Most negative gamma stocks
From the October 20, 2026 closing options book · 656 tickers ranked · updated after every close
Tickers where dealers closed the most short gamma, ranked by net gamma exposure in dollars. SPY leads at −$2.16B, followed by QQQ (−$1.82B) and HYG (−$1.33B).
| # | Ticker | Close | Net gamma | Call wall | Put wall | ATM IV |
|---|---|---|---|---|---|---|
| 1 | SPY | 769.05 | −$2.16B | 780 (+1.4%) | 769 (at the close) | 12.5% |
| 2 | QQQ | 717.63 | −$1.82B | 735 (+2.4%) | 710 (−1.1%) | 22.0% |
| 3 | HYG | 76.83 | −$1.33B | 77.5 (+0.9%) | 77 (+0.2%) | 7.5% |
| 4 | SMH | 546.36 | −$517M | 580 (+6.2%) | 530 (−3.0%) | 40.2% |
| 5 | SOXX | 500.01 | −$149M | 520 (+4.0%) | 500 (at the close) | 43.5% |
| 6 | LQD | 103.22 | −$112M | 104 (+0.8%) | 102 (−1.2%) | 8.7% |
| 7 | XLI | 166.80 | −$65.5M | 172 (+3.1%) | 170 (+1.9%) | 23.9% |
| 8 | EEM | 63.32 | −$59.7M | 70 (+10.5%) | 63 (−0.5%) | 24.3% |
| 9 | META | 694.25 | −$56.1M | 780 (+12.4%) | 680 (−2.1%) | 98.5% |
| 10 | GEV | 890.33 | −$43.5M | 1030 (+15.7%) | 780 (−12.4%) | 56.6% |
| 11 | EFA | 103.69 | −$43.2M | 112 (+8.0%) | 103 (−0.7%) | 29.4% |
| 12 | ASML | 1,630.84 | −$39.1M | 1715 (+5.2%) | 1550 (−5.0%) | 42.3% |
| 13 | KRE | 70.62 | −$36.2M | 73 (+3.4%) | 71 (+0.5%) | 39.2% |
| 14 | SNDK | 1,365.38 | −$35.5M | 1500 (+9.9%) | 1200 (−12.1%) | 77.4% |
| 15 | GS | 884.81 | −$34.9M | 920 (+4.0%) | 890 (+0.6%) | 32.0% |
| 16 | VRT | 203.56 | −$34.8M | 227.5 (+11.8%) | 185 (−9.1%) | — |
| 17 | C | 122.51 | −$32.2M | 135 (+10.2%) | 110 (−10.2%) | 29.5% |
| 18 | CAT | 725.24 | −$30.8M | 800 (+10.3%) | 700 (−3.5%) | 50.6% |
| 19 | PANW | 340.28 | −$28.3M | 400 (+17.6%) | 325 (−4.5%) | 56.5% |
| 20 | EWY | 153.99 | −$27.3M | 180 (+16.9%) | 155 (+0.7%) | 52.5% |
| 21 | AMD | 534.74 | −$27.2M | 620 (+15.9%) | 515 (−3.7%) | 59.4% |
| 22 | STX | 675.13 | −$26.1M | 800 (+18.5%) | 605 (−10.4%) | 82.8% |
| 23 | AMAT | 404.98 | −$24.5M | 440 (+8.6%) | 410 (+1.2%) | 59.4% |
| 24 | MU | 896.07 | −$24.0M | 1000 (+11.6%) | 850 (−5.1%) | 57.0% |
| 25 | LITE | 822.51 | −$22.0M | 920 (+11.9%) | 800 (−2.7%) | 81.2% |
| 26 | XLP | 87.75 | −$21.4M | 89 (+1.4%) | 85 (−3.1%) | 16.4% |
| 27 | CRWD | 227.37 | −$19.6M | 260 (+14.4%) | 220 (−3.2%) | 55.5% |
| 28 | GLD | 377.65 | −$19.3M | 385 (+1.9%) | 376 (−0.4%) | 16.9% |
| 29 | DELL | 461.56 | −$19.3M | 550 (+19.2%) | 450 (−2.5%) | 67.9% |
| 30 | SOXL | 97.55 | −$18.1M | 113 (+15.8%) | 90 (−7.7%) | 134.8% |
| 31 | XLK | 185.44 | −$17.5M | 197 (+6.2%) | 185 (−0.2%) | 28.0% |
| 32 | TQQQ | 70.41 | −$16.1M | 75 (+6.5%) | 70 (−0.6%) | 72.6% |
| 33 | TSEM | 183.78 | −$15.9M | 220 (+19.7%) | 190 (+3.4%) | — |
| 34 | BE | 222.65 | −$15.4M | 260 (+16.8%) | 200 (−10.2%) | 107.1% |
| 35 | XBI | 153.24 | −$15.0M | 155 (+1.1%) | 140 (−8.6%) | 33.5% |
| 36 | CEG | 258.84 | −$14.9M | 290 (+12.0%) | 220 (−15.0%) | 48.9% |
| 37 | FXI | 33.51 | −$14.5M | 34.5 (+3.0%) | 34 (+1.5%) | 21.1% |
| 38 | ARM | 221.06 | −$14.0M | 245 (+10.8%) | 230 (+4.0%) | 79.2% |
| 39 | EQIX | 987.44 | −$13.4M | 1140 (+15.5%) | 1000 (+1.3%) | 38.8% |
| 40 | NBIS | 171.45 | −$13.0M | 200 (+16.7%) | 150 (−12.5%) | — |
| 41 | QQQM | 295.59 | −$11.9M | 310 (+4.9%) | 295 (−0.2%) | 22.3% |
| 42 | PWR | 596.00 | −$11.9M | 710 (+19.1%) | 580 (−2.7%) | — |
| 43 | TTWO | 206.70 | −$11.5M | 210 (+1.6%) | 185 (−10.5%) | 43.4% |
| 44 | CMG | 29.65 | −$11.2M | 31 (+4.6%) | 28 (−5.6%) | — |
| 45 | ARKK | 83.42 | −$10.7M | 82.5 (−1.1%) | 80 (−4.1%) | 40.4% |
| 46 | MS | 180.40 | −$10.4M | 195 (+8.1%) | 172.5 (−4.4%) | 30.9% |
| 47 | WMB | 70.33 | −$10.3M | 75 (+6.6%) | 67 (−4.7%) | 34.0% |
| 48 | BAC | 50.64 | −$9.7M | 52 (+2.7%) | 50 (−1.3%) | — |
| 49 | GE | 299.87 | −$9.6M | 330 (+10.0%) | 300 (at the close) | 35.4% |
| 50 | HWM | 211.63 | −$9.5M | 245 (+15.8%) | 190 (−10.2%) | 60.7% |
In short gamma, dealer hedging buys rallies and sells drops, which tends to extend moves rather than absorb them. A large short book says more about how a stock may move than which way.
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Ranked from the closing options book and rebuilt after every close. Nothing on this page is live. Not investment advice.