01 · Market read
What is unusual across the altcoin options complex.
The altcoin complex developed a pronounced one-week skew split, with XRP at 3.90 RR25 and TRX at -4.45 RR25.
Daily 1W ATM IV moves ranged from -1.55 points to +3.19 points. HYPE had the highest absolute 1W IV at 65.90%.
XRP had the richest call skew at +3.90 points; TRX had the richest put skew at -4.45 points.
One-week ATM IV level dispersion is widening, at +45.54 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 · 65.90 | XRP · 56.58 | AVAX · 56.32 | TRX · 20.36 |
| Daily 1W ATM IV change | AVAX · 3.19 | XRP · 1.80 | HYPE · 0.99 | TRX · -1.55 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Most call-rich 1W RR25 | XRP · 3.90 · up 3 | HYPE · 3.66 | AVAX · 2.30 | TRX · -4.45 · down 3 |
| Most put-rich 1W RR25 | TRX · -4.45 · up 3 | AVAX · 2.30 | HYPE · 3.66 | XRP · 3.90 · 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 | TRX · 3.03 | HYPE · 2.04 | AVAX · 0.92 | XRP · -0.70 |
1W ATM IV change
-2.95 points from the group median
1W ATM IV level
-36.09 points from the group median
1W RR25 level
-7.43 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 | -0.70% | $1.41 | 56.58% | +1.80 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.90 vol pts | Accepted fit · 7 expiries | 24h comparable |
| HYPE | +2.04% | $87.93 | 65.90% | +0.99 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.66 vol pts | Accepted fit · 7 expiries | 24h comparable |
| AVAX | +0.92% | $7.64 | 56.32% | +3.19 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +2.30 vol pts | Accepted fit · 7 expiries | 24h comparable |
| TRX | +3.03% | $0.34 | 20.36% | -1.55 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | -4.45 vol pts | Accepted fit · 7 expiries | 24h comparable |
XRP: Canonical XRP index coverage for 7d is incomplete: expected 10080 returns, found 10045
HYPE: Canonical HYPE index coverage for 7d is incomplete: expected 10080 returns, found 10045
AVAX: Canonical AVAX index coverage for 7d is incomplete: expected 10080 returns, found 10045
TRX: Canonical TRX index coverage for 7d is incomplete: expected 10080 returns, found 10045
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ |
|---|---|---|---|
| XRP | 56.58% / +1.80 | 55.38% / -0.40 | 55.40% / +0.21 |
| HYPE | 65.90% / +0.99 | 66.70% / +1.16 | 64.74% / +0.14 |
| AVAX | 56.32% / +3.19 | 55.56% / -0.07 | 54.78% / -0.21 |
| TRX | 20.36% / -1.55 | 17.30% / -0.12 | 18.13% / -0.48 |
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.