> ## Documentation Index
> Fetch the complete documentation index at: https://docs.backquant.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Greeks beyond delta

> DEX, theta, vanna, charm, vega — what they measure and how to use them

The greek profile endpoints in v2 give you the **dealer-aggregated
greek exposure per strike** for the four underlyings. Same idea as
[GEX](/concepts/gex) but for the higher-order greeks that drive
hedging flows the gamma profile alone misses.

## The five exposure profiles

| Greek           | Endpoint                                                      | What dealer holds                   | What it drives                          |
| --------------- | ------------------------------------------------------------- | ----------------------------------- | --------------------------------------- |
| **Delta (DEX)** | [`/v2/options/greeks/delta`](/api/v2/options/greeks/by-greek) | Net directional exposure per strike | Forced delta hedging in the underlying  |
| **Theta**       | [`/v2/options/greeks/theta`](/api/v2/options/greeks/by-greek) | Time-decay USD/day per strike       | The premium dealers earn passively      |
| **Vega**        | [`/v2/options/greeks/vega`](/api/v2/options/greeks/by-greek)  | IV sensitivity per strike           | P\&L impact of vol moves                |
| **Vanna**       | [`/v2/options/greeks/vanna`](/api/v2/options/greeks/by-greek) | ∂Delta/∂IV per strike               | Delta hedging adjustment when vol moves |
| **Charm**       | [`/v2/options/greeks/charm`](/api/v2/options/greeks/by-greek) | ∂Delta/∂Time per strike             | EOD / pre-expiry delta drift            |

All five share the same shape:

```json theme={null}
{
  "greek": "vanna",
  "strikes": [60000, 62500, 65000, 67500, 70000, ...],
  "net_exposure": [-12000, -8000, 5000, 22000, 14000, ...],
  "call_exposure": [...],
  "put_exposure": [...],
  "total_exposure": 81000
}
```

## DEX — the workhorse

Net delta exposure tells you how much underlying dealers must hold
*right now* to be neutral at each strike. Large positive DEX above spot
\= dealers long deltas there = they'll sell into rallies. Large negative
DEX below spot = they're short = they'll buy on dips.

DEX is essentially the *integral* of GEX across price. Use both:
**GEX** for "where will dealers turn the boat?", **DEX** for "how big
is their current position?"

## Vanna — the vol-rallies-the-tape effect

Vanna is **dDelta/dVol**. Positive vanna means: when IV rises, dealer
delta increases (they need to buy underlying); when IV falls, dealer
delta decreases (they sell). The classic "vol crush rallies the
underlying" pattern is vanna in action.

In crypto, vanna concentrates around 25Δ strikes (where vega is
biggest). Watch for cliffs in the vanna profile near current spot —
those are levels where a vol move triggers hedging flows that move
price.

## Charm — the time-bleed delta drift

Charm is **dDelta/dTime**. As an option ages with no underlying move,
its delta drifts (calls toward 0 or 1, puts toward 0 or -1). Dealers
hedge that drift, which creates predictable end-of-day flows.

Watch this in the last hour before close (especially before OPEX
days) — large charm at strikes near spot means dealers will be
adjusting deltas just from time passing, even if price doesn't move.

## Vega — vol P\&L geography

Where dealers will gain or lose if IV moves. Useful as a complement to
the [IV surface](/concepts/iv-suite) — high vega at a strike means a
vol move there has outsized impact on the dealer book.

## Filtering the greek profiles

Each greek endpoint accepts:

* `?exchanges=deribit,bybit,okx,binance` — venue filter
* `?moneyness_min=0.9&moneyness_max=1.1` — focus on ATM ±10%
* `?dte_max=7` — recompute from raw chain limited to short-DTE
  contracts (cached 30s per `(symbol, greek, dte_max)` so repeated
  requests stay sub-millisecond)

The `?dte_max` filter is particularly useful — the cached profiles span
*every* expiry, but for intraday workflows you usually only care about
0DTE / weekly contributions.

## Surfaces — strike × time

Two endpoints expose the *evolution* of exposure over time:

* [`/v2/options/greeks/surfaces/charm`](/api/v2/options/greeks/surfaces) — strike × time charm surface
* [`/v2/options/greeks/surfaces/vega`](/api/v2/options/greeks/surfaces) — strike × time vega surface

These are useful when you want to see where exposure is *building* over
the day, not just the current snapshot.

## 3D — strike × expiry for any greek

[`/v2/options/greeks/3d/surface?greek=gamma`](/api/v2/options/greeks/3d-surface)
returns a `Z` matrix of `Σ(greek × OI)` per `(strike, expiry)` cell for
any greek. Best for 3D visualisation; the matrix is downsampled around
spot when the cell count exceeds 5000 to keep payload bounded.

## Related concepts

<CardGroup cols={2}>
  <Card title="What is GEX?" icon="chart-line" href="/concepts/gex">
    Gamma is the special case — start there before reading the higher
    order greeks.
  </Card>

  <Card title="Probability density" icon="chart-area" href="/concepts/probability-density">
    Vanna and charm shape how the implied PDF evolves.
  </Card>

  <Card title="OPEX calendar" icon="calendar-days" href="/concepts/opex">
    Charm matters most pre-OPEX as time-decay flows accelerate.
  </Card>
</CardGroup>