Daily BTC options market report · 24-hour comparison

Bitcoin options show higher 1w RR25 skew

BTC spot rose 0.76%; 1W ATM IV fell 0.07 volatility points; Wing premium decreased (-0.13 vol points).

Snapshot data and comparison

Snapshot · 1 Nov 2026, 17:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-11-01 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-31 17:31:00 UTC → 2026-11-01 17:31:00 UTC
Report native fit age at scheduled reference
0 minutes

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

  • BTCSpot-index 24h +0.76%1W ATM IV 40.20%1W RR25 -3.75 vol pts1W BF25 +1.08 vol pts1W IV − 7D RV +3.83 vol pts

Notable move: BTC 1W RR25 Δ +1.66 vol pts → -3.75 vol pts · percentile rank 95.8% by absolute move · 1-day moves · 30-day window (n=24).

1W RR25 – selected tenor
Vol points

1W RR25 – selected tenor. Vol points. BTC: Current -3.75, Previous -5.41.CurrentPreviousBTC-3.75-5.41-5.84-2.920.00

Current: 1 Nov 2026, 17:31 UTC
Previous: 31 Oct 2026, 17:31 UTC

Bitcoin options show higher 1w RR25 skew. RR25 term structure from Derivasys data.
Source: Derivasys options data. RR25; unsupported tenors remain blank. Cite this report.

View full-size chart

Plotted chart data
RR25, vol points · 2026-11-01T17:31:00+00:00
TenorBTC currentBTC previous
1W-3.75-5.41
2W-4.02-5.63
1M-3.78-5.05
3M-3.91-4.20
6M-2.70-3.13
9M-2.30-2.59
1YUnavailableUnavailable
Chart download and reuse termsDownload 1280 × 720 chart · Reuse terms
Previous report, watch levels and methodology

Uses the stored headline’s selected tenor. Cutoffs 31 Oct, 17:31 UTC to 1 Nov, 17:31 UTC.

Previous publication · research context

2026-10-31: “Bitcoin options see one-week implied volatility fall 1.59 points to 40.27%”

Previous publication cutoff 31 Oct, 17:31 UTC. Today’s market comparison starts at 31 Oct, 17:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 ed9237727e4de6f8fcd7d58b62869d46ea3b3a224c47bd4956b8d33d9cf36468

Prior watch: measured outcome

Against the 2026-10-31 daily edition.

  • BTC 1W ATM IV: prior change -1.59 → current change -0.07 volatility points; same direction.
  • BTC spot-index return: prior change +0.43 → current change +0.76 percent; same direction.
  • BTC 1W RR25: prior change -1.17 → current change +1.66 volatility points; direction reversed.
  • BTC 1W BF25: prior change -0.05 → current change -0.13 volatility points; same direction.
  • BTC 1W ATM IV ≤ 40.27 percent (hold the observed endpoint) at 1 Nov, 17:31 UTC: met (observed 40.20 percent).
  • BTC 1W ATM IV ≥ 41.86 percent (full retrace to the prior endpoint) at 1 Nov, 17:31 UTC: not met (observed 40.20 percent).

Next daily cutoff: measurable checks

  • Hold the observed level: BTC 1W RR25 ≥ -3.75 volatility points at . Current level -3.75; threshold is the current observed endpoint.
  • Full retrace: BTC 1W RR25 ≤ -5.41 volatility points at . Current level -3.75; threshold is the previous observed endpoint.
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. Stored editorial receipt independently reconstructed against native endpoints.

