Dealer positioning: flow vs std

Dealer exposure needs a sign at every contract: is the desk long or short that option’s gamma? Two models are available on the live GEX and TRACE surfaces.

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Models

Pass ?positioning=flow or ?positioning=std. Omit the param to get flow. Every response that rebuilds live exposure reports the effective model in:

• data.positioning when present
• meta.extra.positioning and meta.extra.positioning_requested
• meta.extra.positioning_fallback_reason when flow was requested but std ran instead

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Aggregation

Live signed surfaces use: Both models read the same multi-venue options chain for greeks and coin-unit OI: Deribit, Bybit, OKX, Binance, Derive (when enabled), Thalex, Delta India and Delta Global. See Venue coverage for what each venue contributes. GEX is reported in USD impact per 1% move in spot, so magnitudes are comparable across symbols and across both models. meta.extra.aggregation echoes which venues were combined for the response.

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Coin coverage

If flow is empty for BTC/ETH, the API falls back to std and sets meta.extra.positioning_fallback_reason (for example flow_tape_empty or flow_qty_all_zero).

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Live vs history

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Customer flow vs dealer hedge flow

Do not mix these up: Positive on dealer-flow ≈ estimated dealer buying the underlying to re-hedge. Positive on delta-flow ≈ net customer buy-side delta notional.

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