01 · Market read
What is unusual across the altcoin options complex.
The altcoin complex’s clearest move was a sharp convergence in one-week relative call-side volatility, rather than a uniform change in implied-volatility levels.
Daily 1W ATM IV moves ranged from -0.56 points to +0.78 points. HYPE had the highest absolute 1W IV at 62.25%.
TRX had the richest call skew at +3.47 points; XRP had the richest put skew at +2.91 points.
One-week ATM IV level dispersion is compressing, at +40.97 vol pts.
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 · 62.25 | XRP · 54.50 | AVAX · 53.39 | TRX · 21.28 |
| Daily 1W ATM IV change | AVAX · 0.78 | TRX · 0.21 | HYPE · -0.53 | XRP · -0.56 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Most call-rich 1W RR25 | TRX · 3.47 · up 3 | AVAX · 3.41 | HYPE · 3.27 · down 2 | XRP · 2.91 · down 1 |
| Most put-rich 1W RR25 | XRP · 2.91 · up 1 | HYPE · 3.27 · up 2 | AVAX · 3.41 | TRX · 3.47 · 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 | AVAX · 3.40 | XRP · 1.43 | HYPE · 0.29 | TRX · 0.00 |
1W ATM IV change
+0.94 points from the group median
1W ATM IV level
-32.66 points from the group median
1W RR25 level
-0.43 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 | +1.43% | $1.42 | 54.50% | -0.56 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +2.91 vol pts | Accepted fit · 7 expiries | 24h comparable |
| HYPE | +0.29% | $85.52 | 62.25% | -0.53 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.27 vol pts | Accepted fit · 7 expiries | 24h comparable |
| AVAX | +3.40% | $7.61 | 53.39% | +0.78 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.41 vol pts | Accepted fit · 7 expiries | 24h comparable |
| TRX | 0.00% | $0.33 | 21.28% | +0.21 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.47 vol pts | Accepted fit · 7 expiries | 24h comparable |
XRP: Canonical XRP index coverage for 24h is incomplete: expected 1440 returns, found 1405
HYPE: Canonical HYPE index coverage for 24h is incomplete: expected 1440 returns, found 1405
AVAX: Canonical AVAX index coverage for 24h is incomplete: expected 1440 returns, found 1405
TRX: Canonical TRX index coverage for 24h is incomplete: expected 1440 returns, found 1405
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ |
|---|---|---|---|
| XRP | 54.50% / -0.56 | 55.65% / -0.39 | 55.36% / -0.15 |
| HYPE | 62.25% / -0.53 | 64.75% / -0.23 | 66.07% / +1.28 |
| AVAX | 53.39% / +0.78 | 55.45% / +0.15 | 55.27% / -0.27 |
| TRX | 21.28% / +0.21 | 17.59% / -3.55 | 18.31% / -3.23 |
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.