Canonical current report JSON · SHA-256 b2f4ee9636047f817e465b10e279cd2dce90ae7f55179f676aa72a4f2aca1c79

Prior artifact: /v1/btc/daily/2026-10-31/ed9237727e4de6f8fcd7d58b62869d46ea3b3a224c47bd4956b8d33d9cf36468.json · SHA-256 ed9237727e4de6f8fcd7d58b62869d46ea3b3a224c47bd4956b8d33d9cf36468

Consumed endpoint proof: 07b0863e0a648bc2c4b3e3ad4e2be68be26311b345732a42969356466b4b8729

  • BTC:rr25:1W:observed-current-level: rows[asset=BTC].report.tenors[tenor=1W].rr25.previous; rows[asset=BTC].report.tenors[tenor=1W].rr25.current; rows[asset=BTC].report.tenors[tenor=1W].rr25.change; evaluation window 2026-11-01T17:31:00+00:00 to 2026-11-02T17:31:00+00:00.
  • BTC:rr25:1W:observed-previous-level: rows[asset=BTC].report.tenors[tenor=1W].rr25.previous; rows[asset=BTC].report.tenors[tenor=1W].rr25.current; rows[asset=BTC].report.tenors[tenor=1W].rr25.change; evaluation window 2026-11-01T17:31:00+00:00 to 2026-11-02T17:31:00+00:00.
Chart notes

01 · Daily briefing

Macro · Crypto · Options

The day in markets.

Smile rotation is the fitted IV change at +0.15 log-moneyness minus the change at −0.15, in volatility points. A positive reading indicates a relative shift toward the call side.

Bitcoin options show higher 1W RR25 skew

The 1W RR25 skew change for BTC was +1.66 volatility points over the stored comparison. Decrypt reported: “Bitcoin ETF Investors Head for the Exits After Record Binance Hack”. This is background reporting; a direct link to the options observation is not established. CoinDesk reported in a headline excerpt (numerical details omitted): “FBI confirms North Korea's role in […] billion Binance hack, asks DeFi community to block BTC, ETH, SOL addresses”. This is background reporting; a direct link to the options observation is not established.

Decrypt reported: “Bitcoin ETF Investors Head for the Exits After Record Binance Hack”. This is background reporting; a direct link to the options observation is not established. CoinDesk reported in a headline excerpt (numerical details omitted): “FBI confirms North Korea's role in […] billion Binance hack, asks DeFi community to block BTC, ETH, SOL addresses”. This is background reporting; a direct link to the options observation is not established.

Links identify the underlying reporting for retained events; entries without a retained link are marked.

BTC volatility context · Derivasys DS30 and Bitfinex BVIV

Model-derived and market-implied volatility.

Derivasys DS30 is model-derived volatility; Bitfinex BVIV is a market-implied reference. Values and their difference are shown in volatility points.

DS30 · Derivasys model-derived

42.90 vol points

Measurement 01 Nov 2026, 17:31:00 UTC

At report cutoff · 0 min measurement lag

BVIV · Bitfinex market reference

41.87 vol points

Measurement 01 Nov 2026, 17:29:57 UTC

At report cutoff · 1 min measurement lag

Measurement age 63s · report-cutoff maximum 90s · persisted source maximum 15s · source availability: streaming · comparison eligible

BVIV minus DS30

-1.03 vol points

As of 01 Nov 2026, 17:31 UTC. Measurement freshness is shown separately for each index.

02 · Options market read

What the volatility surface did.

5 of 6 headline tenors were comparable at both endpoints. The largest ATM IV move was 2W at -0.16 volatility points, to 38.75%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

31 Oct 2026, 17:31 UTC to 01 Nov 2026, 17:31 UTC

Relevant context found; no confirmed catalyst

Relevant market event

1 relevant event was retained for the comparison window.

Confidencelow causal confidence

News is presented as contextual association unless the structured evidence supports a stronger relationship.

04 · Detailed analysis

What changed across the BTC volatility surface.

Implied versus realised

At the 17:31 UTC cutoff, 1W ATM IV was 40.20%, 3.83 volatility points above seven-day realised volatility of 36.37%; 24-hour realised volatility was 14.89% and 30-day realised volatility was 32.39%.

Front end

Front-end ATM IV was broadly unchanged, averaging -0.06 volatility points to 38.92% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 38.77% (+0.12 volatility points); 1Y was unavailable.

Skew

RR25 moved towards calls, averaging +1.05 volatility points to -3.63 volatility points across the five available headline tenors.

