{"canonicalEventFacts":null,"editorialContext":null,"originalProducerEvidence":null,"weeklyMarketPattern":null,"schemaVersion":2,"metricDefinitions":{"bf25":{"version":"average-wing-minus-atm-v1","formula":"(iv25Call + iv25Put) / 2 - ivAtm","fullFlyFormula":"iv25Call + iv25Put - 2 * ivAtm","unit":"volatility points","conversionMethod":"verified-captured-explicit-bf25-else-decimal-full-fly-half-v1","rounding":"native six-place operands; four-place endpoints/change; two-place percent change","verification":"Exact capture hash, native builder/endpoints and rounded captured wing consistency; no raw-quote or SVI refit validation"}},"bf25Projection":{"kind":"derivedBf25Presentation","originalBasis":"unknown","historicalStatistics":{"status":"unavailable","reason":"Stored BF25 historical statistics, ranks and pooled summaries lack authenticated compatible metric-basis lineage; they are not rescaled or reconstructed."}},"schemaUrl":"https://www.derivasys.com/schemas/report-dataset-v2.schema.json","family":"altcoins","reportDate":"2026-09-17","sourceSelectionPolicy":null,"canonicalUrl":"https://www.derivasys.com/reports/altcoins/2026-09-17","datasetUrl":"https://www.derivasys.com/data/reports/altcoins/2026-09-17/data.json","headline":"Altcoin options compress unevenly as HYPE leads one-week volatility reset","timestamps":{"generatedAt":"2026-09-17T16:41:14+00:00","currentSnapshotAt":"2026-09-17T16:39:00+00:00","previousSnapshotAt":"2026-09-16T16:39:00+00:00","referenceCutoffAt":null,"comparisonCutoffAt":"2026-09-17T16:39:00+00:00"},"comparison":{"status":"available","validationStatus":"legacy","nativeObservationsOnly":false,"windowHours":null,"eligibility":null,"sourceSha256":null},"units":{"atmIv":"annualised percent","realisedVolatility":"annualised percent","rr25":"volatility points","bf25":"volatility points","change":"volatility points","return":"percent","slope":"volatility points","percentile":"percentile (0–100)","ratio":"dimensionless","forward":"USD"},"semantics":{"bf25":"Canonical derived BF25 = (25-delta call IV + 25-delta put IV) / 2 - ATM IV. Only authenticated captured inputs are projected; original producer bytes and native proof remain unchanged. fullFly25 is retained separately. Missing proof yields null BF25, never conversion inferred from a date or magnitude.","originalEvidence":"Hash-bound sourceRows, sourceCanonicalJson and sourceSha256 retain exact original producer inputs and conventions. They are original evidence, not newly canonicalized observations; only the explicitly identified BF25 derivatives claim the new canonical projection.","previousSnapshotAt":"For last-good-as-of-v1, the baseline belongs to the authenticated exact-endpoint comparison cohort; an unavailable cohort has null aggregate endpoints. Legacy baselines require every family constituent to share the same valid stored previous instant. Constituent timestamps remain unchanged; scheduled references and comparisonCutoffAt never substitute for native endpoints.","referenceCutoffAt":"Immutable scheduled edition reference for last-good-as-of-v1. Native fit ages are measured against this reference, never against publication or retrieval time; missing, future or more-than-three-hour-old native clocks have unavailable freshness.","relativeValueObservation":"Stored highestSpreadAsset and lowestSpreadAsset describe IV-minus-realised spread ordering, not fair value. Legacy richestAsset and cheapestAsset aliases are omitted; missing neutral fields are not inferred. Other stored observation fields retain their producer wording and values.","leadComparison":"currentSpread is selected asset A minus comparison asset B; previousSpread has the same orientation; changeSpread is currentSpread minus previousSpread. All retain their sign. The current level gap is abs(currentSpread), while daily-change dispersion is abs(changeA minus changeB). Gap change is abs(currentSpread) minus abs(previousSpread), distinct from daily-change dispersion.","pairedSkewRotation":"Both