BTCSpot-index 24h Unavailable1W ATM IV Unavailable1W RR25 Unavailable1W BF25 Unavailable1W IV − 7D RV Unavailable
Market context · daily observation window
Market context
Combined market read unavailable: the native comparison endpoints are incomplete or misaligned.
Previous report, watch levels and methodology
One-week surface context; the published headline retains its original evidence basis. Cutoffs 22 Apr, 23:59 UTC to 23 Apr, 23:59 UTC.
Measured change since prior report
Prior comparison unavailable: matching asset, cadence and adjacent observation endpoints were not verified.
A structured watchlist was not recorded or could not be verified in the prior edition; prior-watch outcomes remain unavailable.
Next daily cutoff: measurable checks
These checks are reconstructed from this edition’s stored endpoints; they were not recorded in the original report.
Measurable watch unavailable: no valid nonzero surface move has comparable endpoints.
Measurement basis and receipt
These are observed-level conditions for the next aligned cutoff, with no forecast or trade action. Spot uses exact index endpoints where available; ATM IV is quoted in percent and its change, RR25 and BF25 in volatility points. Derived from verified legacy artifact endpoints.
RR25 is unavailable because comparable observations were not present at both snapshots. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.
Chart unavailable because fewer than two fixed tenors have reliable observations at both snapshots.
Contracts with fewer than 2 full days to expiry remain in the tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.
0.3d
Smile rotation
24APR26, -6.38 vol pts1.3d
Smile rotation
25APR26, -2.32 vol pts
10 · Volatility term structure
Today against the previous 24-hour snapshot.
Only fixed tenors bracketed by listed expiries at both snapshots are charted. The listed-expiry table preserves the observable exchange maturities underneath those interpolated points.
Chart unavailable because fewer than two fixed tenors have reliable observations at both snapshots.
Expiry
Time left
Forward now (USD)
Forward change (USD)
ATM IV now
ATM IV change
RR25 change
BF25 change
24APR26Expiry effect
0.3 days
78,280.84
+113.17 USD
42.14%
+0.83 vol pts
-2.30 vol pts
-0.98 vol pts
25APR26Expiry effect
1.3 days
78,237.28
+85.47 USD
39.45%
-0.97 vol pts
-0.75 vol pts
-0.63 vol pts
26APR26
2.3 days
78,236.5
+70.52 USD
33.54%
-3.52 vol pts
-0.94 vol pts
0.00 vol pts
1MAY26
7.3 days
78,230.42
+85.26 USD
39.71%
-1.17 vol pts
-1.17 vol pts
-0.13 vol pts
8MAY26
14.3 days
78,243.28
+73.73 USD
40.03%
-0.82 vol pts
-0.74 vol pts
-0.40 vol pts
29MAY26
35.3 days
78,265.67
+86.60 USD
40.60%
-0.78 vol pts
-1.50 vol pts
+0.20 vol pts
26JUN26
63.3 days
78,387
+77.18 USD
41.09%
-0.39 vol pts
-0.84 vol pts
+0.02 vol pts
25SEP26
154.3 days
78,906.31
+89.97 USD
41.97%
-0.50 vol pts
-0.71 vol pts
+0.13 vol pts
25DEC26
245.3 days
79,590.55
+64.29 USD
43.88%
-0.53 vol pts
-0.79 vol pts
+0.05 vol pts
26MAR27
336.3 days
80,342.26
+47.20 USD
45.02%
-0.31 vol pts
-0.35 vol pts
-0.13 vol pts
11 · Smile movement
Reconstructed SVI smiles for every common expiry.
Each overlay uses the stored five-parameter SVI fit and the snapshot-specific time to expiry. Ultra-short expiries are displayed but do not determine the headline ranking.
