PARKED · data
Hypothesis
Aggregate dealer gamma flips the market between mean-reverting (positive GEX) and trend-amplifying (negative GEX) regimes; GEX sign sets the playbook.
Math — aggregate gamma exposure
$$ \text{GEX} = \sum_{k}\Gamma_k \cdot \text{OI}_k \cdot 100 \cdot S^2 \cdot \text{sign(dealer)} $$
Method
Reconstruct GEX from the Deribit options chain; condition a mean-reversion vs momentum book on GEX sign.
Strong framework in equities (SpotGamma-style), but in crypto dealer-side attribution is opaque and meaningful gamma exists only for BTC/ETH. Parked: the dealer-sign assumption is unverifiable on-chain/off-chain here. Two-asset cross-section again.
GEX works where you know who is short gamma. In crypto you mostly do not, and the options book is two names deep.