named 1W RR25 endpoints cross zero in opposite directions beyond 0.10 volatility points. current/previous are the signed first-asset-minus-second-asset spread; change is its rotation. This is distinct from unsigned level dispersion. Missing matching history remains null.","crossMetricJointEvent":"Complete aligned historical spot/ATM/RR25/BF25 vectors provide descriptive direction-pattern and simultaneous magnitude-exceedance episode counts. At least 20 eligible historical vectors are required. No joint rarity percentile is estimated; causality is not assessed.","jointComparisons":"Spot/ATM, ATM/RR25 and spot/ATM/RR25/BF25 comparisons each retain their own frozen complete-vector history, source receipt and descriptive counts. Their denominators are independent; marginal percentiles are not combined.","termStructureRegimeChange":"1M minus 1W ATM IV slope. Version 2 separates technical crossings from material changes requiring opposite endpoints beyond the provisional ±0.5 point deadband. A genuine crossing requires strictly opposite nonzero signs; an exactly zero endpoint is a zero touch. Historical rarity requires at least 20 compatible prior observations.","marketWideEvent":"Canonical seven-asset daily observation with aligned source receipts, spot breadth and compatible prior history. This is dated report context, not a current live market snapshot.","comparisons":"Leader and laggard are the highest and lowest signed values; spread is highest minus lowest, a non-negative cross-sectional range. Changes retain their sign.","termStructure":"1Y minus 1W ATM IV; slopeChange is current slope minus previous slope.","rankingOrder":"Stored producer order; previousRank and rankChange remain null when unavailable. Positive rankChange means moving up the ranking.","rankingBasis":{"oneWeekAtmIvLevel":"descending signed value","oneWeekAtmIvChange":"descending signed value","oneWeekAtmIvAbsoluteMove":"descending absolute magnitude; values retain their sign","ivMinusRealised7d":"descending signed value","oneWeekRr25CallRichness":"descending signed value","oneWeekRr25PutRichness":"ascending signed value","termStructureSlope":"descending signed value","termStructureSlopeChange":"descending absolute magnitude; values retain their sign","spotPerformance24h":"descending signed value"},"outliers":"Stored distanceFromMedian is signed value minus groupMedian; outlier selection uses absolute distance.","unavailable":"Null means unavailable, never zero; absent stored analysis is not reconstructed.","csv":"One scalar per row, with section, metric, asset and JSON pointer; value_type distinguishes null from empty string. Numeric serialization preserves stored precision."},"provenance":{"source":"Published report and its stored constituent observations","storedHeadline":"Altcoin options compress unevenly as HYPE leads one-week volatility reset","reportCorrection":null,"constituents":null,"methodology":{"source":"Stored Derivasys SVI surfaces","comparison":"Latest successful snapshot at or before the common cutoff versus the nearest successful snapshot 24 hours earlier, within a three-hour tolerance.","availability":"Current levels remain visible when a 24-hour baseline does not yet exist; changes stay null rather than being inferred from a shorter window."},"summaryMetrics":{"basis":"Equal-weight average across assets with a valid 24-hour baseline","unit":"volatility points","atmIvChange":-3.52,"rr25Change":4.27,"bf25Change":null},"originalBf25Basis":"unknown"},"leadSignal":{"status":"unavailable","declaredEvidence":null,"validatedDisplay":null,"comparativeEvidence":[{"id":"alts-cross-1w-atm-change-dispersion","metric":"1W ATM IV change dispersion","unit":"volatility points","leader":"AVAX","laggard":"HYPE","highest":-1.29,"lowest":-5.57,"spread":4.28,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":-5.57,"values":[{"asset":"XRP","value":-4.29},{"asset":"HYPE","value":-5.57},{"asset":"AVAX","value":-1.29},{"asset":"TRX","value":-2.93}]},{"id":"alts-cross-1w-atm-level-dispersion","metric":"1W