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.
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 richest call skew at +3.93 points; TRX had the richest put skew at -1.00 points.
Against seven-day realised volatility, TRX was richest at +6.06 points and XRP was cheapest 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 screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 16.70-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 · 65.75 | 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 |
| Most call-rich 1W RR25 | AVAX · 3.93 · up 3 | HYPE · 3.38 | XRP · 0.15 · down 2 | TRX · -1.00 · down 1 |
| Most put-rich 1W RR25 | TRX · -1.00 · up 1 | XRP · 0.15 · up 2 | HYPE · 3.38 | AVAX · 3.93 · down 3 |
| 1Y minus 1W curve slope | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Largest 1Y minus 1W curve change | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| 24h spot performance | HYPE · 1.35 | TRX · -0.37 | AVAX · -1.75 | XRP · -3.58 |
1W ATM IV change
-4.07 points from the group median
1W ATM IV level
-32.39 points from the group median
1W RR25 level
-2.76 points from the group median
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 | 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 | 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 | 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 | 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 | 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.
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.