Volland SPX Greek Hedging

Greek Hedging (SPX) estimates the direction and size of daily dealer rebalancing flows implied by the options market.

Delta hedging (~-$61.52B): suggests dealers may need to sell underlying (or futures) to stay hedged against price moves; a very large figure implies significant potential flow impact.
Vega hedging (~$3.03B): exposure to changes in implied volatility; typically managed through repricing options, with the positive figure indicating increased sensitivity to volatility shifts.
Theta hedging (~-$20.50M): the impact of one day passing on the dealer book; like vega, this is largely handled through option repricing, with time decay slightly reducing overall hedging needs.

Greek hedging: net notional dealer hedging that needs to be applied by the end of the day @wizofops
Source: vol.land