ATM IV level dispersion","unit":"volatility points","leader":"HYPE","laggard":"TRX","highest":65.33,"lowest":15.89,"spread":49.44,"highestToLowestRatio":4.1114,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":65.33,"values":[{"asset":"XRP","value":63.25},{"asset":"HYPE","value":65.33},{"asset":"AVAX","value":57.38},{"asset":"TRX","value":15.89}],"previousSpread":52.08,"spreadChange":-2.64,"dispersionDirection":"compressing"},{"id":"alts-cross-1w-rr25-dispersion","metric":"1W RR25 level dispersion","unit":"volatility points","leader":"HYPE","laggard":"AVAX","highest":6.26,"lowest":1.41,"spread":4.85,"highestToLowestRatio":4.4397,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":6.26,"values":[{"asset":"XRP","value":5.1},{"asset":"HYPE","value":6.26},{"asset":"AVAX","value":1.41},{"asset":"TRX","value":3.1}],"previousSpread":5.19,"spreadChange":-0.34,"dispersionDirection":"compressing"},{"id":"alts-cross-term-structure-divergence","metric":"1Y minus 1W ATM IV slope dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}],"previousSpread":null,"spreadChange":null,"dispersionDirection":"unavailable"},{"id":"alts-cross-iv-minus-realised-dispersion","metric":"1W IV minus 7D realised volatility dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]},{"id":"alts-cross-spot-performance","metric":"24H spot performance dispersion","unit":"percentage points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]},{"id":"alts-cross-term-structure-change","metric":"1Y minus 1W ATM IV slope change dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]}],"candidateId":null,"historicalContext":null,"scoreComponents":null},"historicalContext":{"candidates":[],"unavailableReason":"No frozen candidate history was stored in this edition; legacy history is not reconstructed."},"analysisStatus":"available","marketWideEvent":null,"analysisUnavailableReason":null,"crossAssetAnalysis":{"schemaVersion":1,"purpose":"Identify what is unusual across the altcoin options complex, not produce four mini reports.","returnMetric":{"key":"spotPerformance24h","source":"spotMove24hPercent","label":"24h spot-index return","unit":"percent"},"assets":["XRP","HYPE","AVAX","TRX"],"comparableAssets":["XRP","HYPE","AVAX","TRX"],"oneWeek":{"atmIvLevel":{"leader":"HYPE","laggard":"TRX","highest":65.33,"lowest":15.89,"spread":49.44,"highestToLowestRatio":4.1114,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":65.33,"values":[{"asset":"XRP","value":63.25},{"asset":"HYPE","value":65.33},{"asset":"AVAX","value":57.38},{"asset":"TRX","value":15.89}],"previousSpread":52.08,"spreadChange":-2.64,"dispersionDirection":"compressing"},"atmIvChange":{"leader":"AVAX","laggard":"HYPE","highest":-1.29,"lowest":-5.57,"spread":4.28,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":-5.57,"values":[{"asset":"XRP","value":-4.29},{"asset":"HYPE","value":-5.57},{"asset":"AVAX","value":-1.29},{"asset":"TRX","value":-2.93}]},"rr25Level":{"leader":"HYPE","laggard":"AVAX","highest":6.26,"lowest":1.41,"spread":4.85,"highestToLowestRatio":4.4397,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":6.26,"values":[{"asset":"XRP","value":5.1},{"asset":"HYPE","value":6.26},{"asset":"AVAX","value":1.41},{"asset":"TRX","value":3.1}],"previousSpread":5.19,"spreadChange":-0.34,"dispersionDirection":"compressing"},"rr25Change":{"leader":"TRX","laggard":"AVAX","highest":6.35,"lowest":0.79,"spread":5.56,"highestToLowestRatio":8.038,"largestAbsoluteMoveAsset":"TRX","largestAbsoluteMoveValue":6.35,"values":[{"asset":"XRP","value":5.63},{"asset":"HYPE","value":4.32},{"asset":"AVAX","value":0.79},{"asset":"TRX","value":6.35}]}},"relativeVolatilityLeader":{"asset":"HYPE","metric":"absolute 1W ATM IV change","value":-5.57},"termStructure":{"definition":"1Y minus 1W ATM IV, in volatility