{"schemaVersion":1,"asset":"TRX","reportDate":"2026-11-04","sourceSelectionPolicy":"last-good-as-of-v1","freshness":{"status":"available","ageMinutes":0,"maximumAgeMinutes":180},"timestamps":{"currentSnapshotAt":"2026-11-04T17:31:00+00:00","previousSnapshotAt":"2026-11-03T17:31:00+00:00","generatedAt":"2026-11-04T17:43:46+00:00","referenceCutoffAt":"2026-11-04T17:31:00+00:00"},"comparison":{"status":"available","note":null},"provenance":{"reportArtifact":"published daily report","sourceReport":"ALTS","sourceReportHref":"/reports/altcoins/2026-11-04","source":"Stored Derivasys SVI surfaces","comparison":"Latest successful snapshot within three hours at or before the edition reference cutoff versus the nearest successful snapshot 24 hours earlier, within a one-hour tolerance.","rrConvention":"25-delta risk reversal","bfConvention":"(iv25Call + iv25Put) / 2 - ivAtm","originalBfConvention":null,"fixedTenors":"Published ALTS tenor grid","realisedVolatility":null,"sourceSnapshot":{"status":"available","unavailableReason":null,"capturedArtifact":{"version":1,"kind":"capturedSurfaceInputs","revision":"captured-surface-inputs-v1:sha256:78d39b4f51a9c2b985f24dde1b7816f25c69376b8ed0fa48343e1ecfa5abdb2c","sha256":"78d39b4f51a9c2b985f24dde1b7816f25c69376b8ed0fa48343e1ecfa5abdb2c","url":"/data/trx/2026-11-04/source-snapshot.json?sha256=78d39b4f51a9c2b985f24dde1b7816f25c69376b8ed0fa48343e1ecfa5abdb2c&reportSha256=f5740c70a3387de4698035d2933a2dd82eaf9d263ad960dc8e01d99ab10a5a7d","publishedReportSha256":"f5740c70a3387de4698035d2933a2dd82eaf9d263ad960dc8e01d99ab10a5a7d","scope":"fetched fit-run and surface inputs; not an original database revision or raw quotes","nativeRunIdentity":{"current":{"id":868398,"timestamp":"2026-11-04T17:31:00+00:00"},"previous":{"id":858476,"timestamp":"2026-11-03T17:31:00+00:00"},"table":"surface_fit_runs"},"bf25Basis":"canonical-bf25","originalCapture":true,"verification":"SHA-256 of exact captured bytes, tagged input types, native run identity/clocks and consumed tenor nodes; no SVI refit or raw-quote validation"},"originalDatabase":{"status":"unknown","sha256":null,"revision":null}}},"bf25Presentation":{"version":1,"kind":"derivedBf25Presentation","status":"available","originalBasis":"canonical-bf25","unavailableReason":null,"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":{"asset":"TRX","reportDate":"2026-11-04","reportSha256":"f5740c70a3387de4698035d2933a2dd82eaf9d263ad960dc8e01d99ab10a5a7d","reportUrl":"https://d1lo1ty2ac77zf.cloudfront.net/v1/alts/daily/2026-11-04/f5740c70a3387de4698035d2933a2dd82eaf9d263ad960dc8e01d99ab10a5a7d.json","captureSha256":"78d39b4f51a9c2b985f24dde1b7816f25c69376b8ed0fa48343e1ecfa5abdb2c","captureRevision":"captured-surface-inputs-v1:sha256:78d39b4f51a9c2b985f24dde1b7816f25c69376b8ed0fa48343e1ecfa5abdb2c","currentSnapshotAt":"2026-11-04T17:31:00+00:00","previousSnapshotAt":"2026-11-03T17:31:00+00:00","currentSnapshotId":868398,"previousSnapshotId":858476,"currentEndpointProjectionSha256":"2a83763999f859d9a73ab0669484e44d419ea8ee2fadaa71cbb448089b391328","previousEndpointProjectionSha256":"f5bb203cd338ed1b4d50cb6a8de4e696759676fec33765bfa8f17badab5cb238"},"tenors":[{"tenor":"1W","status":"available","unavailableReason":null,"bf25":{"change":0.69,"current":1.72,"percentChange":66.99,"previous":1.03},"fullFly25":{"current":3.44,"previous":2.06,"change":1.38,"percentChange":66.99},"sources":{"current":"explicit-bf_25","previous":"explicit-bf_25"},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"2W","status":"available","unavailableReason":null,"bf25":{"change":