{"schemaVersion":2,"family":"major-coins","reportDate":"2026-09-28","canonicalUrl":"https://www.derivasys.com/reports/major-coins/2026-09-28","datasetUrl":"https://www.derivasys.com/data/reports/major-coins/2026-09-28/data.json","headline":"Major-coin options: Ether ranks above Solana on implied-versus-realised volatility","timestamps":{"generatedAt":"2026-09-28T16:31:53+00:00","currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotAt":"2026-09-27T13:13:00+00:00","comparisonCutoffAt":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":{"previousSnapshotAt":"The report baseline is the stored previous timestamp shared by every required constituent (BTC/ETH/SOL for Major Coins; XRP/HYPE/AVAX/TRX for Altcoins), compared as instants. Null means missing, invalid, mixed or incomplete constituent baselines, or a conflicting stored report baseline. Constituent timestamps remain unchanged; comparisonCutoffAt is not a substitute baseline.","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.","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":"Major-coin options: Ether ranks above Solana on implied-versus-realised volatility","constituents":[{"asset":"BTC","reportDate":"2026-09-28","artifactId":"sha256:19336f6c40b34ef3264fb429ce1540fb7ab0947c5b54304bcd32f6c8c6f47852","contentSha256":"9a1f9b8aba8b641b34ae83eb800478fe6a1557ff331d712add5f56efa722307b","currentSnapshotId":503843,"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotId":493778,"previousSnapshotAt":"2026-09-27T13:13:00+00:00"},{"asset":"ETH","reportDate":"2026-09-28","artifactId":"sha256:0d6231f623f3db6929f062157cebb7ef3c781c3817411afcfcbc1b04e4d7a311","contentSha256":"fb0f5742a43795a0541891e0a55b95baf19344984788affbe6ab1f3549de16f3","currentSnapshotId":503837,"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotId":493779,"previousSnapshotAt":"2026-09-27T13:13:00+00:00"},{"asset":"SOL","reportDate":"2026-09-28","artifactId":"sha256:def085e01cb25946821e0728bdc90276b6ba19ff2c616efc940633b024179262","contentSha256":"b1cfde269e605f0062e42a978eb926e7cc0cb36c45733eb85336a7f4d3f5df95","currentSnapshotId":503841,"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotId":493782,"previousSnapshotAt":"2026-09-27T13:13:00+00:00"}],"methodology":null,"summaryMetrics":{"basis":"Equal-weight average across BTC, ETH and SOL headline metrics","unit":"volatility points","atmIvChange":0.7233333333333333,"rr25Change":-0.9199999999999999,"bf25Change":0.07333333333333332}},"leadSignal":{"status":"declared","declaredEvidence":{"kind":"impliedRealisedLevel","metric":"impliedRealised","tenor":"1W","realisedWindow":"7d","currentSnapshotAt":"2026-09-28T13:13:00+00:00","observations":[{"asset":"BTC","atmIvPercent":34.6,"rv7dPercent":33.93,"spreadPoints":0.67,"rvWindowEnd":"2026-09-28T13:13:00+00:00","coverageStatus":"complete","coveragePercent":100,"largestMissingRunMinutes":0,"minimumCoveragePercent":97,"maximumMissingRunMinutes":60,"coveragePolicyVersion":"observed-minute-returns-v1","evidenceRefs":{"atmIv":"rows[asset=BTC].report.tenors[tenor=1W].atmIv.current","rv7d":"rows[asset=BTC].report.realisedVolatility.rv7dPercent","spread":"rows[asset=BTC].report.realisedVolatility.oneWeekIvMinus7dRvPoints"},"constituentRef":"constituents[asset=BTC]"},{"asset":"ETH","atmIvPercent":45.09,"rv7dPercent":43.61,"spreadPoints":1.48,"rvWindowEnd":"2026-09-28T13:13:00+00:00","coverageStatus":"complete","coveragePercent":100,"largestMissingRunMinutes":0,"minimumCoveragePercent":99.5,"maximumMissingRunMinutes":60,"coveragePolicyVersion":"observed-minute-returns-v1","evidenceRefs":{"atmIv":"rows[asset=ETH].report.tenors[tenor=1W].atmIv.current","rv7d":"rows[asset=ETH].report.realisedVolatility.rv7dPercent","spread":"rows[asset=ETH].report.realisedVolatility.oneWeekIvMinus7dRvPoints"},"constituentRef":"constituents[asset=ETH]"},{"asset":"SOL","atmIvPercent":57.69,"rv7dPercent":61.04,"spreadPoints":-3.35,"rvWindowEnd":"2026-09-28T13:13:00+00:00","coverageStatus":"partial","coveragePercent":99.8313,"largestMissingRunMinutes":16,"minimumCoveragePercent":99.5,"maximumMissingRunMinutes":60,"coveragePolicyVersion":"observed-minute-returns-v1","evidenceRefs":{"atmIv":"rows[asset=SOL].report.tenors[tenor=1W].atmIv.current","rv7d":"rows[asset=SOL].report.realisedVolatility.rv7dPercent","spread":"rows[asset=SOL].report.realisedVolatility.oneWeekIvMinus7dRvPoints"},"constituentRef":"constituents[asset=SOL]"}],"provenance":{"kind":"realised-volatility-measurement","candidateId":"majors-cross-iv-minus-realised-dispersion","candidateSource":"crossAssetAnalysis.evidence[majors-cross-iv-minus-realised-dispersion]"}},"validatedDisplay":{"opening":"ETH one-week implied volatility sits 1.48 vol points above seven-day realised volatility, while SOL one-week implied volatility sits 3.35 vol points below seven-day realised volatility; the gap between these spreads is 4.83 vol points.","readings":["BTC 1W IV 34.60% / 7D RV 33.93% · spread +0.67 vol pts","ETH 1W IV 45.09% / 7D RV 43.61% · spread +1.48 vol pts","SOL 1W IV 57.69% / 7D RV 61.04% · spread -3.35 vol pts · Partial RV: 99.83% coverage, longest gap 16 min; gaps may miss volatility"],"cutoff":"28 Sept 2026, 13:13 UTC","rarity":[]},"comparativeEvidence":[{"id":"majors-cross-1w-atm-change-dispersion","metric":"1W ATM IV change dispersion","unit":"volatility points","leader":"BTC","laggard":"SOL","highest":2.78,"lowest":0.73,"spread":2.05,"highestToLowestRatio":3.8082,"largestAbsoluteMoveAsset":"BTC","largestAbsoluteMoveValue":2.78,"values":[{"asset":"BTC","value":2.78},{"asset":"ETH","value":1.42},{"asset":"SOL","value":0.73}]},{"id":"majors-cross-1w-atm-level-dispersion","metric":"1W ATM IV level dispersion","unit":"volatility