DeFi Development Corp. (DFDV)

The total Delta Exposure (DEX) for DFDV across all expirations shows 218,161.12 net shares that market makers must hedge, with 286,032.53 from calls and 67,871.41 from puts. The put-call delta ratio of 0.24 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 16, 26 with 108,247.97 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.