01 · Market read
What is unusual across the altcoin options complex.
XRP one-week ATM IV fell 6.12 volatility points, the largest absolute move across the complex, while AVAX one-week ATM IV rose 0.17 volatility points.
Daily 1W ATM IV moves ranged from -6.12 points to +0.17 points. HYPE had the highest absolute 1W IV at 67.26%.
TRX had the highest 1W RR25 at +3.01 points, call-rich; AVAX had the lowest at +0.21 points, call-rich.
This is a comparison of separate fitted surfaces, not a pooled altcoin index; unavailable history is not converted into a zero move.
03 · Altcoin scorecard
Current one-week volatility, realised value and skew.
| Asset | Spot 24h | Forward proxy | 1W ATM | 1W ATM Δ | 7d RV | 1W IV − 7d RV | IV/RV ratio | Spread percentile | 1W RR25 | Fit evidence | Native fit time | Status |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XRP | Unavailable | $1.34 | 58.84% | -6.12 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +2.12 vol pts | Accepted fit · 5 expiries | Native fit: 02 Sept 2026, 16:30 UTC (at cutoff) | 24h comparable |
| HYPE | Unavailable | $81.89 | 67.26% | -3.39 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +0.69 vol pts | Accepted fit · 5 expiries | Native fit: 02 Sept 2026, 16:30 UTC (at cutoff) | 24h comparable |
| AVAX | Unavailable | $7.16 | 53.46% | +0.17 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +0.21 vol pts | Accepted fit · 5 expiries | Native fit: 02 Sept 2026, 16:30 UTC (at cutoff) | 24h comparable |
| TRX | Unavailable | $0.32 | 19.21% | -2.67 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.01 vol pts | Accepted fit · 5 expiries | Native fit: 02 Sept 2026, 16:30 UTC (at cutoff) | 24h comparable |
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ | 6M ATM / Δ | 1Y ATM / Δ |
|---|---|---|---|---|---|
| XRP | 58.84% / -6.12 | 59.25% / -4.46 | 59.69% / -3.00 | 59.79% / -2.64 | 59.85% / -2.45 |
| HYPE | 67.26% / -3.39 | 67.20% / -0.90 | 67.36% / -0.26 | 67.39% / -0.11 | 67.41% / -0.03 |
| AVAX | 53.46% / +0.17 | 54.31% / -1.98 | 54.37% / -1.73 | 54.38% / -1.67 | 54.38% / -1.65 |
| TRX | 19.21% / -2.67 | 19.09% / +0.01 | 18.71% / +0.92 | 18.61% / +1.16 | 18.57% / +1.29 |
05 · Catalyst check
News context unavailable.
News context unavailable because source coverage was incomplete.
Evidence, source data and methodology
Altcoins report data
Download the report’s stored cross-asset comparisons, rankings, declared lead evidence and per-asset quality information. Missing analysis remains unavailable.
Original report summary
Across the XRP, HYPE, AVAX and TRX options markets, the 1W ATM IV change range between AVAX and XRP was 6.29 volatility points. Across the XRP, HYPE, AVAX and TRX options markets, the 1W RR25 level spread between TRX and AVAX was 2.80 volatility points.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: XRP 1W ATM IV 58.84% · Δ -6.12 vol pts; HYPE 1W ATM IV 67.26% · Δ -3.39 vol pts; AVAX 1W ATM IV 53.46% · Δ +0.17 vol pts; TRX 1W ATM IV 19.21% · Δ -2.67 vol pts
Skew: XRP 1W RR25 2.12 vol pts · Δ +0.37 vol pts; HYPE 1W RR25 0.69 vol pts · Δ -1.17 vol pts; AVAX 1W RR25 0.21 vol pts · Δ -0.58 vol pts; TRX 1W RR25 3.01 vol pts · Δ +0.50 vol pts
Vol
XRP 1W ATM IV 58.84% · Δ -6.12 vol pts
HYPE 1W ATM IV 67.26% · Δ -3.39 vol pts
AVAX 1W ATM IV 53.46% · Δ +0.17 vol pts
TRX 1W ATM IV 19.21% · Δ -2.67 vol pts
Skew
XRP 1W RR25 2.12 vol pts · Δ +0.37 vol pts
HYPE 1W RR25 0.69 vol pts · Δ -1.17 vol pts
AVAX 1W RR25 0.21 vol pts · Δ -0.58 vol pts
TRX 1W RR25 3.01 vol pts · Δ +0.50 vol pts
Wings
XRP 1W BF25 3.20 vol pts · Δ -0.19 vol pts
HYPE 1W BF25 5.17 vol pts · Δ +1.31 vol pts
AVAX 1W BF25 2.87 vol pts · Δ -0.28 vol pts
TRX 1W BF25 2.67 vol pts · Δ +0.36 vol pts
IV versus RV
XRP Unavailable
HYPE Unavailable
AVAX Unavailable
TRX Unavailable
Unavailable readings: XRP IV versus RV; HYPE IV versus RV; AVAX IV versus RV; TRX 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.
Component cutoffs: XRP 2 Sept 2026, 16:30 UTC; HYPE 2 Sept 2026, 16:30 UTC; AVAX 2 Sept 2026, 16:30 UTC; TRX 2 Sept 2026, 16:30 UTC. Each asset is shown separately.
7D realised volatility · data quality
| Asset | Recorded RV | Status | Coverage / required | Longest gap / maximum |
|---|---|---|---|---|
| XRP | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| HYPE | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| AVAX | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| TRX | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded 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
XRP · Unavailable · Surface cutoff 02 Sept 2026, 16:30:00 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.
HYPE · Unavailable · Surface cutoff 02 Sept 2026, 16:30:00 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.
AVAX · Unavailable · Surface cutoff 02 Sept 2026, 16:30:00 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.
TRX · Unavailable · Surface cutoff 02 Sept 2026, 16:30:00 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.
06 · Methodology and provenance
An availability-aware daily comparison.
Latest successful snapshot at or before the common cutoff versus the nearest successful snapshot 24 hours earlier, within a three-hour tolerance.
Current levels remain visible when a 24-hour baseline does not yet exist; changes stay null rather than being inferred from a shorter window.
Realised volatility uses the canonical minute index for each asset. Spot returns and rankings use the same stored 24-hour index return; missing index returns remain unavailable. Forward levels and any legacy forward-return rankings are labelled separately.