points","leader":"SOL","laggard":"BTC","highest":57.69,"lowest":34.6,"spread":23.09,"highestToLowestRatio":1.6673,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":57.69,"values":[{"asset":"BTC","value":34.6},{"asset":"ETH","value":45.09},{"asset":"SOL","value":57.69}],"previousSpread":25.14,"spreadChange":-2.05,"dispersionDirection":"compressing"},{"id":"majors-cross-1w-rr25-dispersion","metric":"1W RR25 level dispersion","unit":"volatility points","leader":"SOL","laggard":"ETH","highest":-0.14,"lowest":-2.02,"spread":1.88,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"ETH","largestAbsoluteMoveValue":-2.02,"values":[{"asset":"BTC","value":-1.54},{"asset":"ETH","value":-2.02},{"asset":"SOL","value":-0.14}],"previousSpread":4.42,"spreadChange":-2.54,"dispersionDirection":"compressing"},{"id":"majors-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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","value":null}],"previousSpread":null,"spreadChange":null,"dispersionDirection":"unavailable"},{"id":"majors-cross-iv-minus-realised-dispersion","metric":"1W IV minus 7D realised volatility dispersion","unit":"volatility points","leader":"ETH","laggard":"SOL","highest":1.48,"lowest":-3.35,"spread":4.83,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-3.35,"values":[{"asset":"BTC","value":0.67},{"asset":"ETH","value":1.48},{"asset":"SOL","value":-3.35}]},{"id":"majors-cross-spot-performance","metric":"24H spot performance dispersion","unit":"percentage points","leader":"ETH","laggard":"SOL","highest":-0.65,"lowest":-2.79,"spread":2.14,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-2.79,"values":[{"asset":"BTC","value":-1.57},{"asset":"ETH","value":-0.65},{"asset":"SOL","value":-2.79}]},{"id":"majors-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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","value":null}]}]},"analysisStatus":"available","analysisUnavailableReason":null,"crossAssetAnalysis":{"schemaVersion":1,"purpose":"Explain what is happening between BTC, ETH and SOL, not recap the component reports.","returnMetric":{"key":"spotPerformance24h","source":"spotMove24hPercent","label":"24h spot-index return","unit":"percent"},"assets":["BTC","ETH","SOL"],"comparableAssets":["BTC","ETH","SOL"],"oneWeek":{"atmIvLevel":{"leader":"SOL","laggard":"BTC","highest":57.69,"lowest":34.6,"spread":23.09,"highestToLowestRatio":1.6673,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":57.69,"values":[{"asset":"BTC","value":34.6},{"asset":"ETH","value":45.09},{"asset":"SOL","value":57.69}],"previousSpread":25.14,"spreadChange":-2.05,"dispersionDirection":"compressing"},"atmIvChange":{"leader":"BTC","laggard":"SOL","highest":2.78,"lowest":0.73,"spread":2.05,"highestToLowestRatio":3.8082,"largestAbsoluteMoveAsset":"BTC","largestAbsoluteMoveValue":2.78,"values":[{"asset":"BTC","value":2.78},{"asset":"ETH","value":1.42},{"asset":"SOL","value":0.73}]},"rr25Level":{"leader":"SOL","laggard":"ETH","highest":-0.14,"lowest":-2.02,"spread":1.88,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"ETH","largestAbsoluteMoveValue":-2.02,"values":[{"asset":"BTC","value":-1.54},{"asset":"ETH","value":-2.02},{"asset":"SOL","value":-0.14}],"previousSpread":4.42,"spreadChange":-2.54,"dispersionDirection":"compressing"},"rr25Change":{"leader":"BTC","laggard":"SOL","highest":-1.06,"lowest":-4.08,"spread":3.02,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-4.08,"values":[{"asset":"BTC","value":-1.06},{"asset":"ETH","value":-1.96},{"asset":"SOL","value":-4.08}]}},"relativeVolatilityLeader":{"asset":"BTC","metric":"absolute 1W ATM IV change","value":2.78},"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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","value":null}]}},"relativeValue":{"ivMinusRealised7d":{"leader":"ETH","laggard":"SOL","highest":1.48,"lowest":-3.35,"spread":4.83,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-3.35,"values":[{"asset":"BTC","value":0.67},{"asset":"ETH","value":1.48},{"asset":"SOL","value":-3.35}]},"spotPerformance24h":{"leader":"ETH","laggard":"SOL","highest":-0.65,"lowest":-2.79,"spread":2.14,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-2.79,"values":[{"asset":"BTC","value":-1.57},{"asset":"ETH","value":-0.65},{"asset":"SOL","value":-2.79}]}},"rankings":{"oneWeekAtmIvLevel":[{"rank":1,"asset":"SOL","value":57.69,"previousRank":1,"rankChange":0},{"rank":2,"asset":"ETH","value":45.09,"previousRank":2,"rankChange":0},{"rank":3,"asset":"BTC","value":34.6,"previousRank":3,"rankChange":0}],"oneWeekAtmIvChange":[{"rank":1,"asset":"BTC","value":2.78,"previousRank":null,"rankChange":null},{"rank":2,"asset":"ETH","value":1.42,"previousRank":null,"rankChange":null},{"rank":3,"asset":"SOL","value":0.73,"previousRank":null,"rankChange":null}],"oneWeekAtmIvAbsoluteMove":[{"rank":1,"asset":"BTC","value":2.78,"previousRank":null,"rankChange":null},{"rank":2,"asset":"ETH","value":1.42,"previousRank":null,"rankChange":null},{"rank":3,"asset":"SOL","value":0.73,"previousRank":null,"rankChange":null}],"ivMinusRealised7d":[{"rank":1,"asset":"ETH","value":1.48,"previousRank":null,"rankChange":null},{"rank":2,"asset":"BTC","value":0.67,"previousRank":null,"rankChange":null},{"rank":3,"asset":"SOL","value":-3.35,"previousRank":null,"rankChange":null}],"oneWeekRr25CallRichness":[{"rank":1,"asset":"SOL","value":-0.14,"previousRank":1,"rankChange":0},{"rank":2,"asset":"BTC","value":-1.54,"previousRank":3,"rankChange":1},{"rank":3,"asset":"ETH","value":-2.02,"previousRank":2,"rankChange":-1}],"oneWeekRr25PutRichness":[{"rank":1,"asset":"ETH","value":-2.02,"previousRank":2,"rankChange":1},{"rank":2,"asset":"BTC","value":-1.54,"previousRank":1,"rankChange":-1},{"rank":3,"asset":"SOL","value":-0.14,"previousRank":3,"rankChange":0}],"termStructureSlope":[{"rank":null,"asset":"BTC","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"ETH","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"SOL","value":null,"previousRank":null,"rankChange":null}],"termStructureSlopeChange":[{"rank":null,"asset":"BTC","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"ETH","value":null,"previousRank":null,"rankChange":null},{"rank":null,"asset":"SOL","value":null,"previousRank":null,"rankChange":null}],"spotPerformance24h":[{"rank":1,"asset":"ETH","value":-0.65,"previousRank":null,"rankChange":null},{"rank":2,"asset":"BTC","value":-1.57,"previousRank":null,"rankChange":null},{"rank":3,"asset":"SOL","value":-2.79,"previousRank":null,"rankChange":null}]},"outliers":[{"metric":"1W