Convexity

BF25 decreased, averaging -0.11 volatility points to 1.10 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -0.16 volatility points at 2W, to 38.75%.

24h spot-index return

BTC spot-index return was +0.76% over 24 hours.

7d spot-index return

BTC spot-index return was -3.24% over seven days.

Two-day RR25 whipsaw

BTC 1W RR25 adjacent daily moves were -1.17 then +1.66 volatility points; gross movement 2.83 versus net +0.49. 0 strict zero crossings. Opposite moves meet the operational whipsaw inspection threshold.

Universe roll: added 5NOV26; removed 1NOV26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

4NOV26, +7.66 vol pts
02

Largest standard-tenor RR25 move

1W, +1.66 vol pts
03

Largest eligible SVI sigma move

27NOV26, +0.2476 param
04

Largest standard-tenor BF25 move

1M, -0.18 vol pts
05

Largest eligible SVI rho move

27NOV26, -0.1799 param
06

Largest standard-tenor ATM IV move

2W, -0.16 vol pts

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W40.2040.27-0.07 vol pts-0.17%
2W38.7538.91-0.16 vol pts-0.41%
1M37.8137.77+0.04 vol pts+0.11%
3M37.9737.92+0.05 vol pts+0.13%
6M38.7738.65+0.12 vol pts+0.31%
9M39.2539.07+0.18 vol pts+0.46%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 moved towards calls, averaging +1.05 volatility points to -3.63 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-6.0 vol pts-5.0 vol pts-4.0 vol pts-2.9 vol pts-1.9 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-3.75-5.41+1.66 vol pts
2W-4.02-5.63+1.61 vol pts
1M-3.78-5.05+1.27 vol pts
3M-3.91-4.20+0.29 vol pts
6M-2.70-3.13+0.43 vol pts
9M-2.30-2.59+0.29 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity by standard tenor.

BF25 decreased, averaging -0.11 volatility points to 1.10 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

0.9 vol pts1.0 vol pts1.2 vol pts1.3 vol pts1.4 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W1.081.21-0.13 vol pts
2W1.081.22-0.14 vol pts
1M1.071.25-0.18 vol pts
3M1.161.20-0.04 vol pts
6M1.121.16-0.04 vol pts
9M1.071.09-0.02 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

09 · Expiry effects

Near-settlement moves, shown with context.

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.

0.6d

ATM IV change

2NOV26, +8.97 vol pts
1.6d

ATM IV change

3NOV26, +5.37 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.

37.5%38.2%39.0%39.8%40.6%1W2W1M3M6M9M

Suppressed outside the observable listed-expiry range: 1Y.

ExpiryTime leftForward now (USD)Forward change (USD)ATM IV nowATM IV changeRR25 changeBF25 change
2NOV26Expiry effect0.6 days78,028.86+546.42 USD34.87%+8.97 vol pts-0.60 vol pts+0.03 vol pts
3NOV26Expiry effect1.6 days78,041.21+554.59 USD36.56%+5.37 vol pts+0.42 vol pts0.00 vol pts
4NOV262.6 days78,053.39+554.45 USD45.30%+2.43 vol pts+2.59 vol pts-0.17 vol pts
6NOV264.6 days78,077.98+548.52 USD41.63%+0.74 vol pts+1.90 vol pts-0.07 vol pts
13NOV2611.6 days78,163.77+557.93 USD39.08%-0.06 vol pts+1.67 vol pts-0.17 vol pts
20NOV2618.6 days78,251.73+568.80 USD38.35%+0.03 vol pts+1.36 vol pts-0.10 vol pts
27NOV2625.6 days78,332.18+573.88 USD37.79%+0.11 vol pts+1.50 vol pts-0.24 vol pts
25DEC2653.6 days78,686.56+585.53 USD37.87%-0.20 vol pts+0.74 vol pts-0.09 vol pts
29JAN2788.6 days79,085.17+582.10 USD37.94%+0.04 vol pts+0.24 vol pts-0.04 vol pts
26MAR27144.6 days79,748.12+586.29 USD38.33%-0.02 vol pts+0.53 vol pts-0.07 vol pts
25JUN27235.6 days80,842.93+599.62 USD39.15%+0.22 vol pts+0.34 vol pts-0.02 vol pts
24SEP27326.6 days81,959.66+607.62 USD39.36%+0.14 vol pts+0.22 vol pts-0.02 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.

