01 · Market read
What is unusual across the altcoin options complex.
Altcoin one-week ATM IV level dispersion narrowed by 7.34 volatility points to 42.57 volatility points between HYPE and TRX.
Daily 1W ATM IV moves ranged from -3.68 points to +3.66 points. HYPE had the highest absolute 1W IV at 65.45%.
XRP had the richest call skew at +4.37 points; AVAX had the richest put skew at +0.16 points.
Against seven-day realised volatility, AVAX was richest at +6.38 points and XRP was cheapest at -5.43 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is compressing, at +42.57 vol pts.
AVAX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 11.81-point cross-sectional range.
This is a comparison of separate fitted surfaces, not a pooled altcoin index; unavailable history is not converted into a zero move.
02 · Relative-value rankings
Leaders, laggards and rank changes.
| Metric | 1st | 2nd | 3rd | 4th |
|---|---|---|---|---|
| 1W ATM IV level | HYPE · 65.45 | XRP · 58.25 | AVAX · 54.05 | TRX · 22.88 |
| Daily 1W ATM IV change | TRX · 3.66 | AVAX · 0.63 | XRP · -1.00 | HYPE · -3.68 |
| 1W IV minus 7d realised | AVAX · 6.38 | TRX · 6.10 | HYPE · -3.69 | XRP · -5.43 |
| Most call-rich 1W RR25 | XRP · 4.37 · up 3 | HYPE · 3.89 | TRX · 0.64 · down 2 | AVAX · 0.16 · down 1 |
| Most put-rich 1W RR25 | AVAX · 0.16 · up 1 | TRX · 0.64 · up 2 | HYPE · 3.89 | XRP · 4.37 · down 3 |
| 1Y minus 1W curve slope | AVAX · 0.62 | HYPE · -0.03 · up 2 | XRP · -0.96 · down 1 | TRX · -1.67 · down 1 |
| Largest 1Y minus 1W curve change | HYPE · 1.83 | XRP · -1.07 | TRX · -1.02 | AVAX · -0.31 |
| 24h spot performance | XRP · 9.39 | AVAX · 5.16 | HYPE · 2.58 | TRX · 2.51 |
1W ATM IV change
+3.85 points from the group median
1W ATM IV level
-33.27 points from the group median
1W RR25 level
+2.10 points from the group median
1Y minus 1W ATM IV slope
-1.17 points from the group median
1W IV minus 7D realised volatility
-6.63 points from the group median
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 | Status |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XRP | +9.39% | $1.46 | 58.25% | -1.00 vol pts | 63.68% | -5.43 vol pts | 0.91× | Unavailable | +4.37 vol pts | Accepted fit · 7 expiries | 24h comparable |
| HYPE | +2.58% | $83.75 | 65.45% | -3.68 vol pts | 69.14% | -3.69 vol pts | 0.95× | Unavailable | +3.89 vol pts | Accepted fit · 7 expiries | 24h comparable |
| AVAX | +5.16% | $7.52 | 54.05% | +0.63 vol pts | 47.67% | +6.38 vol pts | 1.13× | Unavailable | +0.16 vol pts | Accepted fit · 7 expiries | 24h comparable |
| TRX | +2.51% | $0.33 | 22.88% | +3.66 vol pts | 16.78% | +6.10 vol pts | 1.36× | Unavailable | +0.64 vol pts | Accepted fit · 7 expiries | 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 | 58.25% / -1.00 | 56.17% / -2.59 | 56.27% / -2.93 | 56.95% / -2.35 | 57.29% / -2.07 |
| HYPE | 65.45% / -3.68 | 66.55% / -1.22 | 66.04% / -1.37 | 65.63% / -1.69 | 65.42% / -1.85 |
| AVAX | 54.05% / +0.63 | 55.71% / +1.46 | 55.56% / +1.24 | 54.97% / +0.63 | 54.67% / +0.32 |
| TRX | 22.88% / +3.66 | 21.64% / +2.55 | 21.42% / +2.71 | 21.28% / +2.67 | 21.21% / +2.64 |
05 · Catalyst check
News context unavailable.
News context unavailable because source coverage was incomplete.
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. The forward proxy is retained only as a fallback spot comparison and is not a consolidated spot index.