points","currentSlope":{"leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}],"previousSpread":null,"spreadChange":null,"dispersionDirection":"unavailable"},"slopeChange":{"leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]}},"relativeValue":{"ivMinusRealised7d":{"leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]},"spotPerformance24h":{"leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]}},"rankings":{"oneWeekAtmIvLevel":[{"rank":1,"asset":"HYPE","value":65.33,"previousRank":1,"rankChange":0},{"rank":2,"asset":"XRP","value":63.25,"previousRank":2,"rankChange":0},{"rank":3,"asset":"AVAX","value":57.38,"previousRank":3,"rankChange":0},{"rank":4,"asset":"TRX","value":15.89,"previousRank":4,"rankChange":0}],"oneWeekAtmIvChange":[{"rank":1,"asset":"AVAX","value":-1.29,"previousRank":null,"rankChange":null},{"rank":2,"asset":"TRX","value":-2.93,"previousRank":null,"rankChange":null},{"rank":3,"asset":"XRP","value":-4.29,"previousRank":null,"rankChange":null},{"rank":4,"asset":"HYPE","value":-5.57,"previousRank":null,"rankChange":null}],"oneWeekAtmIvAbsoluteMove":[{"rank":1,"asset":"HYPE","value":-5.57,"previousRank":null,"rankChange":null},{"rank":2,"asset":"XRP","value":-4.29,"previousRank":null,"rankChange":null},{"rank":3,"asset":"TRX","value":-2.93,"previousRank":null,"rankChange":null},{"rank":4,"asset":"AVAX","value":-1.29,"previousRank":null,"rankChange":null}],"ivMinusRealised7d":[{"rank":null,"asset":"XRP","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"HYPE","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"AVAX","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"TRX","value":null,"previousRank":null,"rankChange":null}],"oneWeekRr25CallRichness":[{"rank":1,"asset":"HYPE","value":6.26,"previousRank":1,"rankChange":0},{"rank":2,"asset":"XRP","value":5.1,"previousRank":3,"rankChange":1},{"rank":3,"asset":"TRX","value":3.1,"previousRank":4,"rankChange":1},{"rank":4,"asset":"AVAX","value":1.41,"previousRank":2,"rankChange":-2}],"oneWeekRr25PutRichness":[{"rank":1,"asset":"AVAX","value":1.41,"previousRank":3,"rankChange":2},{"rank":2,"asset":"TRX","value":3.1,"previousRank":1,"rankChange":-1},{"rank":3,"asset":"XRP","value":5.1,"previousRank":2,"rankChange":-1},{"rank":4,"asset":"HYPE","value":6.26,"previousRank":4,"rankChange":0}],"termStructureSlope":[{"rank":null,"asset":"XRP","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"HYPE","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"AVAX","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"TRX","value":null,"previousRank":null,"rankChange":null}],"termStructureSlopeChange":[{"rank":null,"asset":"XRP","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"HYPE","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"AVAX","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"TRX","value":null,"previousRank":null,"rankChange":null}],"spotPerformance24h":[{"rank":null,"asset":"XRP","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"HYPE","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"AVAX","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"TRX","value":null,"previousRank":null,"rankChange":null}]},"outliers":[{"metric":"1W ATM IV change","asset":"AVAX","value":-1.29,"groupMedian":-3.61,"distanceFromMedian":2.32},{"metric":"1W ATM IV level","asset":"TRX","value":15.89,"groupMedian":60.31,"distanceFromMedian":-44.42},{"metric":"1W RR25 level","asset":"AVAX","value":1.41,"groupMedian":4.1,"distanceFromMedian":-2.69}],"relativeValueObservation":null,"historicalContext":{"minimumObservations":20,"observations":19,"oneWeekAtmIvLevelDispersionPercentile":null,"oneWeekAtmIvChangeDispersionPercentile":null,"oneWeekRr25LevelDispersionPercentile":null,"termStructureDispersionPercentile":null,"ivMinusRealisedDispersionPercentile":null,"availabilityNote":"Cross-sectional percentiles require 20 prior aligned reports."