ATM IV change","asset":"BTC","value":2.78,"groupMedian":1.42,"distanceFromMedian":1.36},{"metric":"1W ATM IV level","asset":"SOL","value":57.69,"groupMedian":45.09,"distanceFromMedian":12.6},{"metric":"1W RR25 level","asset":"SOL","value":-0.14,"groupMedian":-1.54,"distanceFromMedian":1.4},{"metric":"1W IV minus 7D realised volatility","asset":"SOL","value":-3.35,"groupMedian":0.67,"distanceFromMedian":-4.02}],"relativeValueObservation":{"spread":4.83,"metric":"1W ATM IV minus 7D realised volatility","interpretation":"ETH screens richest and SOL cheapest on one-week implied volatility versus seven-day realised volatility, with a 4.83-point cross-sectional range."},"historicalContext":{"minimumObservations":20,"observations":30,"oneWeekAtmIvLevelDispersionPercentile":70,"oneWeekAtmIvChangeDispersionPercentile":30,"oneWeekRr25LevelDispersionPercentile":36.7,"termStructureDispersionPercentile":null,"ivMinusRealisedDispersionPercentile":79.2,"availabilityNote":null},"correlations":{"metric":"spotMove24hPercent","minimumObservations":10,"lookbackObservations":30,"pairs":[{"assets":["BTC","ETH"],"value":0.8718,"observations":26},{"assets":["BTC","SOL"],"value":0.8194,"observations":10},{"assets":["ETH","SOL"],"value":0.9011,"observations":10}],"availabilityNote":null},"evidence":[{"id":"majors-cross-1w-atm-change-dispersion","metric":"1W ATM IV change dispersion","unit":"volatility points","leader":"BTC","laggard":"SOL","highest":2.78,"lowest":0.73,"spread":2.05,"highestToLowestRatio":3.8082,"largestAbsoluteMoveAsset":"BTC","largestAbsoluteMoveValue":2.78,"values":[{"asset":"BTC","value":2.78},{"asset":"ETH","value":1.42},{"asset":"SOL","value":0.73}]},{"id":"majors-cross-1w-atm-level-dispersion","metric":"1W ATM IV level dispersion","unit":"volatility points","leader":"SOL","laggard":"BTC","highest":57.69,"lowest":34.6,"spread":23.09,"highestToLowestRatio":1.6673,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":57.69,"values":[{"asset":"BTC","value":34.6},{"asset":"ETH","value":45.09},{"asset":"SOL","value":57.69}],"previousSpread":25.14,"spreadChange":-2.05,"dispersionDirection":"compressing"},{"id":"majors-cross-1w-rr25-dispersion","metric":"1W RR25 level dispersion","unit":"volatility points","leader":"SOL","laggard":"ETH","highest":-0.14,"lowest":-2.02,"spread":1.88,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"ETH","largestAbsoluteMoveValue":-2.02,"values":[{"asset":"BTC","value":-1.54},{"asset":"ETH","value":-2.02},{"asset":"SOL","value":-0.14}],"previousSpread":4.42,"spreadChange":-2.54,"dispersionDirection":"compressing"},{"id":"majors-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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","value":null}],"previousSpread":null,"spreadChange":null,"dispersionDirection":"unavailable"},{"id":"majors-cross-iv-minus-realised-dispersion","metric":"1W IV minus 7D realised volatility dispersion","unit":"volatility points","leader":"ETH","laggard":"SOL","highest":1.48,"lowest":-3.35,"spread":4.83,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-3.35,"values":[{"asset":"BTC","value":0.67},{"asset":"ETH","value":1.48},{"asset":"SOL","value":-3.35}]},{"id":"majors-cross-spot-performance","metric":"24H spot performance dispersion","unit":"percentage points","leader":"ETH","laggard":"SOL","highest":-0.65,"lowest":-2.79,"spread":2.14,"highestToLowestRatio":null,"largestAbsoluteMoveAsset":"SOL","largestAbsoluteMoveValue":-2.79,"values":[{"asset":"BTC","value":-1.57},{"asset":"ETH","value":-0.65},{"asset":"SOL","value":-2.79}]},{"id":"majors-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":"BTC","value":null},{"asset":"ETH","value":null},{"asset":"SOL","value":null}]}]},"assets":[{"asset":"BTC","sourceData":{"page":"https://www.derivasys.com/data/btc/2026-09-28","json":"https://www.derivasys.com/data/btc/2026-09-28/data.json","csv":"https://www.derivasys.com/data/btc/2026-09-28/data.csv"},"timestamps":{"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotAt":"2026-09-27T13:13:00+00:00"},"oneWeek":{"tenor":"1W","targetExpiry":1791205980899,"availability":"available","unavailableReason":null,"atmIv":{"current":34.6,"previous":31.82,"change":2.78,"percentChange":8.74},"rr25":{"current":-1.54,"previous":-0.48,"change":-1.06,"percentChange":-220.83},"bf25":{"current":1.74,"previous":1.82,"change":-0.08,"percentChange":-4.4},"historicalSignificance":{"atmIv":{"absoluteMove":2.78,"movePercentile30d":60,"movePercentileFullHistory":73.2,"currentLevelPercentileFullHistory":41.8,"classificationPercentile":73.2,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":1.06,"movePercentile30d":56.7,"movePercentileFullHistory":64.3,"currentLevelPercentileFullHistory":74.1,"classificationPercentile":64.3,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.08,"movePercentile30d":30,"movePercentileFullHistory":28.7,"currentLevelPercentileFullHistory":34.8,"classificationPercentile":30,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},"tenors":[{"tenor":"1W","targetExpiry":1791205980899,"availability":"available","unavailableReason":null,"atmIv":{"current":34.6,"previous":31.82,"change":2.78,