2NOV26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
3NOV26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
4NOV26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
6NOV26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
13NOV26rotation towards calls
-0.30k0.00k+0.30k
20NOV26rotation towards calls
-0.30k0.00k+0.30k
27NOV26rotation towards calls · wing flattening
-0.30k0.00k+0.30k
25DEC26rotation towards calls
-0.30k0.00k+0.30k
29JAN27limited movement
-0.30k0.00k+0.30k
26MAR27limited movement
-0.30k0.00k+0.30k
25JUN27parallel shift higher
-0.30k0.00k+0.30k
24SEP27parallel shift higher
-0.30k0.00k+0.30k

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.

Completed-session cross-asset context

Crypto volatility against US equity risk.

BTC 30-day implied volatility was 2.0 times VIX, while its 30-session return correlation with SPX was mixed at 0.78.

Implied-volatility premium

BTC 30-day ATM IV was 38.45%, against VIX at 19.42: a 19.03-point spread and 1.98× ratio.

Daily-close realised-volatility regime

BTC reported crypto realised volatility was 32.36%, versus SPX reported realised volatility of 11.78%. The spread ranked at percentile rank 30.3% of 267 prior observations.

Equity co-movement

Return correlation with SPX was 0.780 over 30 aligned sessions and 0.492 over 60 sessions. VIX9D, VIX and VIX3M closed at 19.25, 19.42 and 20.78.

RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.

As of 30 Oct 2026, 20:00 UTC. Implied volatility and completed-session realised volatility use their respective observation windows shown above.

Evidence and methodology

market-context-v1

Index evidence and methodology

DS30 · Source measurement 01 Nov 2026, 17:31:00 UTC; observed receipt not recorded; ingested not recorded. Freshness: At report cutoff, evaluated 01 Nov 2026, 17:31:00 UTC. Measurement age 0s · report-cutoff maximum 120s · comparison eligible. Derivasys model-free 30-calendar-day implied volatility from fitted BTC SVI slices

BVIV · Source measurement 01 Nov 2026, 17:29:57 UTC; observed receipt 01 Nov 2026, 17:30:00 UTC; ingested 01 Nov 2026, 17:30:00 UTC. Freshness: At report cutoff, evaluated 01 Nov 2026, 17:31:00 UTC. Measurement age 63s · report-cutoff maximum 90s · persisted source maximum 15s · source availability: streaming · comparison eligible. Bitfinex BVIV reference price from the status channel

BVIV minus independently selected latest eligible DS30 at or before the requested cutoff

Source index JSON
RV observation windows and sampling

The 24-hour, seven-day and 30-day RV windows are assessed independently using observed one-minute index returns, annualised on a 365-day basis. Recorded minimums: at least 98% coverage over 24 hours, 97% coverage over seven days, 99.5% coverage over 30 days, with no gap longer than 60 minutes. Returns spanning gaps are excluded, not interpolated; unavailable windows remain unreported. The exact 24-hour spot return requires prices at both endpoints.

Evidence, source data and methodology

Scheduled edition reference: 2026-11-01 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-31 17:31:00 UTC → 2026-11-01 17:31:00 UTC
Report native fit age at scheduled reference
0 minutes

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

Lead signal · 1 Nov 2026, 17:31 UTC

The measurement behind the lead chart

BTC 1W RR25 -3.75 vol pts · Δ +1.66 vol pts

BTC percentile rank 95.8% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-10-01 to 2026-10-31

Original report summary

BTC 1W RR25 skew is -3.75 percent, compared with -5.41 percent at the prior cutoff. The diary separates sourced context from measured market changes; the timing of an event alone does not establish a causal link.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: BTC 1W ATM IV 40.20% · Δ -0.07 vol pts