0.42,"current":1.79,"percentChange":30.66,"previous":1.37},"fullFly25":{"current":3.57,"previous":2.73,"change":0.84,"percentChange":30.77},"sources":{"current":"explicit-bf_25","previous":"explicit-bf_25"},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"1M","status":"available","unavailableReason":null,"bf25":{"change":0.05,"current":1.77,"percentChange":2.91,"previous":1.72},"fullFly25":{"current":3.53,"previous":3.44,"change":0.09,"percentChange":2.62},"sources":{"current":"explicit-bf_25","previous":"explicit-bf_25"},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"3M","status":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"sources":{"current":null,"previous":null},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"6M","status":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"sources":{"current":null,"previous":null},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"9M","status":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"sources":{"current":null,"previous":null},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}},{"tenor":"1Y","status":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"sources":{"current":null,"previous":null},"wingVerification":{"current":"matched-rounded-captured-nodes","previous":"matched-rounded-captured-nodes"}}],"derivationSha256":"0cc6e78af5daba15f67f963f50f8c31dc31ea25e021e2a148ada6c1676e9a86a"},"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"}},"tenors":[{"tenor":"1W","targetExpiry":null,"availability":"available","unavailableReason":null,"atmIv":{"change":5.51,"current":30.96,"percentChange":21.65,"previous":25.45},"rr25":{"change":-0.22,"current":-0.7,"percentChange":-45.83,"previous":-0.48},"bf25":{"change":0.69,"current":1.72,"percentChange":66.99,"previous":1.03},"fullFly25":{"current":3.44,"previous":2.06,"change":1.38,"percentChange":66.99},"bf25Status":"available","bf25UnavailableReason":"authenticated-bf25-source-unavailable"},{"tenor":"2W","targetExpiry":null,"availability":"available","unavailableReason":null,"atmIv":{"change":6.63,"current":28.81,"percentChange":29.89,"previous":22.18},"rr25":{"change":1.64,"current":-0.57,"percentChange":74.21,"previous":-2.21},"bf25":{"change":0.42,"current":1.79,"percentChange":30.66,"previous":1.37},"fullFly25":{"current":3.57,"previous":2.73,"change":0.84,"percentChange":30.77},"bf25Status":"available","bf25UnavailableReason":"authenticated-bf25-source-unavailable"},{"tenor":"1M","targetExpiry":null,"availability":"available","unavailableReason":null,"atmIv":{"change":5.34,"current":27.24,"percentChange":24.38,"previous":21.9},"rr25":{"change":2.67,"current":-0.29,"percentChange":90.2,"previous":-2.96},"bf25":{"change":0.05,"current":1.77,"percentChange":2.91,"previous":1.72},"fullFly25":{"current":3.53,"previous":3.44,"change":0.09,"percentChange":2.62},"bf25Status":"available","bf25UnavailableReason":"authenticated-bf25-source-unavailable"},{"tenor":"3M","targetExpiry":null,"availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"change":null,"current":null,"percentChange":null,"previous":null},"rr25":{"change":null,"current":null,"percentChange":null,"previous":null},"bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed."},{"tenor":"6M","targetExpiry":null,"availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"change":null,"current":null,"percentChange":null,"previous":null},"rr25":{"change":null,"current":null,"percentChange":null,"previous":null},"bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed."},{"tenor":"9M","targetExpiry":null,"availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"change":null,"current":null,"percentChange":null,"previous":null},"rr25":{"change":null,"current":null,"percentChange":null,"previous":null},"bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed."},{"tenor":"1Y","targetExpiry":null,"availability":"unavailable","unavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.","atmIv":{"change":null,"current":null,"percentChange":null,"previous":null},"rr25":{"change":null,"current":null,"percentChange":null,"previous":null},"bf25":{"change":null,"current":null,"percentChange":null,"previous":null},"fullFly25":{"current":null,"previous":null,"change":null,"percentChange":null},"bf25Status":"unavailable","bf25UnavailableReason":"The target tenor is not bracketed by listed expiries; extrapolated values are suppressed."}],"realisedVolatility":{"source":"canonical/TRX-USDC-INDEX (DERIBIT and OKX indexes)","samplingInterval":"1 minute","annualizationBasis":"365 days","windowEnd":"2026-11-04T17:31:00+00:00","spotMove24hPercent":-0.82,"rv24hPercent":17.13,"rv7dPercent":82,"rv30dPercent":41.06,"observations":{"24h":1440,"7d":10080,"30d":43200},"coverage":{"24h":{"coveragePercent":100,"expectedReturns":1440,"largestMissingRunMinutes":0,"missingIntervals":0,"missingPriceMinutes":0,"observedReturns":1440,"status":"complete","unavailableReason":null},"30d":{"coveragePercent":100,"expectedReturns":43200,"largestMissingRunMinutes":0,"missingIntervals":0,"missingPriceMinutes":0,"observedReturns":43200,"status":"complete","unavailableReason":null},"7d":{"coveragePercent":100,"expectedReturns":10080,"largestMissingRunMinutes":0,"missingIntervals":0,"missingPriceMinutes":0,"observedReturns":10080,"status":"complete","unavailableReason":null}},"coveragePolicy":{"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.","minimumCoveragePercent":99.5,"minimumCoveragePercentByWindow":{"24h":99.5,"30d":99.5,"7d":99.5},"version":"observed-minute-returns-v1"},"returnDiagnostics":{"24h":{"largestReturn":{"currentSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"logReturnPercent":0.19591285169259223,"previousSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"timestamp":"2026-11-04T12:39:00+00:00"},"leaveKOutRvPercent":{"1":16.726090331948654,"5":15.888408889324882,"10":15.283019313333195},"observations":1440,"topSquaredReturnSharesPercent":{"1":4.771955712799337,"5":14.310440100212011,"10":20.992274969861143}},"30d":{"largestReturn":{"currentSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"logReturnPercent":-2.4063329567177396,"previousSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"timestamp":"2026-10-29T21:53:00+00:00"},"leaveKOutRvPercent":{"1":40.191425904532224,"5":37.78397529118324,"10":35.691685186953194},"observations":43200,"topSquaredReturnSharesPercent":{"1":4.179134623135168,"5":15.32243867687203,"10":24.449580867761945}},"7d":{"largestReturn":{"currentSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"logReturnPercent":-2.4063329567177396,"previousSource":{"fallback":false,"instrument":"trx_usdc","venue":"deribit"},"timestamp":"2026-10-29T21:53:00+00:00"},"leaveKOutRvPercent":{"1":80.13881944931754,"5":74.96205820702365,"10":70.44172557214688},"observations":10080,"topSquaredReturnSharesPercent":{"1":4.490651487397358,"5":16.46458854279045,"10":26.272077018588547}}},"oneWeekAtmIvPercent":30.96,"oneWeekIvMinus7dRvPoints":-51.04,"oneWeekIvMinus24hRvPoints":13.83,"oneWeekIvMinus30dRvPoints":-10.1,"oneWeekIvTo7dRvRatio":null,"spreadPercentile":null,"spotUnavailableReason":null},"realisedVolatilityUnavailableReason":null}