"percentChange":8.74},"rr25":{"current":-1.54,"previous":-0.48,"change":-1.06,"percentChange":-220.83},"bf25":{"current":1.74,"previous":1.82,"change":-0.08,"percentChange":-4.4},"historicalSignificance":{"atmIv":{"absoluteMove":2.78,"movePercentile30d":60,"movePercentileFullHistory":73.2,"currentLevelPercentileFullHistory":41.8,"classificationPercentile":73.2,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":1.06,"movePercentile30d":56.7,"movePercentileFullHistory":64.3,"currentLevelPercentileFullHistory":74.1,"classificationPercentile":64.3,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.08,"movePercentile30d":30,"movePercentileFullHistory":28.7,"currentLevelPercentileFullHistory":34.8,"classificationPercentile":30,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"2W","targetExpiry":1791810780899,"availability":"available","unavailableReason":null,"atmIv":{"current":34.41,"previous":32.32,"change":2.09,"percentChange":6.47},"rr25":{"current":-1.44,"previous":-0.63,"change":-0.81,"percentChange":-128.57},"bf25":{"current":1.62,"previous":1.73,"change":-0.11,"percentChange":-6.36},"historicalSignificance":{"atmIv":{"absoluteMove":2.09,"movePercentile30d":73.3,"movePercentileFullHistory":79,"currentLevelPercentileFullHistory":34.8,"classificationPercentile":79,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":0.81,"movePercentile30d":60,"movePercentileFullHistory":60.5,"currentLevelPercentileFullHistory":77.2,"classificationPercentile":60.5,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.11,"movePercentile30d":50,"movePercentileFullHistory":42.7,"currentLevelPercentileFullHistory":12,"classificationPercentile":50,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"1M","targetExpiry":1793193180899,"availability":"available","unavailableReason":null,"atmIv":{"current":35.15,"previous":33.68,"change":1.47,"percentChange":4.36},"rr25":{"current":-1.01,"previous":-0.8,"change":-0.21,"percentChange":-26.25},"bf25":{"current":1.75,"previous":1.9,"change":-0.15,"percentChange":-7.89},"historicalSignificance":{"atmIv":{"absoluteMove":1.47,"movePercentile30d":76.7,"movePercentileFullHistory":79,"currentLevelPercentileFullHistory":36.7,"classificationPercentile":79,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":0.21,"movePercentile30d":26.7,"movePercentileFullHistory":22.9,"currentLevelPercentileFullHistory":81.6,"classificationPercentile":26.7,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.15,"movePercentile30d":66.7,"movePercentileFullHistory":70.7,"currentLevelPercentileFullHistory":2.5,"classificationPercentile":70.7,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"3M","targetExpiry":1798463580899,"availability":"available","unavailableReason":null,"atmIv":{"current":37.38,"previous":36.76,"change":0.62,"percentChange":1.69},"rr25":{"current":-0.72,"previous":-1.09,"change":0.37,"percentChange":33.94},"bf25":{"current":1.94,"previous":2.15,"change":-0.21,"percentChange":-9.77},"historicalSignificance":{"atmIv":{"absoluteMove":0.62,"movePercentile30d":70,"movePercentileFullHistory":72,"currentLevelPercentileFullHistory":20.9,"classificationPercentile":72,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":0.37,"movePercentile30d":63.3,"movePercentileFullHistory":58.6,"currentLevelPercentileFullHistory":91.1,"classificationPercentile":63.3,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.21,"movePercentile30d":100,"movePercentileFullHistory":91.1,"currentLevelPercentileFullHistory":1.3,"classificationPercentile":100,"label":"exceptional","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"6M","targetExpiry":1806325980899,"availability":"available","unavailableReason":null,"atmIv":{"current":38.11,"previous":37.75,"change":0.36,"percentChange":0.95},"rr25":{"current":-0.49,"previous":-0.71,"change":0.22,"percentChange":30.99},"bf25":{"current":2.05,"previous":2.35,"change":-0.3,"percentChange":-12.77},"historicalSignificance":{"atmIv":{"absoluteMove":0.36,"movePercentile30d":63.3,"movePercentileFullHistory":68.2,"currentLevelPercentileFullHistory":3.2,"classificationPercentile":68.2,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":0.22,"movePercentile30d":50,"movePercentileFullHistory":53.5,"currentLevelPercentileFullHistory":90.5,"classificationPercentile":53.5,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.3,"movePercentile30d":100,"movePercentileFullHistory":99.4,"currentLevelPercentileFullHistory":0.6,"classificationPercentile":100,"label":"exceptional","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"9M","targetExpiry":1814188380899,"availability":"available","unavailableReason":null,"atmIv":{"current":38.83,"previous":38.52,"change":0.31,"percentChange":0.8},"rr25":{"current":-0.17,"previous":-0.22,"change":0.05,"percentChange":22.73},"bf25":{"current":2.33,"previous":2.54,"change":-0.21,"percentChange":-8.27},"historicalSignificance":{"atmIv":{"absoluteMove":0.31,"movePercentile30d":76.7,"movePercentileFullHistory":70.1,"currentLevelPercentileFullHistory":2.5,"classificationPercentile":76.7,"label":"notable","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"rr25":{"absoluteMove":0.05,"movePercentile30d":16.7,"movePercentileFullHistory":15.9,"currentLevelPercentileFullHistory":90.5,"classificationPercentile":16.7,"label":"routine","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158},"bf25":{"absoluteMove":0.21,"movePercentile30d":100,"movePercentileFullHistory":97.5,"currentLevelPercentileFullHistory":13.3,"classificationPercentile":100,"label":"exceptional","observations30d":30,"observationsFullHistory":157,"levelObservationsFullHistory":158}}},{"tenor":"1Y","targetExpiry":1822137180899,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0}}}],"realisedVolatility":{"source":"canonical/BTC-USD-INDEX (DERIBIT and OKX indexes)","fallbackObservations":88,"fallbackPolicy":"Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.","samplingInterval":"1 minute","annualizationBasis":"365 days","windowEnd":"2026-09-28T13:13:00+00:00","spotWindowStart":"2026-09-27T13:13:00+00:00","spotMetric":"spot-index return","spotUnit":"percent","spotMove24hPercent":-1.57,"rv24hPercent":31.12,"rv7dPercent":33.93,"rv30dPercent":34.73,"observations":{"24h":1440,"7d":10080,"30d":43200},"coverage":{"24h":{"status":"complete","observedReturns":1440,"expectedReturns":1440,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"7d":{"status":"complete","observedReturns":10080,"expectedReturns":10080,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"30d":{"status":"complete","observedReturns":43200,"expectedReturns":43200,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":null,"minimumCoveragePercentByWindow":{"24h":98,"7d":97,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"spotUnavailableReason":null,"oneWeekAtmIvPercent":34.6,"oneWeekIvMinus7dRvPoints":0.67,"oneWeekIvMinus24hRvPoints":3.48,"oneWeekIvMinus30dRvPoints":-0.13},"dataQuality":{"coverage":{"24h":{"status":"complete","observedReturns":1440,"expectedReturns":1440,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"7d":{"status":"complete","observedReturns":10080,"expectedReturns":10080,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"30d":{"status":"complete","observedReturns":43200,"expectedReturns":43200,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":null,"minimumCoveragePercentByWindow":{"24h":98,"7d":97,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"realisedVolatilityUnavailableReason":null,"fitQuality":{"currentObjective":0.17711664,"previousObjective":0.15504464,"currentLiveError":129.12879113,"previousLiveError":163.18134895},"comparisonStatus":null,"comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":{"source":"Derivasys proprietary historical SVI surface and canonical BTC index databases","comparison":"Nearest successful surface snapshots approximately 24 hours apart","rrConvention":"25-delta call IV minus 25-delta put IV","bfConvention":"Average 25-delta wing IV minus ATM forward IV","greeks":"Black forward Greeks for a normalized one-BTC ATM-forward call, zero rate, fitted SVI IV","commentary":"Metrics and takeaways are deterministic. Daily headlines and introductions may be model-assisted, constrained to the same stored facts; weekly prose is deterministic.","fixedTenors":"Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.","smileReconstruction":"Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.","ultraShortExpiry":"Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.","causalClaims":"The report describes observed surface and realised-volatility changes only and does not infer unsupported market drivers, flows or forecasts.","realisedVolatility":"Annualised root-mean-square of one-minute canonical BTC-USD index log returns using a 365-day basis; all windows end at the current snapshot."},"nearestEligibleForward":null},{"asset":"ETH","sourceData":{"page":"https://www.derivasys.com/data/eth/2026-09-28","json":"https://www.derivasys.com/data/eth/2026-09-28/data.json","csv":"https://www.derivasys.com/data/eth/2026-09-28/data.csv"},"timestamps":{"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotAt":"2026-09-27T13:13:00+00:00"},"oneWeek":{"tenor":"1W","targetExpiry":1791205980375,"availability":"available","unavailableReason":null,"atmIv":{"current":45.09,"previous":43.67,"change":1.42,"percentChange":3.25},"rr25":{"current":-2.02,"previous":-0.06,"change":-1.96,"percentChange":-3266.67},"bf25":{"current":2.56,"previous":2.8,"change":-0.24,"percentChange":-8.57},"historicalSignificance":{"atmIv":{"absoluteMove":1.42,"movePercentile30d":20,"movePercentileFullHistory":22,"currentLevelPercentileFullHistory":22.7,"classificationPercentile":22,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":1.96,"movePercentile30d":76.7,"movePercentileFullHistory":73.2,"currentLevelPercentileFullHistory":9.1,"classificationPercentile":76.7,"label":"notable","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.24,"movePercentile30d":46.7,"movePercentileFullHistory":41.5,"currentLevelPercentileFullHistory":27.3,"classificationPercentile":46.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},"tenors":[{"tenor":"1W","targetExpiry":1791205980375,"availability":"available","unavailableReason":null,"atmIv":{"current":45.09,"previous":43.67,"change":1.42,"percentChange":3.25},"rr25":{"current":-2.02,"previous":-0.06,"change":-1.96,"percentChange":-3266.67},"bf25":{"current":2.56,"previous":2.8,"change":-0.24,"percentChange":-8.57},"historicalSignificance":{"atmIv":{"absoluteMove":1.42,"movePercentile30d":20,"movePercentileFullHistory":22,"currentLevelPercentileFullHistory":22.7,"classificationPercentile":22,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":1.96,"movePercentile30d":76.7,"movePercentileFullHistory":73.2,"currentLevelPercentileFullHistory":9.1,"classificationPercentile":76.7,"label":"notable","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.24,"movePercentile30d":46.7,"movePercentileFullHistory":41.5,"currentLevelPercentileFullHistory":27.3,"classificationPercentile":46.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"2W","targetExpiry":1791810780375,"availability":"available","unavailableReason":null,"atmIv":{"current":45.98,"previous":44.95,"change":1.03,"percentChange":2.29},"rr25":{"current":-1.18,"previous":-0.2,"change":-0.98,"percentChange":-490},"bf25":{"current":2.58,"previous":2.66,"change":-0.08,"percentChange":-3.01},"historicalSignificance":{"atmIv":{"absoluteMove":1.03,"movePercentile30d":26.7,"movePercentileFullHistory":31.7,"currentLevelPercentileFullHistory":15.9,"classificationPercentile":31.