Skew: BTC 1W RR25 -3.75 vol pts · Δ +1.66 vol pts

Relative value: BTC 1W IV 40.20% / 7D RV 36.37% · spread +3.83 vol pts

Vol

BTC 1W ATM IV 40.20% · Δ -0.07 vol ptspercentile rank 6.4% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-31 to 2026-10-31

Skew

BTC 1W RR25 -3.75 vol pts · Δ +1.66 vol ptspercentile rank 95.8% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-10-01 to 2026-10-31

Wings

BTC 1W BF25 1.08 vol pts · Δ -0.13 vol ptspercentile rank 83.3% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-10-01 to 2026-10-31

IV versus RV

BTC 1W IV 40.20% / 7D RV 36.37% · spread +3.83 vol pts

Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.

Historical move evidence

BTC 1W ATM IV: percentile rank 6.4% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-31 to 2026-10-31

BTC 1W RR25: percentile rank 95.8% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-10-01 to 2026-10-31

BTC 1W BF25: percentile rank 83.3% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-10-01 to 2026-10-31

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: b2f4ee9636047f817e465b10e279cd2dce90ae7f55179f676aa72a4f2aca1c79.

Daily options-surface context: active. Quiet describes only daily options-surface movements under the stored operational policy; it makes no weekly stabilization claim.

Percentile sample windows, horizons and receipts

Samples use daily UTC observations. Weekly moves can be rolling and overlapping; observation counts do not imply independent periods. Missing legacy bounds and source revisions remain unavailable.

