DerivasysReportsDashboard

Learn / foundations and risk

Learn volatility surfaces from first principles.

Start with the meaning of implied volatility, see how one expiry becomes a smile and many expiries become a surface, then interpret term structure, skew, curvature, and option sensitivities.

Start here Open BTC & ETH surfaces

Reading paths

Choose the outcome you need.

Start here

From IV to a surface

Begin with the normalized volatility quote, then build a smile and connect expiries.

Traders

Skew, curvature, and term structure

Read risk reversals, flies, forward volatility, and Greeks in market context.

Quants

Total variance and surface inputs

Connect forward variance, variance products, delta conventions, and fitted smiles.

Conceptual order

Read the collection in a useful sequence.

Order here reflects prerequisites and learning outcome, not publication date.

01 / Concept guide

What is implied volatility?

A practical implied volatility guide for Bitcoin, Ethereum, and crypto options: model inversion, IV smiles, SVI surfaces, risk reversals, and live monitoring.

Audience
trader / quant / general
Updated
Outcome
Invert an option price conceptually and identify the market inputs and solver checks needed before trusting the resulting IV.
What is implied volatility?

02 / Concept guide

What is a volatility smile?

A practical volatility smile guide for Bitcoin, Ethereum, and crypto options: implied volatility by strike, skew, wings, SVI fitting, RR25, BF25, and surface monitoring.

Audience
trader / quant / general
Updated
Outcome
Identify ATM level, skew and wing curvature on one expiry and explain how quote quality can distort each part.
What is a volatility smile?

03 / Concept guide

What is a crypto options volatility surface?

Learn what a crypto options volatility surface is, how BTC and ETH smiles become SVI surfaces, and what Derivasys shows in a live dashboard and API state.

Audience
trader / quant / engineer / general
Updated
Outcome
Trace individual option marks into expiry smiles and then into a term structure with visible fit and freshness diagnostics.
What is a crypto options volatility surface?

04 / Concept guide

What is forward volatility?

A practical forward volatility guide for Bitcoin, Ethereum, and crypto options: forward variance formula, term-structure examples, surface monitoring, and dashboard usage.

Audience
trader / quant
Updated
Outcome
Calculate a forward-volatility bucket from two total-variance points and recognise when an apparent jump is a bad-input warning.
What is forward volatility?

05 / Concept guide

What are variance swaps?

A practical variance swap guide for crypto options: realized variance payoff, variance strike, option-strip replication, total variance, and surface workflow.

Audience
trader / quant
Updated
Outcome
Interpret a variance-swap payoff and identify the strike coverage and surface controls required for a defensible variance estimate.
What are variance swaps?

06 / Concept guide

Sticky strike vs sticky delta

A practical sticky strike vs sticky delta guide for crypto options: forward shocks, SVI moneyness, delta buckets, API labels, and dashboard scenario workflows.

Audience
trader / quant
Updated
Outcome
Distinguish sticky-strike and sticky-delta shocks and choose the convention that matches a strike-level or risk-bucket question.
Sticky strike vs sticky delta

07 / Concept guide

What is a 25-delta risk reversal?

Learn the 25-delta risk reversal formula: call implied volatility minus put implied volatility, and how RR25 reads options skew across crypto expiries.

Audience
trader / quant
Updated
Outcome
Calculate RR25 and determine whether calls or puts are trading richer under the stated sign convention.
What is a 25-delta risk reversal?

08 / Concept guide

What are flies in options volatility?

A practical guide to options volatility flies: average 25-delta wing IV minus ATM IV, smile curvature, BTC examples, and live BTC and ETH risk-node monitoring.

Audience
trader / quant
Updated
Outcome
Calculate a 25-delta fly and separate wing richness from the signed skew measured by a risk reversal.
What are flies in options volatility?

09 / Concept guide

What are option Greeks?

A practical option Greeks guide for crypto options: delta, gamma, vega, theta, rho, surface inputs, SVI smiles, and dashboard risk workflows.

Audience
trader / quant / general
Updated
Outcome
Interpret delta, gamma, vega and theta while recognising which values depend on the selected smile and forward state.
What are option Greeks?