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":0.98,"movePercentile30d":56.7,"movePercentileFullHistory":58.5,"currentLevelPercentileFullHistory":18.2,"classificationPercentile":58.5,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.08,"movePercentile30d":16.7,"movePercentileFullHistory":17.1,"currentLevelPercentileFullHistory":25,"classificationPercentile":17.1,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"1M","targetExpiry":1793193180375,"availability":"available","unavailableReason":null,"atmIv":{"current":48,"previous":47.49,"change":0.51,"percentChange":1.07},"rr25":{"current":-0.45,"previous":-0.31,"change":-0.14,"percentChange":-45.16},"bf25":{"current":2.51,"previous":2.47,"change":0.04,"percentChange":1.62},"historicalSignificance":{"atmIv":{"absoluteMove":0.51,"movePercentile30d":36.7,"movePercentileFullHistory":36.6,"currentLevelPercentileFullHistory":13.6,"classificationPercentile":36.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":0.14,"movePercentile30d":3.3,"movePercentileFullHistory":12.2,"currentLevelPercentileFullHistory":34.1,"classificationPercentile":12.2,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.04,"movePercentile30d":13.3,"movePercentileFullHistory":17.1,"currentLevelPercentileFullHistory":11.4,"classificationPercentile":17.1,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"3M","targetExpiry":1798463580375,"availability":"available","unavailableReason":null,"atmIv":{"current":51.96,"previous":51.78,"change":0.18,"percentChange":0.35},"rr25":{"current":-0.49,"previous":-0.05,"change":-0.44,"percentChange":-880},"bf25":{"current":2.97,"previous":2.87,"change":0.1,"percentChange":3.48},"historicalSignificance":{"atmIv":{"absoluteMove":0.18,"movePercentile30d":36.7,"movePercentileFullHistory":31.7,"currentLevelPercentileFullHistory":15.9,"classificationPercentile":36.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":0.44,"movePercentile30d":60,"movePercentileFullHistory":58.5,"currentLevelPercentileFullHistory":15.9,"classificationPercentile":60,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.1,"movePercentile30d":40,"movePercentileFullHistory":39,"currentLevelPercentileFullHistory":34.1,"classificationPercentile":40,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"6M","targetExpiry":1806325980375,"availability":"available","unavailableReason":null,"atmIv":{"current":53.66,"previous":53.72,"change":-0.06,"percentChange":-0.11},"rr25":{"current":0.42,"previous":0.39,"change":0.03,"percentChange":7.69},"bf25":{"current":2.96,"previous":3.01,"change":-0.05,"percentChange":-1.66},"historicalSignificance":{"atmIv":{"absoluteMove":0.06,"movePercentile30d":30,"movePercentileFullHistory":24.4,"currentLevelPercentileFullHistory":6.8,"classificationPercentile":30,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":0.03,"movePercentile30d":3.3,"movePercentileFullHistory":4.9,"currentLevelPercentileFullHistory":54.5,"classificationPercentile":4.9,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.05,"movePercentile30d":26.7,"movePercentileFullHistory":22,"currentLevelPercentileFullHistory":38.6,"classificationPercentile":26.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"9M","targetExpiry":1814188380375,"availability":"available","unavailableReason":null,"atmIv":{"current":54.52,"previous":54.54,"change":-0.02,"percentChange":-0.04},"rr25":{"current":1.12,"previous":1.25,"change":-0.13,"percentChange":-10.4},"bf25":{"current":2.9,"previous":3.03,"change":-0.13,"percentChange":-4.29},"historicalSignificance":{"atmIv":{"absoluteMove":0.02,"movePercentile30d":10,"movePercentileFullHistory":9.8,"currentLevelPercentileFullHistory":2.3,"classificationPercentile":10,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"rr25":{"absoluteMove":0.13,"movePercentile30d":36.7,"movePercentileFullHistory":34.1,"currentLevelPercentileFullHistory":70.5,"classificationPercentile":36.7,"label":"routine","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44},"bf25":{"absoluteMove":0.13,"movePercentile30d":80,"movePercentileFullHistory":68.3,"currentLevelPercentileFullHistory":81.8,"classificationPercentile":80,"label":"notable","observations30d":30,"observationsFullHistory":41,"levelObservationsFullHistory":44}}},{"tenor":"1Y","targetExpiry":1822137180375,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0}}}],"realisedVolatility":{"source":"canonical/ETH-USD-INDEX (DERIBIT and OKX indexes)","fallbackObservations":88,"fallbackPolicy":"Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.","samplingInterval":"1 minute","annualizationBasis":"365 days","windowEnd":"2026-09-28T13:13:00+00:00","spotWindowStart":"2026-09-27T13:13:00+00:00","spotMetric":"spot-index return","spotUnit":"percent","spotMove24hPercent":-0.65,"rv24hPercent":39.86,"rv7dPercent":43.61,"rv30dPercent":47.17,"observations":{"24h":1440,"7d":10080,"30d":43200},"coverage":{"24h":{"status":"complete","observedReturns":1440,"expectedReturns":1440,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"7d":{"status":"complete","observedReturns":10080,"expectedReturns":10080,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"30d":{"status":"complete","observedReturns":43200,"expectedReturns":43200,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":99.5,"minimumCoveragePercentByWindow":{"24h":99.5,"7d":99.5,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"spotUnavailableReason":null,"oneWeekAtmIvPercent":45.09,"oneWeekIvMinus7dRvPoints":1.48,"oneWeekIvMinus24hRvPoints":5.23,"oneWeekIvMinus30dRvPoints":-2.08},"dataQuality":{"coverage":{"24h":{"status":"complete","observedReturns":1440,"expectedReturns":1440,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"7d":{"status":"complete","observedReturns":10080,"expectedReturns":10080,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null},"30d":{"status":"complete","observedReturns":43200,"expectedReturns":43200,"coveragePercent":100,"missingPriceMinutes":0,"missingIntervals":0,"largestMissingRunMinutes":0,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":99.5,"minimumCoveragePercentByWindow":{"24h":99.5,"7d":99.5,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"realisedVolatilityUnavailableReason":null,"fitQuality":{"currentObjective":0.27313145,"previousObjective":0.16240042,"currentLiveError":134.32741064,"previousLiveError":32.43344657},"comparisonStatus":null,"comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":{"source":"Derivasys