Frozen percentile denominators
Asset / tenor / metricCohortCount / horizonActual boundsOverlap / provenance
BTC 1W atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:968d7e10fa9e67cf8343ee9d6f2686daebb8edbba70ebe3630897690b703a973
BTC 1W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:54e8f497effe1096c0f3bf50aad8589e9aa631fdf410a0b89089613eb488e637
BTC 1W atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:3a172926222792f1b58bf1a293e3fa7635a646b7bfcac612981c4b163633898d
BTC 1W bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:90bfc0cc454981526941c9d6cc4ff1b3749a9097a54aeb1f7460092f4fd0cd55
BTC 1W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:4ba4414f8f1e782335644f455bafa5b44a09fb96b80cbfc48af17597b8cff2e8
BTC 1W bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:a86cbaf13b009c425218b3301182a9f214391ec4b7b80dd04aa0f5244361753e
BTC 1W rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:31046506d51f2218867d0a4bd0335229d669855430bb6461abe4fa0c940c679a
BTC 1W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:0356533eb09a6861c35376833ec36ec31bf902f2ee8dc871bff232aae1a6d58e
BTC 1W rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:fed567a5eca226c094e043f544036b9638ea89a49b138e636d51875da1a88a65
BTC 2W atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:21aac4e7b156ea5ba8b844ec800917be56f296fdf9b5ec8c488d7f65368bde87
BTC 2W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:9acb142c71600104450e12335fce348ec19cfae7fc88e3cdcd683d5b356e8141
BTC 2W atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:3c9d952126dd81840a0bac0562cfcb012eb605b7f54d39307dbd685885136090
BTC 2W bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:0f0e516c8b1e7a95f139e57c203f8257e76aaf964ce228effab20fb52fe5c6ab
BTC 2W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1b36af597c952b5ed64497725022d5512a6694db3f1ea428933c9fbd1d9e9c96
BTC 2W bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:916119efb364fae9027937fafb2afe194fec80bd5fa43620a6a1304ca0aa115e
BTC 2W rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:907645b1862778234731e67c7b66200ff074bf59e9b9aa257c3e7da69a309681
BTC 2W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:0b24e57828e80cb3be7570e1ebf3f459aa296210be3241b199361c3d29a4c23d
BTC 2W rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:421e9c335179101e50e7e2007aad9b5644e6fc31d984f4ce8e15e401edb6929f
BTC 1M atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:727963b211d16945c5656e24d6b58230f2b3e0eee1776c400d8a215e7d3d0909
BTC 1M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:53ee4cf70dffece207499de583daaaa5e23a3bea61f5fda774321fd5c007ba10
BTC 1M atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:def5051edeb5dbb8f7ebce8204e4b05e1392b2a293c7cd139e33f32ee6d3ce34
BTC 1M bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:99c8a787e6944052b81f726f39b8b19c159d1633a5ff5cdf4a846983d24b5cab
BTC 1M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1d9f911c2f9c52d9d2a1a05c763f51c509a7191d96ca32cd0762a47624debc71
BTC 1M bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:2bb6d734712663d4e08f7f852f24f263f4f979aa49dc47f9c0e5197da8e88fc2
BTC 1M rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:6ab45cabd5f6a3515b8790226e230b8a204c3e95eb9d82bb9b91438b6b98b131
BTC 1M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:d2f0a7e733e5dfd438a5b66c72fe7b8bdcd357940fdb1d8d62ae83ad03ccf536
BTC 1M rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:3d8b630eaf09ebf292e0eafe91c60c497a96b5c7ef9cd5d5faed49d0a6f9f739
BTC 3M atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:26bab01fffd445fc43c1c507fd6e611d74318cc43855fccb723e082211dc3067
BTC 3M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1f1f6a05ee63dd68b27d22b029d030f3e1fa3318e80b0ec22ff0067d75b0b937
BTC 3M atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1ec348707ac7dfbf1b374229592b1ab758e0e01ba3f6eb77037d278eed4f51cc
BTC 3M bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:6880c4b47df1ee730ba5c403c7b8299c0ac82b0174aa06e53fb0e37add734d96
BTC 3M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1c90a47d7df9bd8dcadafb3623fc10f65efce5b7beba80838b24a5b27523d087
BTC 3M bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:4a76480fc9cee8ef513a30c2fc5ff624665c70f6a92484f657ba168c808c8bfa
BTC 3M rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:89651b01b29ba63bd99229b5711898467199edadfa88d1a7d91c374eac4cb1fa
BTC 3M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:270a134d19104981f18d7a28d170802d8d5f2cdd30dc7a3b1ce1ff7b39371835
BTC 3M rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:1f4ab255acaa7d6f86abe6a4708509e32871d70f4d6e890f676c456cb153881c
BTC 6M atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:46cbc30c8e494a0e4464c722feb9d522df7aa3931ff49b80c56c5704ac698d3e
BTC 6M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:22fa00d3bf879f36d6fa78b6d2bd0fdb492386e3364c62892a3e642be7bd7568
BTC 6M atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:eb3e4fd3faa7c75465609fa72f90b21b1d2fd62a34a6c35dedcdc996bde77dd7
BTC 6M bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:41eec99637984a818c2c1d5efebf19162ab07459eddb9f22e4b5c52a4dc35a98
BTC 6M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:99de4696c5a294773e003db0039ea1afe966de8f8beeda6107a3640d1eb185c3
BTC 6M bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:872275fa3e440e8abb44c3fd10f23f85445fc5e954884cb574e1a0d6a37e6532
BTC 6M rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:beb002d81ec0d482d43e2e4312e0a9d8564c145ebdc79c8707d3511173be7aa1
BTC 6M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:75e90a12cbe81f83f1ec66f4068676098eb59ecc26745c3847fc522ff984e229
BTC 6M rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:88e61356925f26cea901b39a5ad53754865339b58156f42d5a3fb1052e2c54fa
BTC 9M atmIvmove30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:2bf8c2106b75bbc5506c841741fd97448ab49d893f5311ac2cdd8968360350c5
BTC 9M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:e2a5655c809e4e54ac12e58150a321281c662c7e3c6d9d84415d8c21d6eb478d
BTC 9M atmIvlevelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:2c025b319e4cf75b24c3c661b50e97cd9054b5acf173511f8db4450c7f4b4274
BTC 9M bf25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:a2ace7a5fa1a614b0e3ec493e1c37490650a400fc96385f2875d2bbe4c15030c
BTC 9M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:dc2e9390070a83f25fa786fe7e029425c18ce420bcc7f6c4ed3a1d588fb7aea4
BTC 9M bf25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:4a73c0891107ae44c6c56ef20385defecf7b9e4a0de8cfb6d966d99d803a06e1
BTC 9M rr25move30d24 samples; 1 days; daily UTC observations2026-10-01 → 2026-10-31
2026-10-01T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:26823e1515d1ec11e02d1fd3ee79f98b14b4f319333cdc1ee9c58637964315ca
BTC 9M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-31 → 2026-10-31
2026-08-31T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:c91979278bcf8bf9c439fb4837a854964aded6bb7956a7b862f72aa3f1d0931a
BTC 9M rr25levelFullHistory56 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-31
2026-08-29T17:31:00+00:00 → 2026-10-31T17:31:00+00:00
No period overlap in this cohort; source revision unknown; sha256:46b0bfc4a77680053b5562e863a4e135af19db1b97a92a26d33f0b9d1c82f67d
BTC 1Y atmIvmove30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y atmIvmoveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y atmIvlevelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y bf25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y bf25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y bf25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y rr25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y rr25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
BTC 1Y rr25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable
No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945