24APR26rotation towards puts · wing steepening25APR26rotation towards puts · wing steepening26APR26rotation towards puts · wing steepening1MAY26rotation towards puts · wing steepening8MAY26rotation towards puts · wing flattening29MAY26rotation towards puts26JUN26rotation towards puts25SEP26rotation towards puts25DEC26rotation towards puts26MAR27parallel shift lower
Surface movement heatmap
Each cell is the fitted IV change in volatility points. Rows are listed expiries; columns run from the put wing through ATM to the call wing.
IV lowerIV higher
24APR26
25APR26
26APR26
1MAY26
8MAY26
29MAY26
26JUN26
25SEP26
25DEC26
26MAR27
-0.30kATM+0.30k
Evidence, source data and methodology
Report comparison baseline → current snapshot
2026-04-22 23:59:00 UTC → 2026-04-23 23:59:00 UTC
Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.
Original report summary
The six headline-tenor averages are unavailable at the comparison endpoints.
At report cutoff · Levels and stored endpoint changes
Vol
BTC Unavailable
Skew
BTC Unavailable
Wings
BTC Unavailable
IV versus RV
BTC Unavailable
Unavailable readings: BTC Vol; BTC Skew; BTC Wings; BTC IV versus RV. See the report’s data availability notes.
Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.
12 · Technical appendix
Model parameters and normalized Greeks.
These diagnostics preserve the fitted-surface audit trail without competing with the main market story.
Show SVI parameter changes and normalized Greeks
SVI diagnostics
Daily movement in a, b, rho, m and sigma.
Among ranking-eligible expiries, the largest absolute rho change occurred at 25DEC26; the largest sigma change occurred at 8MAY26.
Expiry
Δ a
Δ b
Δ rho
Δ m
Δ sigma
Smile classification
24APR26
-0.01230
+0.00890
+0.04780
+0.00680
+0.15990
rotation towards puts, wing steepening
25APR26
-0.01340
+0.00820
+0.01600
-0.00870
+0.12590
rotation towards puts, wing steepening
26APR26
+0.01460
-0.01740
+0.05720
+0.03890
-0.08720
rotation towards puts, wing steepening
1MAY26
-0.03130
+0.01490
+0.01700
+0.00030
+0.11430
rotation towards puts, wing steepening
8MAY26
-0.08470
+0.03970
-0.00380
-0.03660
+0.28440
rotation towards puts, wing flattening
29MAY26
+0.00290
+0.00640
+0.00970
+0.03370
-0.04760
rotation towards puts
26JUN26
-0.03480
+0.01640
+0.04660
+0.06550
+0.06230
rotation towards puts
25SEP26
-0.01120
+0.01250
+0.09030
+0.12700
-0.03910
rotation towards puts
25DEC26
-0.00400
-0.00100
+0.12160
+0.20390
-0.03500
rotation towards puts
26MAR27
-0.03450
-0.00010
+0.11730
+0.19210
+0.06470
parallel shift lower
Current surface characteristics
Where normalized model Greek intensity is highest.
These are comparable Black-forward Greeks for a one-BTC ATM-forward call at each listed expiry—not portfolio exposure, open interest or a prediction of dealer positioning.
Thresholds are asset-specific policies recorded in this edition. Each window is assessed independently; returns spanning gaps are excluded. Partial estimates may miss volatility during gaps.
RV coverage and methodology
BTC · Unavailable · Surface cutoff 23 Apr 2026, 23:59:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.
Derivasys proprietary historical SVI surface database
Comparison window
Nearest successful surface snapshots approximately 24 hours apart
RR convention
25-delta call IV minus 25-delta put IV
BF convention
Average 25-delta wing IV minus ATM forward IV
Fixed tenors
Fixed-tenor measures are interpolated independently at 1W, 2W, 1M, 3M, 6M, 9M and 1Y; headline rankings prioritise 1W, 2W, 1M, 3M, 6M and 1Y.
Smile reconstruction
Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.
Ultra-short expiries
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.
Greek normalization
Black forward Greeks for a normalized one-BTC ATM-forward call, zero rate, fitted SVI IV
