Daily altcoin options report · XRP, HYPE, AVAX and TRX

Altcoin options split as XRP leads one-week volatility compression

Altcoin one-week volatility pricing diverged, led by XRP’s compression while TRX remained richest relative to realised volatility. Relative value, rather than a uniform complex repricing, defined the session.

Generated 04 Sept 2026, 16:55 UTC · By Sean Gordon / Derivasys Research

Asset eligibility and coverage

The published headline is retained as written. Fit labels describe fit quality; they do not establish research eligibility.

Comparison and headline eligibility by asset
Asset	Fit acceptance	Native window	Common cutoff	History	Headline
XRP	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 04 Sept 2026, 16:48 UTC; previous 03 Sept 2026, 16:48 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
HYPE	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 04 Sept 2026, 16:48 UTC; previous 03 Sept 2026, 16:48 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
AVAX	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 04 Sept 2026, 16:48 UTC; previous 03 Sept 2026, 16:48 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
TRX	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 04 Sept 2026, 16:48 UTC; previous 03 Sept 2026, 16:48 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded

Snapshot data and comparison

Snapshot · 4 Sept 2026, 16:48 UTC

Generated timestamp: 2026-09-04T16:55:41+00:00

XRPSpot-index 24h -3.58%1W ATM IV 55.87%1W RR25 +0.15 vol pts1W BF25 +2.85 vol pts1W IV − 7D RV Unavailable
HYPESpot-index 24h +1.35%1W ATM IV 65.75%1W RR25 +3.38 vol pts1W BF25 +5.42 vol pts1W IV − 7D RV Unavailable
AVAXSpot-index 24h -1.75%1W ATM IV 53.59%1W RR25 +3.93 vol pts1W BF25 +4.83 vol pts1W IV − 7D RV Unavailable
TRXSpot-index 24h -0.37%1W ATM IV 22.34%1W RR25 -1.00 vol pts1W BF25 +1.92 vol pts1W IV − 7D RV Unavailable

Market context · daily observation window

Market context

XRP spot-index return unavailable; 1W ATM IV fell 4.12 volatility points to 55.87% over the daily window. RR25 moved toward puts (-4.14 points); BF25 wing premium decreased (-0.76 points); 2/4 assets had lower 1W ATM IV; partial native coverage (12/16 measurements).

Previous report, watch levels and methodology

One-week surface context; the published headline retains its original evidence basis. Cutoffs 3 Sept, 16:48 UTC to 4 Sept, 16:48 UTC.

Measured change since prior report

Prior comparison unavailable: the exact adjacent published edition could not be 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.

Hold the observed level: XRP 1W ATM IV ≤ 55.87 percent at 5 Sept, 16:48 UTC. Current level 55.87; threshold is the current observed endpoint.
Full retrace: XRP 1W ATM IV ≥ 59.99 percent at 5 Sept, 16:48 UTC. Current level 55.87; 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. Derived from verified legacy artifact endpoints.

Canonical current report JSON · SHA-256 46c3edfcdfb1b5cb0e8083cb5122103174df58ebe083d8fbd83266b5b8d34eaf

Consumed endpoint proof: 05b9cf3659ec9d6ddb70851d76b38814ac1e2479acc0eefea5ded53267f2e938

XRP:atmIv:1W:observed-current-level: rows[asset=XRP].report.tenors[tenor=1W].atmIv.previous; rows[asset=XRP].report.tenors[tenor=1W].atmIv.current; rows[asset=XRP].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-04T16:48:00+00:00 to 2026-09-05T16:48:00+00:00.
XRP:atmIv:1W:observed-previous-level: rows[asset=XRP].report.tenors[tenor=1W].atmIv.previous; rows[asset=XRP].report.tenors[tenor=1W].atmIv.current; rows[asset=XRP].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-04T16:48:00+00:00 to 2026-09-05T16:48:00+00:00.

01 · Market read

What is unusual across the altcoin options complex.

TRX remained richest and XRP cheapest on one-week implied volatility relative to seven-day realised volatility.

Cross-sectional observations

One-week ATM IV level dispersion: Widening: absolute level gap 43.41 vol points; absolute gap change +0.97 vol points. Stored one-week tenor comparison at this cutoff across 4 assets.

Daily one-week ATM IV-change dispersion: The cross-asset spread is 4.57 vol points. Stored daily changes across 4 assets.

XRP stands apart: 1W ATM IV change is 4.07 vol points below the group median. Stored cross-section of 4 assets at this report cutoff.

Daily 1W ATM IV moves ranged from -4.12 points to +0.45 points. HYPE had the highest absolute 1W IV at 65.75%.

AVAX had the highest 1W RR25 at +3.93 points, call-rich; TRX had the lowest at -1.00 points, put-rich.

Against seven-day realised volatility, TRX had the highest IV-minus-RV spread at +6.06 points and XRP had the lowest IV-minus-RV spread at -10.64 points. Fit evidence is shown in the scorecard before treating the ranking as robust.

One-week ATM IV level dispersion is widening, at 43.41 vol pts.