proprietary historical SVI surface and canonical ETH index databases","comparison":"Nearest successful surface snapshots approximately 24 hours apart","rrConvention":"25-delta call IV minus 25-delta put IV","bfConvention":"Average 25-delta wing IV minus ATM forward IV","greeks":"Black forward Greeks for a normalized one-ETH ATM-forward call, zero rate, fitted SVI IV","commentary":"Metrics and takeaways are deterministic. Daily headlines and introductions may be model-assisted, constrained to the same stored facts; weekly prose is deterministic.","fixedTenors":"Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.","smileReconstruction":"Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.","ultraShortExpiry":"Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.","causalClaims":"The report describes observed surface and realised-volatility changes only and does not infer unsupported market drivers, flows or forecasts.","realisedVolatility":"Annualised root-mean-square of one-minute canonical ETH-USD index log returns using a 365-day basis; all windows end at the current snapshot."},"nearestEligibleForward":null},{"asset":"SOL","sourceData":{"page":"https://www.derivasys.com/data/sol/2026-09-28","json":"https://www.derivasys.com/data/sol/2026-09-28/data.json","csv":"https://www.derivasys.com/data/sol/2026-09-28/data.csv"},"timestamps":{"currentSnapshotAt":"2026-09-28T13:13:00+00:00","previousSnapshotAt":"2026-09-27T13:13:00+00:00"},"oneWeek":{"tenor":"1W","targetExpiry":1791205980708,"availability":"available","unavailableReason":null,"atmIv":{"current":57.69,"previous":56.96,"change":0.73,"percentChange":1.28},"rr25":{"current":-0.14,"previous":3.94,"change":-4.08,"percentChange":-103.55},"bf25":{"current":3.42,"previous":3.4,"change":0.02,"percentChange":0.59},"historicalSignificance":{"atmIv":{"absoluteMove":0.73,"movePercentile30d":23.3,"movePercentileFullHistory":22.6,"currentLevelPercentileFullHistory":78.1,"classificationPercentile":23.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"rr25":{"absoluteMove":4.08,"movePercentile30d":86.7,"movePercentileFullHistory":83.9,"currentLevelPercentileFullHistory":15.6,"classificationPercentile":86.7,"label":"notable","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"bf25":{"absoluteMove":0.02,"movePercentile30d":3.3,"movePercentileFullHistory":3.2,"currentLevelPercentileFullHistory":9.4,"classificationPercentile":3.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32}}},"tenors":[{"tenor":"1W","targetExpiry":1791205980708,"availability":"available","unavailableReason":null,"atmIv":{"current":57.69,"previous":56.96,"change":0.73,"percentChange":1.28},"rr25":{"current":-0.14,"previous":3.94,"change":-4.08,"percentChange":-103.55},"bf25":{"current":3.42,"previous":3.4,"change":0.02,"percentChange":0.59},"historicalSignificance":{"atmIv":{"absoluteMove":0.73,"movePercentile30d":23.3,"movePercentileFullHistory":22.6,"currentLevelPercentileFullHistory":78.1,"classificationPercentile":23.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"rr25":{"absoluteMove":4.08,"movePercentile30d":86.7,"movePercentileFullHistory":83.9,"currentLevelPercentileFullHistory":15.6,"classificationPercentile":86.7,"label":"notable","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"bf25":{"absoluteMove":0.02,"movePercentile30d":3.3,"movePercentileFullHistory":3.2,"currentLevelPercentileFullHistory":9.4,"classificationPercentile":3.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32}}},{"tenor":"2W","targetExpiry":1791810780708,"availability":"available","unavailableReason":null,"atmIv":{"current":55.89,"previous":55.74,"change":0.15,"percentChange":0.27},"rr25":{"current":0.81,"previous":2.6,"change":-1.79,"percentChange":-68.85},"bf25":{"current":3.57,"previous":2.96,"change":0.61,"percentChange":20.61},"historicalSignificance":{"atmIv":{"absoluteMove":0.15,"movePercentile30d":10,"movePercentileFullHistory":12.9,"currentLevelPercentileFullHistory":71.9,"classificationPercentile":12.9,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"rr25":{"absoluteMove":1.79,"movePercentile30d":63.3,"movePercentileFullHistory":61.3,"currentLevelPercentileFullHistory":25,"classificationPercentile":63.