},"correlations":{"metric":"spotMove24hPercent","minimumObservations":10,"lookbackObservations":30,"pairs":[{"assets":["XRP","HYPE"],"value":null,"observations":8},{"assets":["XRP","AVAX"],"value":null,"observations":9},{"assets":["XRP","TRX"],"value":null,"observations":9},{"assets":["HYPE","AVAX"],"value":null,"observations":8},{"assets":["HYPE","TRX"],"value":null,"observations":8},{"assets":["AVAX","TRX"],"value":null,"observations":9}],"availabilityNote":"Pair correlations require 10 aligned prior reports."},"evidence":[{"id":"alts-cross-1w-atm-change-dispersion","metric":"1W ATM IV change dispersion","unit":"volatility points","leader":"AVAX","laggard":"HYPE","highest":-1.29,"lowest":-5.57,"spread":4.28,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":-5.57,"values":[{"asset":"XRP","value":-4.29},{"asset":"HYPE","value":-5.57},{"asset":"AVAX","value":-1.29},{"asset":"TRX","value":-2.93}]},{"id":"alts-cross-1w-atm-level-dispersion","metric":"1W ATM IV level dispersion","unit":"volatility points","leader":"HYPE","laggard":"TRX","highest":65.33,"lowest":15.89,"spread":49.44,"highestToLowestRatio":4.1114,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":65.33,"values":[{"asset":"XRP","value":63.25},{"asset":"HYPE","value":65.33},{"asset":"AVAX","value":57.38},{"asset":"TRX","value":15.89}],"previousSpread":52.08,"spreadChange":-2.64,"dispersionDirection":"compressing"},{"id":"alts-cross-1w-rr25-dispersion","metric":"1W RR25 level dispersion","unit":"volatility points","leader":"HYPE","laggard":"AVAX","highest":6.26,"lowest":1.41,"spread":4.85,"highestToLowestRatio":4.4397,"largestAbsoluteMoveAsset":"HYPE","largestAbsoluteMoveValue":6.26,"values":[{"asset":"XRP","value":5.1},{"asset":"HYPE","value":6.26},{"asset":"AVAX","value":1.41},{"asset":"TRX","value":3.1}],"previousSpread":5.19,"spreadChange":-0.34,"dispersionDirection":"compressing"},{"id":"alts-cross-term-structure-divergence","metric":"1Y minus 1W ATM IV slope dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}],"previousSpread":null,"spreadChange":null,"dispersionDirection":"unavailable"},{"id":"alts-cross-iv-minus-realised-dispersion","metric":"1W IV minus 7D realised volatility dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]},{"id":"alts-cross-spot-performance","metric":"24H spot performance dispersion","unit":"percentage points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]},{"id":"alts-cross-term-structure-change","metric":"1Y minus 1W ATM IV slope change dispersion","unit":"volatility points","leader":null,"laggard":null,"highest":null,"lowest":null,"spread":null,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":null,"largestAbsoluteMoveValue":null,"values":[{"asset":"XRP","value":null},{"asset":"HYPE","value":null},{"asset":"AVAX","value":null},{"asset":"TRX","value":null}]}]},"assets":[{"asset":"XRP","sourceData":{"page":"https://www.derivasys.com/data/xrp/2026-09-17","json":"https://www.derivasys.com/data/xrp/2026-09-17/data.json","csv":"https://www.derivasys.com/data/xrp/2026-09-17/data.csv"},"sourceSnapshot":{"status":"unknown","unavailableReason":"captured-source-snapshot-not-stored","capturedArtifact":null,"originalDatabase":{"status":"unknown","sha256":null,"revision":null}},"bf25Presentation":{"version":1,"kind":"derivedBf25Presentation","status":"unavailable","originalBasis":"unknown","unavailableReason":"invalid-or-missing-captured-source-snapshot","definition":{"version":"average-wing-minus-atm-v1","formula":"(iv25Call + iv25Put) / 2 - ivAtm","fullFlyFormula":"iv25Call + iv25Put - 2 * ivAtm","unit":"volatility points","conversionMethod":"verified-captured-explicit-bf25-else-decimal-full-fly-half-v1","rounding":"native six-place operands; four-place endpoints/change; two-place percent change","verification":"Exact capture hash, native builder/endpoints and rounded captured wing consistency; no raw-quote or SVI refit