TRX has the highest 1W IV-minus-7D-RV spread at +6.06 vol points; XRP has the lowest at -10.64 vol points. The range between these spreads is 16.70 vol points.

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 · 65.75	XRP · 55.87	AVAX · 53.59	TRX · 22.34
Daily 1W ATM IV change	HYPE · 0.45	AVAX · 0.41	TRX · -0.52	XRP · -4.12
1W IV minus 7d realised	TRX · 6.06	AVAX · 3.98	HYPE · -2.12	XRP · -10.64
Highest 1W RR25	AVAX · 3.93 · up 3	HYPE · 3.38	XRP · 0.15 · down 2	TRX · -1.00 · down 1
Lowest 1W RR25	TRX · -1.00 · up 1	XRP · 0.15 · up 2	HYPE · 3.38	AVAX · 3.93 · down 3
24h forward-proxy return	HYPE · 1.35	TRX · -0.37	AVAX · -1.75	XRP · -3.58

XRP

1W ATM IV change

-4.07 points from the group median

TRX

1W ATM IV level

-32.39 points from the group median

TRX

1W RR25 level

-2.76 points from the group median

XRP

1W IV minus 7D realised volatility

-11.57 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	Native fit time	Status
XRP	-3.58%	$1.41	55.87%	-4.12 vol pts	66.51%	-10.64 vol pts	0.84×	Unavailable	+0.15 vol pts	Accepted fit · 7 expiries	Native fit: 04 Sept 2026, 16:48 UTC (at cutoff)	24h comparable
HYPE	+1.35%	$85.20	65.75%	+0.45 vol pts	67.87%	-2.12 vol pts	0.97×	Unavailable	+3.38 vol pts	Accepted fit · 7 expiries	Native fit: 04 Sept 2026, 16:48 UTC (at cutoff)	24h comparable
AVAX	-1.75%	$7.39	53.59%	+0.41 vol pts	49.61%	+3.98 vol pts	1.08×	Unavailable	+3.93 vol pts	Accepted fit · 7 expiries	Native fit: 04 Sept 2026, 16:48 UTC (at cutoff)	24h comparable
TRX	-0.37%	$0.33	22.34%	-0.52 vol pts	16.28%	+6.06 vol pts	1.37×	Unavailable	-1.00 vol pts	Accepted fit · 7 expiries	Native fit: 04 Sept 2026, 16:48 UTC (at cutoff)	24h comparable

04 · Term structures

ATM implied volatility across standard tenors.

Asset	1W ATM / Δ	1M ATM / Δ	3M ATM / Δ
XRP	55.87% / -4.12	56.11% / -0.07	55.71% / -0.31
HYPE	65.75% / +0.45	66.51% / +0.24	66.12% / -0.64
AVAX	53.59% / +0.41	55.73% / +0.31	55.43% / -0.27
TRX	22.34% / -0.52	22.67% / +1.08	22.23% / +0.94

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.

Download report JSON · Download report CSV

Original report summary

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: XRP 1W ATM IV 55.87% · Δ -4.12 vol pts; HYPE 1W ATM IV 65.75% · Δ +0.45 vol pts; AVAX 1W ATM IV 53.59% · Δ +0.41 vol pts; TRX 1W ATM IV 22.34% · Δ -0.52 vol pts

Skew: XRP 1W RR25 0.15 vol pts · Δ -4.14 vol pts; HYPE 1W RR25 3.38 vol pts · Δ -0.04 vol pts; AVAX 1W RR25 3.93 vol pts · Δ +4.92 vol pts; TRX 1W RR25 -1.00 vol pts · Δ -1.63 vol pts

IV change dispersion: 1W ATM IV daily-change dispersion 4.57 vol pts (HYPE Δ +0.45 versus XRP Δ -4.12 vol pts)

Vol

XRP 1W ATM IV 55.87% · Δ -4.12 vol pts

HYPE 1W ATM IV 65.75% · Δ +0.45 vol pts

AVAX 1W ATM IV 53.59% · Δ +0.41 vol pts

TRX 1W ATM IV 22.34% · Δ -0.52 vol pts

Skew

XRP 1W RR25 0.15 vol pts · Δ -4.14 vol pts

HYPE 1W RR25 3.38 vol pts · Δ -0.04 vol pts

AVAX 1W RR25 3.93 vol pts · Δ +4.92 vol pts

TRX 1W RR25 -1.00 vol pts · Δ -1.63 vol pts

Wings

XRP 1W BF25 2.85 vol pts · Δ -0.76 vol pts

HYPE 1W BF25 5.42 vol pts · Δ +1.32 vol pts

AVAX 1W BF25 4.83 vol pts · Δ +1.30 vol pts

TRX 1W BF25 1.92 vol pts · Δ +0.41 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 4 Sept 2026, 16:48 UTC; HYPE 4 Sept 2026, 16:48 UTC; AVAX 4 Sept 2026, 16:48 UTC; TRX 4 Sept 2026, 16:48 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 04 Sept 2026, 16:48:00 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 04 Sept 2026, 16:48:00 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 04 Sept 2026, 16:48:00 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 04 Sept 2026, 16:48:00 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.

Source data JSON

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.