term.greeks.live/term/delta-hedging-vulnerability/)

## [Non-Linear Systems](https://term.greeks.live/term/non-linear-systems/)

## [App Specific Rollups](https://term.greeks.live/term/app-specific-rollups/)

## [On-Chain Matching Engine](https://term.greeks.live/term/on-chain-matching-engine/)

## [Short-Term Forecasting](https://term.greeks.live/term/short-term-forecasting/)

## [Hybrid Order Book Models](https://term.greeks.live/term/hybrid-order-book-models/)

## [DONs](https://term.greeks.live/term/dons/)

## [State Transition](https://term.greeks.live/term/state-transition/)

## [State Transitions](https://term.greeks.live/term/state-transitions/)

## [Derivative Protocol Design](https://term.greeks.live/term/derivative-protocol-design/)

## [Price Manipulation Risk](https://term.greeks.live/term/price-manipulation-risk/)

## [Single Staking Option Vaults](https://term.greeks.live/term/single-staking-option-vaults/)

## [Capital Adequacy](https://term.greeks.live/term/capital-adequacy/)

## [Decentralized Options Markets](https://term.greeks.live/term/decentralized-options-markets/)

## [Open Interest Liquidity Ratio](https://term.greeks.live/term/open-interest-liquidity-ratio/)

---

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```


---

**Original URL:** https://term.greeks.live/area/gamma-exposure/resource/8/