validation"},"lineage":null,"tenors":[],"derivationSha256":null},"sourceSelectionPolicy":null,"timestamps":{"currentSnapshotAt":"2026-09-17T16:39:00+00:00","previousSnapshotAt":"2026-09-16T16:39:00+00:00","referenceCutoffAt":null},"oneWeek":{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":63.25,"previous":67.54,"change":-4.29,"percentChange":-6.35},"rr25":{"current":5.1,"previous":-0.53,"change":5.63,"percentChange":1062.26},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},"tenors":[{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":63.25,"previous":67.54,"change":-4.29,"percentChange":-6.35},"rr25":{"current":5.1,"previous":-0.53,"change":5.63,"percentChange":1062.26},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"2W","availability":"available","unavailableReason":null,"atmIv":{"current":61.26,"previous":63.01,"change":-1.75,"percentChange":-2.78},"rr25":{"current":4.17,"previous":0.53,"change":3.64,"percentChange":686.79},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1M","availability":"available","unavailableReason":null,"atmIv":{"current":58.68,"previous":59.44,"change":-0.76,"percentChange":-1.28},"rr25":{"current":2.63,"previous":1.37,"change":1.26,"percentChange":91.97},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"3M","availability":"available","unavailableReason":null,"atmIv":{"current":56.07,"previous":56.46,"change":-0.39,"percentChange":-0.69},"rr25":{"current":1.9,"previous":3.93,"change":-2.03,"percentChange":-51.65},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"6M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"9M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1Y","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"}],"realisedVolatility":null,"dataQuality":{"coverage":null,"coveragePolicy":null,"realisedVolatilityUnavailableReason":"Canonical XRP index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded","fitQuality":null,"freshness":null,"comparisonStatus":"available","comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":null,"nearestEligibleForward":{"label":"25SEP26","daysToExpiry":7.64,"forward":{"current":1.3,"previous":1.27,"change":0.03,"percentChange":2.36}}},{"asset":"HYPE","sourceData":{"page":"https://www.derivasys.com/data/hype/2026-09-17","json":"https://www.derivasys.com/data/hype/2026-09-17/data.json","csv":"https://www.derivasys.com/data/hype/2026-09-17/data.csv"},"sourceSnapshot":{"status":"unknown","unavailableReason":"captured-source-snapshot-not-stored","capturedArtifact":null,"originalDatabase":{"status":"unknown","sha256":null,"revision":null}},"bf25Presentation":{"version":1,"kind":"derivedBf25Presentation","status":"unavailable","originalBasis":"unknown","unavailableReason":"invalid-or-missing-captured-source-snapshot","definition":{"version":"average-wing-minus-atm-v1","formula":"(iv25Call + iv25Put) / 2 - ivAtm","fullFlyFormula":"iv25Call + iv25Put - 2 * ivAtm","unit":"volatility points","conversionMethod":"verified-captured-explicit-bf25-else-decimal-full-fly-half-v1","rounding":"native six-place operands; four-place endpoints/change; two-place percent change","verification":"Exact capture hash, native builder/endpoints and rounded captured wing consistency; no raw-quote or SVI refit validation"},"lineage":null,"tenors":[],"derivationSha256":null},"sourceSelectionPolicy":null,"timestamps":{"currentSnapshotAt":"2026-09-17T16:39:00+00:00","previousSnapshotAt":"2026-09-16T16:39:00+00:00","referenceCutoffAt":null},"oneWeek":{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":65.33,"previous":70.9,"change":-5.57,"percentChange":-7.86},"rr25":{"current":6.26,"previous":1.94,"change":4.32,"percentChange":222.68},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},"tenors":[{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":65.33,"previous":70.9,"change":-5.57,"percentChange":-7.86},"rr25":{"current":6.26,"previous":1.94,"change":4.32,"percentChange":222.68},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"2W","availability":"available","unavailableReason":null,"atmIv":{"current":64.76,"previous":67.56,"change":-2.8,"percentChange":-4.14},"rr25":{"current":4.69,"previous":1.81,"change":2.88,"percentChange":159.12},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1M","availability":"available","unavailableReason":null,"atmIv":{"current":64.27,