Hedgebook

Session replay

Watch the day happen.

Hedgebook records where options dealers are hedged, every 0DTE gamma profile from the opening bell, and plays the session back minute by minute, on an axis that never jumps. Not a snapshot. The whole day, as it unfolds.

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SPX net gamma by strike
9:46 AM
$0.00B -$5.90B 7,490 7,520 7,550 7,580 7,610 7,640 7,670 7,700 7,730 7,760 7,790
48 frames

The dashboard

All of it. One screen.

The profile by strike with the scrubber under it and net gamma through the day beneath that. Vanna and charm by strike, priced in the same pass, a by-price view that reprices the whole book at hypothetical spots, and the term structure across every expiry. Window, mode, expiry and lookback across the top. What follows is how each piece earns its place.

The Hedgebook dashboard: an SPX gamma profile by strike with the spot, gamma flip and implied volatility curve marked, a session scrubber beneath it, net gamma through the session below that, and net vanna and charm by strike at the foot, with the product list, exposure summary and feed status alongside. The Hedgebook dashboard: an SPX gamma profile by strike with the spot, gamma flip and implied volatility curve marked, a session scrubber beneath it, net gamma through the session below that, and net vanna and charm by strike at the foot, with the product list, exposure summary and feed status alongside.

Every expiry

See what holds the wall up.

From a single expiry, a wall that expires tonight looks exactly like one the whole week has built. Stack the expiries and every bar shows which ones built it, each in its own color, nearest first, so you know which levels will still be standing tomorrow.

SPX net gamma by strike, 6 expiries stacked Recorded Mon 21 Sep · close
The SPX gamma profile with six expiries stacked in every bar, each expiry in its own color, and the tooltip at the 7,800 call wall listing what each expiry contributes. The SPX gamma profile with six expiries stacked in every bar, each expiry in its own color, and the tooltip at the 7,800 call wall listing what each expiry contributes.
$1.76B
today's expiry alone, at 7,800
$4.48B
the same strike, 6 expiries deep
2.5×
more wall than one expiry shows
The 7,800 call wall, by expiry $4.48B
0DTE
$1.76B
09/23
$518M
09/24
$325M
09/25
$1.13B
09/28
$608M
09/29
$145M

Fluidity

Frame to frame. Nothing jumps.

Playback advances every 450 milliseconds and the bars move between frames rather than cutting. The value axis is fixed across the entire session, so a wall building on the left never rescales the right, and a frame is a few dozen kilobytes, which is what keeps it smooth on a phone.

450 ms
between frames in playback
One axis
held across the whole session
390
frames in a full session, one a minute

Momentum

Change you can see.

A profile shows where exposure sits, never which way it is moving. Here every bar carries its own direction. A strike that is building reads brighter. One that is fading keeps a wick out to the level it held a lookback ago, on the same axis, in the same units.

Gamma bars near the money. Brighter bars are building; fading bars carry a thin wick out to the level they reached a lookback earlier. Gamma bars near the money. Brighter bars are building; fading bars carry a thin wick out to the level they reached a lookback earlier.
Brighter
a strike where exposure is building
Fainter
one where it is bleeding off
The wick
the level it held a lookback ago

Repricing

Live spot. Live gamma.

Open interest only updates overnight, for everyone at any price. Spot is the term that moves, and gamma is recomputed from Black-Scholes against a live quote every minute. The gamma flip is solved for by repricing the whole book, not read off the drawing.

SPX call and put gamma by strike Recorded Wed 9 Sep · 3:58:38 PM EDT
-$10B $0 $10B 7,490 7,510 7,530 7,550 7,570 7,590 7,610 7,630 7,650 7,670 7,690 7,710 7,730 7,750 7,770 7,790 flip 7,677.01 min IV 15.3% @ 7,640.00 spot 7,637.96 20% 30%
call gamma put gamma spot gamma flip lowest IV IV by strike (right axis) solid building · faint fading wick marks its high over the lookback hover for detail

Held back for the public page — signed in, gamma is live, repriced to a live spot every minute.

60 s
between polls, gamma recomputed each time
Solved
the gamma flip, by repricing the book
6
products, the full chain, every expiry

Community

Read the tape together.

Hedgebook has a Discord server for questions, feature requests and the day's session. Members get the private channels, and anyone can join to ask a question first.

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Access

A week on us.

Every product, every expiry, and the whole session on replay, free for seven days. Then $69 a month, and you can cancel any time.

Free trial
7 days
After the trial
$69 a month
Products
SPX, IWM, SPY, QQQ
Included
Full chain, every expiry, session replay

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Hedgebook © 2026 Archetyp Mobility LLC For research and education. Nothing here is investment advice, and the figures are derived from delayed data.