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 27NOV26; the largest sigma change occurred at 27NOV26.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
2NOV26+0.00120-0.00960-0.01850-0.01640+0.03410rotation towards puts, wing steepening
3NOV26-0.00550-0.00210+0.04870+0.00780+0.05880rotation towards calls, wing steepening
4NOV26-0.03490+0.01750+0.03050-0.01940+0.19340rotation towards calls, wing steepening
6NOV26-0.05510+0.04100-0.08320-0.08620+0.19140rotation towards calls, wing steepening
13NOV26-0.05300+0.02740-0.15800-0.13350+0.21890rotation towards calls
20NOV26-0.03840+0.02380-0.17910-0.13250+0.15040rotation towards calls
27NOV26-0.05400+0.02240-0.17990-0.13840+0.24760rotation towards calls, wing flattening
25DEC26-0.00910+0.00140-0.04990-0.04670+0.04910rotation towards calls
29JAN27+0.00560-0.00720-0.00940-0.01020-0.00150limited movement
26MAR27-0.00650+0.00260-0.04250-0.06190+0.03220limited movement
25JUN27+0.01010-0.00180-0.02490-0.03640-0.01970parallel shift higher
24SEP27+0.00200+0.00840-0.04430-0.06750-0.00980parallel shift higher

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.

Highest Gamma2NOV26, 0.000361 1 / USD
Highest Theta Decay2NOV26, -365.678054 USD / day
Highest Vanna24SEP27, 0.001854 delta / vol pt
Highest Vega24SEP27, 303.982607 USD / vol pt
Highest Volga24SEP27, -0.267653 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
BTC36.37%Available100% / 97% required0 min / 60 min maximum

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 · Available · Surface cutoff 01 Nov 2026, 17:31:00 UTC · 7D coverage 100% / 97% required · largest 7D gap 0 min / 60 min maximum · maximum gap 60 min.

24h: complete; 1440/1440 observed returns; 100% coverage; 98% minimum; 0 min largest gap.

30d: complete; 43200/43200 observed returns; 100% coverage; 99.5% minimum; 0 min largest gap.

7d: complete; 10080/10080 observed returns; 100% coverage; 97% minimum; 0 min largest gap.

Source data JSON

13 · Methodology and provenance

Generated from measured Derivasys surface data.

Current snapshot
01 Nov 2026, 17:31 UTC
Comparison snapshot
31 Oct 2026, 17:31 UTC
Source
Derivasys proprietary historical SVI surface and canonical BTC index databases
Realised volatility
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.
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 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.
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
Catalyst policy
Only sufficiently relevant, reliably sourced events are shown; otherwise no catalyst is assigned.

Get reports by email

Request daily or weekly crypto options reports in your inbox.