"previous":65.15,"change":-0.88,"percentChange":-1.35},"rr25":{"current":3.45,"previous":1.72,"change":1.73,"percentChange":100.58},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"3M","availability":"available","unavailableReason":null,"atmIv":{"current":63.55,"previous":62.4,"change":1.15,"percentChange":1.84},"rr25":{"current":4.53,"previous":4.04,"change":0.49,"percentChange":12.13},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"6M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"9M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1Y","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"}],"realisedVolatility":null,"dataQuality":{"coverage":null,"coveragePolicy":null,"realisedVolatilityUnavailableReason":"Canonical HYPE index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10040 (99.6032% coverage); returns spanning missing minutes are excluded","fitQuality":null,"freshness":null,"comparisonStatus":"available","comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":null,"nearestEligibleForward":{"label":"25SEP26","daysToExpiry":7.64,"forward":{"current":81.91,"previous":78.99,"change":2.92,"percentChange":3.7}}},{"asset":"AVAX","sourceData":{"page":"https://www.derivasys.com/data/avax/2026-09-17","json":"https://www.derivasys.com/data/avax/2026-09-17/data.json","csv":"https://www.derivasys.com/data/avax/2026-09-17/data.csv"},"sourceSnapshot":{"status":"unknown","unavailableReason":"captured-source-snapshot-not-stored","capturedArtifact":null,"originalDatabase":{"status":"unknown","sha256":null,"revision":null}},"bf25Presentation":{"version":1,"kind":"derivedBf25Presentation","status":"unavailable","originalBasis":"unknown","unavailableReason":"invalid-or-missing-captured-source-snapshot","definition":{"version":"average-wing-minus-atm-v1","formula":"(iv25Call + iv25Put) / 2 - ivAtm","fullFlyFormula":"iv25Call + iv25Put - 2 * ivAtm","unit":"volatility points","conversionMethod":"verified-captured-explicit-bf25-else-decimal-full-fly-half-v1","rounding":"native six-place operands; four-place endpoints/change; two-place percent change","verification":"Exact capture hash, native builder/endpoints and rounded captured wing consistency; no raw-quote or SVI refit validation"},"lineage":null,"tenors":[],"derivationSha256":null},"sourceSelectionPolicy":null,"timestamps":{"currentSnapshotAt":"2026-09-17T16:39:00+00:00","previousSnapshotAt":"2026-09-16T16:39:00+00:00","referenceCutoffAt":null},"oneWeek":{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":57.38,"previous":58.67,"change":-1.29,"percentChange":-2.2},"rr25":{"current":1.41,"previous":0.62,"change":0.79,"percentChange":127.42},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},"tenors":[{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":57.38,"previous":58.67,"change":-1.29,"percentChange":-2.2},"rr25":{"current":1.41,"previous":0.62,"change":0.79,"percentChange":127.42},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"2W","availability":"available","unavailableReason":null,"atmIv":{"current":57.28,"previous":57.95,"change":-0.67,"percentChange":-1.16},"rr25":{"current":1.01,"previous":1.08,"change":-0.07,"percentChange":-6.48},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1M","availability":"available","unavailableReason":null,"atmIv":{"current":57.74,"previous":57.6,"change":0.14,"percentChange":0.24},"rr25":{"current":2.25,"previous":1.46,"change":0.79,"percentChange":54.11},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"3M","availability":"available","unavailableReason":null,"atmIv":{"current":57.97,"previous":57.88,"change":0.09,"percentChange":0.16},"rr25":{"current":1.87,"previous":1.68,"change":0.19,"percentChange":11.31},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"6M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"9M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1Y","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"}],"realisedVolatility":null,"dataQuality":{"coverage":null,"coveragePolicy":null,"realisedVolatilityUnavailableReason":"Canonical