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"bf25":{"absoluteMove":0.61,"movePercentile30d":83.3,"movePercentileFullHistory":80.6,"currentLevelPercentileFullHistory":18.8,"classificationPercentile":83.3,"label":"notable","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32}}},{"tenor":"1M","targetExpiry":1793193180708,"availability":"available","unavailableReason":null,"atmIv":{"current":54.92,"previous":55.54,"change":-0.62,"percentChange":-1.12},"rr25":{"current":2.18,"previous":1.58,"change":0.6,"percentChange":37.97},"bf25":{"current":3.8,"previous":3.1,"change":0.7,"percentChange":22.58},"historicalSignificance":{"atmIv":{"absoluteMove":0.62,"movePercentile30d":43.3,"movePercentileFullHistory":41.9,"currentLevelPercentileFullHistory":68.8,"classificationPercentile":43.3,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"rr25":{"absoluteMove":0.6,"movePercentile30d":40,"movePercentileFullHistory":38.7,"currentLevelPercentileFullHistory":43.8,"classificationPercentile":40,"label":"routine","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32},"bf25":{"absoluteMove":0.7,"movePercentile30d":93.3,"movePercentileFullHistory":93.5,"currentLevelPercentileFullHistory":15.6,"classificationPercentile":93.5,"label":"large","observations30d":30,"observationsFullHistory":31,"levelObservationsFullHistory":32}}},{"tenor":"3M","targetExpiry":1798463580708,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":26,"observationsFullHistory":27,"levelObservationsFullHistory":28},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":26,"observationsFullHistory":27,"levelObservationsFullHistory":28},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":26,"observationsFullHistory":27,"levelObservationsFullHistory":28}}},{"tenor":"6M","targetExpiry":1806325980708,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0}}},{"tenor":"9M","targetExpiry":1814188380708,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0}}},{"tenor":"1Y","targetExpiry":1822137180708,"availability":"unavailable","unavailableReason":"The target tenor falls outside the listed-expiry range at one or both snapshots; 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},"historicalSignificance":{"atmIv":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"rr25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0},"bf25":{"absoluteMove":null,"movePercentile30d":null,"movePercentileFullHistory":null,"currentLevelPercentileFullHistory":null,"classificationPercentile":null,"label":"unavailable","observations30d":0,"observationsFullHistory":0,"levelObservationsFullHistory":0}}}],"realisedVolatility":{"source":"canonical/SOL-USDC-INDEX (DERIBIT and OKX indexes)","fallbackObservations":0,"fallbackPolicy":"Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.","samplingInterval":"1 minute","annualizationBasis":"365 days","windowEnd":"2026-09-28T13:13:00+00:00","spotWindowStart":"2026-09-27T13:13:00+00:00","spotMetric":"spot-index return","spotUnit":"percent","spotMove24hPercent":-2.79,"rv24hPercent":null,"rv7dPercent":61.04,"rv30dPercent":57.46,"observations":{"24h":1423,"7d":10063,"30d":43109},"coverage":{"24h":{"status":"unavailable","observedReturns":1423,"expectedReturns":1440,"coveragePercent":98.8194,"missingPriceMinutes":16,"missingIntervals":1,"largestMissingRunMinutes":16,"unavailableReason":"24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.8194% with 16 missing price minutes across 1 intervals and a largest gap of 16 minutes."},"7d":{"status":"partial","observedReturns":10063,"expectedReturns":10080,"coveragePercent":99.8313,"missingPriceMinutes":16,"missingIntervals":1,"largestMissingRunMinutes":16,"unavailableReason":null},"30d":{"status":"partial","observedReturns":43109,"expectedReturns":43200,"coveragePercent":99.7894,"missingPriceMinutes":88,"missingIntervals":3,"largestMissingRunMinutes":37,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":99.5,"minimumCoveragePercentByWindow":{"24h":99.5,"7d":99.5,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"spotUnavailableReason":null,"oneWeekAtmIvPercent":57.69,"oneWeekIvMinus7dRvPoints":-3.35,"oneWeekIvMinus24hRvPoints":null,"oneWeekIvMinus30dRvPoints":0.23},"dataQuality":{"coverage":{"24h":{"status":"unavailable","observedReturns":1423,"expectedReturns":1440,"coveragePercent":98.8194,"missingPriceMinutes":16,"missingIntervals":1,"largestMissingRunMinutes":16,"unavailableReason":"24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.8194% with 16 missing price minutes across 1 intervals and a largest gap of 16 minutes."},"7d":{"status":"partial","observedReturns":10063,"expectedReturns":10080,"coveragePercent":99.8313,"missingPriceMinutes":16,"missingIntervals":1,"largestMissingRunMinutes":16,"unavailableReason":null},"30d":{"status":"partial","observedReturns":43109,"expectedReturns":43200,"coveragePercent":99.7894,"missingPriceMinutes":88,"missingIntervals":3,"largestMissingRunMinutes":37,"unavailableReason":null}},"coveragePolicy":{"version":"observed-minute-returns-v1","minimumCoveragePercent":99.5,"minimumCoveragePercentByWindow":{"24h":99.5,"7d":99.5,"30d":99.5},"maximumMissingRunMinutes":60,"methodology":"Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps."},"realisedVolatilityUnavailableReason":null,"fitQuality":{"currentObjective":0.00332967,"previousObjective":0.01660984,"currentLiveError":6.06524707,"previousLiveError":13.28061239},"comparisonStatus":null,"comparisonNote":null,"rejectedPreviousSnapshotAt":null},"methodology":{"source":"Derivasys proprietary historical SVI surface and canonical SOL index databases","comparison":"Nearest successful surface snapshots approximately 24 hours apart","rrConvention":"25-delta call IV minus 25-delta put IV","bfConvention":"Average 25-delta wing IV minus ATM forward IV","greeks":"Black forward Greeks for a normalized one-SOL ATM-forward call, zero rate, fitted SVI IV","commentary":"Metrics and takeaways are deterministic. Daily headlines and introductions may be model-assisted, constrained to the same stored facts; weekly prose is deterministic.","fixedTenors":"Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.","smileReconstruction":"Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.","ultraShortExpiry":"Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.","causalClaims":"The report describes observed surface and realised-volatility changes only and does not infer unsupported market drivers, flows or forecasts.","realisedVolatility":"Annualised root-mean-square of one-minute canonical SOL-USD index log returns using a 365-day basis; all windows end at the current snapshot."},"nearestEligibleForward":null}]}