Compare · SpotGamma · checked 2026-10-16

SpotGamma for crypto: what exists, and what Markov models.

SpotGamma models dealer positioning for US-listed options: the S&P 500, indices, stocks and ETFs. Its pricing page describes no crypto-exchange options. Markov models BTC and ETH dealer gamma from Derive's options, labels it modeled, and names the venue.

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SpotGamma for crypto

What SpotGamma is

SpotGamma's tools include TRACE (an S&P 500 heatmap of options pressure built from all options traded on US exchanges), HIRO (real-time hedging impact), Equity Hub (options-driven levels for 3,500+ US stocks, indices and ETFs), a volatility dashboard, options flow and daily Founder's Notes.

What SpotGamma does well

An established, deep model of US options dealer positioning.
Intraday hedging-flow tools (HIRO, TRACE) on the full US options market.
Daily written analysis and broad equity coverage.

Where Markov differs

It is crypto-native and models call wall, put wall and gamma flip for BTC and ETH from Derive's option chains.
It is drawn dashed on the same chart as resting liquidity, liquidations and whale prints, with the venue and assumptions named.
It is much narrower, with two coins, one options venue (Deribit access is pending), and the Elite plan only.

Measured or modeled, topic by topic.

SpotGamma and Markov compared, from SpotGamma's own pages on 2026-10-16
Topic	SpotGamma	Markov
Options data	US-listed options: indices, 3,500+ stocks and ETFs.	Derive's BTC and ETH options, from one crypto options venue, not the whole market.
Gamma levels	Proprietary key levels and models for US markets.	Call wall, put wall and gamma flip for BTC and ETH from Derive's options, drawn dashed with the venue named (Elite). It is modeled from one venue, with calls signed + and puts −.

Pricing.

SpotGamma, as listed on 2026-10-16

Essential: $99/month.
Alpha: $299/month.
Institutional: starting at $1,999/month.

Monthly plans as listed. Its page also offers annual plans.

Source: SpotGamma plans and pricing (opens in a new tab). Prices change, so check the page before you pay.

Markov

Markov's Free plan is $0 with no account (BTC, ETH and SOL on the chart). Pro is $49 and Elite $99 a month plus tax, each after a 3-day free trial with a card (not in South Korea), and until you cancel.

The pricing page says what each plan includes, and what exists today.

Which to use

Choose SpotGamma for US index, stock and ETF options positioning.

Choose Markov if you trade BTC or ETH and want modeled dealer gamma next to the order book and liquidations, with its assumptions on the surface.

Many traders use more than one tool. Markov provides research tools and education, not financial advice.

Questions.

Does SpotGamma cover Bitcoin?

Its pricing page, checked on 2026-10-16, describes US-listed options: indices, stocks and ETFs. It describes no crypto-exchange options coverage.

Is Markov's crypto gamma flip as reliable as SpotGamma's levels?

We don't claim it is. Markov's BTC and ETH gamma is modeled from one venue, Derive, with the standard dealer sign assumption, and is regime context, not a signal.