A
Anchor expiry - A monthly or quarterly options expiration. Heavier OI than weeklies; institutional positioning concentrates here. See OPEX calendar. ATM IV - At-the-money implied volatility. The IV of options whose strike equals current spot. Used as the “headline” vol for an expiry.B
Backwardation (vol) - Term structure where front-month IV is higher than back-month IV. Common during stress. See IV suite. Breeden-Litzenberger - The technique that extracts a probability distribution from option prices. The basis of/v2/options/probability/density.
Butterfly - (25Δ put IV + 25Δ call IV) / 2 − ATM IV. Measures
the curvature of the smile / how richly priced the wings are.
C
Call resistance - The strike with the largest positive net gamma above spot. Often a reversal level - dealers sell into rallies toward this strike. See What is GEX?. Call wall - Synonym for call resistance.call_wall_2 and
call_wall_3 are the second and third strongest above spot.
Cardle (candle) - OHLCV bar. The terminal renders 30m candles by
default; the API ships them alongside GEX levels when
?include=candles is set.
Charm - ∂Delta/∂Time. Drives end-of-day and pre-OPEX delta
hedging flows. See Greeks beyond delta.
computed_at - ISO timestamp in meta showing when the underlying
cache was last written by our worker. Pair with freshness_seconds.
Confidence band - A price range containing X% of implied
probability mass for an expiry. Returned by
/v2/options/probability/density?confidence_band=0.68|0.95.
Contango (vol) - Term structure where back-month IV is higher than
front-month IV. The “normal” regime in low-vol periods.
D
Dealer flow - Estimated dealer hedge pressure across successive chain snapshots (gamma, charm, optional vanna components + cumulative). See/v2/gex/dealer-flow. Distinct from
customer delta flow.
Delta flow - Customer signed Black-Scholes delta notional from the
options tape (HIRO-style customer line). See
/v2/gex/delta-flow.
DEX - Dollar delta exposure. Net delta dealers carry per strike,
in USD terms. See Greeks beyond delta.
DTE - Days to expiration. An integer count.
E
Expected move - The 1σ implied price range for the next 24 hours, derived from ATM straddle pricing. Returned by/v2/options/expected-move or as part
of /v2/gex/levels?include=expected_move.
Expiry token - Deribit-style date encoding, e.g. 28MAR25 =
March 28 2025. Every endpoint that returns one also returns
expiry_date (ISO) when parseable.
F
Flow positioning - Dealer size signed from multi-venue aggressor trading activity rather than an OI assumption. Default on live GEX and TRACE. See Positioning.freshness_seconds - now − computed_at. Useful for staleness
alarms. See Data freshness.
G
Gamma - Rate of change of delta with respect to spot. The greek that drives dealer hedging behaviour around walls. Gamma flip - The strike where cumulative net dealer gamma crosses zero, closest to spot. Above the flip, dealers stabilise; below, they amplify. Reported ashvl in the levels response.
GEX - Gamma exposure. The flagship analytic. See
What is GEX?.
H
HVL - Hedging Volume Level. Same as the gamma flip - the regime line for dealer behaviour. HYPEUSDT - Hyperliquid’s HYPE token. One of the four supported symbols (BTCUSDT, ETHUSDT, SOLUSDT, HYPEUSDT).
I
IV - Implied volatility. The volatility level the market is pricing into options. IV rank - Where current IV sits between its 52-week low and high. Not currently exposed in v2 (planned). IV-RV spread -IV − RV. Positive = options expensive vs realised
move; negative = cheap. Returned by
/v2/options/iv/iv-rv.
M
Max pain - The strike where option writers profit most at expiry. See Max pain. Moneyness -strike / spot. 0.9 = 10% OTM (for calls) /
10% ITM (for puts). Used as a strike filter on most endpoints
(?moneyness_min=0.9&moneyness_max=1.1).
N
Net GEX - Sum of call GEX and put GEX at a strike (or aggregated across the chain). Positive net = stabilising; negative = amplifying. Notional OI (USD) -total_oi × spot_price. The dollar size of
the position behind the OI count. Surfaced on every OPEX expiration.
O
0DTE - Zero days to expiration. Options expiring today. Many endpoints have a 0DTE variant of their levels (odte_hvl,
odte_call_resistance, etc.).
OI - Open interest. The number of contracts outstanding.
OPEX - Options expiration. See
OPEX calendar.
P
PCR - Put / call ratio. OI-weighted ratio of put OI to call OI. PCR > 1 = defensive; PCR < 1 = call-heavy. See/v2/options/pcr.
PDF (probability density function) - The implied probability
distribution of the underlying at a future expiry. See
Probability density.
Pin risk - The likelihood of price pinning to a strike on expiry
day. Highest when max pain and gamma walls cluster near spot.
Positioning - How live GEX/TRACE sign dealer size: flow (default)
or std. See Positioning.
Premium tide - Net options premium and notional volume tilt. See
/v2/options/premium-tide.
Put support - The strike with the largest positive net gamma below
spot. Often a bounce level - dealers buy on dips into this strike.
Put wall - Synonym for put support. put_wall_2 and put_wall_3
are the second and third strongest below spot.
Q
Quarterly expiry - Last Friday of March, June, September, or December. The heaviest OI bucket of the year.R
Risk reversal -25Δ call IV − 25Δ put IV. Positive = call
premium; negative (the more common case) = put premium / fear bid.
Surfaced on /v2/options/iv/skew.
RV - Realised volatility. The vol that actually happened over a
trailing window (typically 30 days).
S
Skew - The asymmetry between OTM put IV and OTM call IV. Crypto typically prices puts richer (positive skew). See IV suite. Smile - The shape of IV when plotted by strike. ATM is the trough; OTM puts and OTM calls are the wings. Source -meta.source lists the upstream venues each response
touched (["deribit", "bybit", "okx", "binance"]). Provenance.
spot_price - Current spot price for the symbol, snapshotted at
the time of computation. Returned in meta on every endpoint.
Stress history - Long-window record of HVL and walls from the
persistent store. Used for backtests.
/v2/gex/stress-history.
T
Term structure - The curve of ATM IV plotted against expiry tenor. Slope tells you the market’s vol forecast across time./v2/options/iv/term-structure.
Theta - Time decay. Premium that bleeds out of an option as time
passes. Useful as a rough estimate of dealer income from selling
premium. See Greeks beyond delta.
TRACE - Forward (time × price) projection of dealer greek exposure
from today’s chain. Greeks: gamma, charm, vanna, delta_change.
See /v2/options/greeks/trace.
V
Vanna -∂Delta/∂IV. Drives “vol-rallies-the-tape” hedging
flows. See Greeks beyond delta.
Vega - Sensitivity to IV moves. Where dealer P&L is concentrated
when vol shifts.
VRP - Volatility risk premium. The persistent gap by which
implied vol exceeds realised vol. See
/v2/options/vrp.
W
Whale print - Large options trade bypremium_usd. REST helper:
/v2/tape/whale.
Weekly expiry - A Friday expiration that is not the last Friday
of the month. Lighter OI than monthlies, more responsive to short-term
positioning.