AVAX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded","fitQuality":null,"freshness":null,"comparisonStatus":"available","comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":null,"nearestEligibleForward":{"label":"25SEP26","daysToExpiry":7.64,"forward":{"current":7.59,"previous":7.24,"change":0.35,"percentChange":4.83}}},{"asset":"TRX","sourceData":{"page":"https://www.derivasys.com/data/trx/2026-09-17","json":"https://www.derivasys.com/data/trx/2026-09-17/data.json","csv":"https://www.derivasys.com/data/trx/2026-09-17/data.csv"},"sourceSnapshot":{"status":"unknown","unavailableReason":"captured-source-snapshot-not-stored","capturedArtifact":null,"originalDatabase":{"status":"unknown","sha256":null,"revision":null}},"bf25Presentation":{"version":1,"kind":"derivedBf25Presentation","status":"unavailable","originalBasis":"unknown","unavailableReason":"invalid-or-missing-captured-source-snapshot","definition":{"version":"average-wing-minus-atm-v1","formula":"(iv25Call + iv25Put) / 2 - ivAtm","fullFlyFormula":"iv25Call + iv25Put - 2 * ivAtm","unit":"volatility points","conversionMethod":"verified-captured-explicit-bf25-else-decimal-full-fly-half-v1","rounding":"native six-place operands; four-place endpoints/change; two-place percent change","verification":"Exact capture hash, native builder/endpoints and rounded captured wing consistency; no raw-quote or SVI refit validation"},"lineage":null,"tenors":[],"derivationSha256":null},"sourceSelectionPolicy":null,"timestamps":{"currentSnapshotAt":"2026-09-17T16:39:00+00:00","previousSnapshotAt":"2026-09-16T16:39:00+00:00","referenceCutoffAt":null},"oneWeek":{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":15.89,"previous":18.82,"change":-2.93,"percentChange":-15.57},"rr25":{"current":3.1,"previous":-3.25,"change":6.35,"percentChange":195.38},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},"tenors":[{"tenor":"1W","availability":"available","unavailableReason":null,"atmIv":{"current":15.89,"previous":18.82,"change":-2.93,"percentChange":-15.57},"rr25":{"current":3.1,"previous":-3.25,"change":6.35,"percentChange":195.38},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"2W","availability":"available","unavailableReason":null,"atmIv":{"current":15.82,"previous":18,"change":-2.18,"percentChange":-12.11},"rr25":{"current":1.72,"previous":-1.25,"change":2.97,"percentChange":237.6},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1M","availability":"available","unavailableReason":null,"atmIv":{"current":16.75,"previous":17.56,"change":-0.81,"percentChange":-4.61},"rr25":{"current":0.55,"previous":0.16,"change":0.39,"percentChange":243.75},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"3M","availability":"available","unavailableReason":null,"atmIv":{"current":17.81,"previous":18.16,"change":-0.35,"percentChange":-1.93},"rr25":{"current":-1.48,"previous":1.72,"change":-3.2,"percentChange":-186.05},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"6M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"9M","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"},{"tenor":"1Y","availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"current":null,"previous":null,"change":null,"percentChange":null},"rr25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25":{"current":null,"previous":null,"change":null,"percentChange":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"invalid-or-missing-captured-source-snapshot"}],"realisedVolatility":null,"dataQuality":{"coverage":null,"coveragePolicy":null,"realisedVolatilityUnavailableReason":"Canonical TRX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded","fitQuality":null,"freshness":null,"comparisonStatus":"available","comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":null,"nearestEligibleForward":{"label":"25SEP26","daysToExpiry":7.64,"forward":{"current":0.33,"previous":0.34,"change":-0.01,"percentChange":-2.94}}}]}