01 · Market read
What is unusual across the altcoin options complex.
The altcoin complex recorded a 16.16-volatility-point range in one-week ATM IV minus seven-day realised volatility between TRX and XRP. TRX was 7.19 volatility points above its seven-day realised volatility, while XRP was 8.97 volatility points below its seven-day realised volatility. HYPE held the highest one-week ATM IV level at 64.57%, and TRX held the lowest one-week ATM IV level at 21.98%. The HYPE–TRX one-week ATM IV level spread contracted by 4.61 volatility points to 42.59 volatility points.
Daily 1W ATM IV moves ranged from -1.22 points to +3.39 points. HYPE had the highest absolute 1W IV at 64.57%.
XRP had the richest call skew at +3.24 points; TRX had the richest put skew at +0.05 points.
Against seven-day realised volatility, TRX was richest at +7.19 points and XRP was cheapest at -8.97 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is compressing, at +42.59 vol pts.
TRX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 16.16-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 · 64.57 | AVAX · 57.65 | XRP · 53.20 | TRX · 21.98 |
| Daily 1W ATM IV change | TRX · 3.39 | XRP · -0.01 | AVAX · -0.24 | HYPE · -1.22 |
| 1W IV minus 7d realised | TRX · 7.19 | HYPE · 2.98 | AVAX · 2.03 | XRP · -8.97 |
| Most call-rich 1W RR25 | XRP · 3.24 · up 2 | AVAX · 2.44 | HYPE · 2.38 · up 1 | TRX · 0.05 · down 3 |
| Most put-rich 1W RR25 | TRX · 0.05 · up 3 | HYPE · 2.38 · down 1 | AVAX · 2.44 | XRP · 3.24 · down 2 |
| 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 | XRP · 2.88 | AVAX · -0.50 | HYPE · -1.92 |
1W ATM IV change
+3.52 points from the group median
1W ATM IV level
-33.44 points from the group median
1W RR25 level
-2.36 points from the group median
1W IV minus 7D realised volatility
-11.48 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 | +2.67% | $1.43 | 53.20% | -0.01 vol pts | 62.17% | -8.97 vol pts | 0.86× | Unavailable | +3.24 vol pts | Accepted fit · 7 expiries | 24h comparable |
| HYPE | -1.85% | $83.74 | 64.57% | -1.22 vol pts | 61.59% | +2.98 vol pts | 1.05× | Unavailable | +2.38 vol pts | Accepted fit · 7 expiries | 24h comparable |
| AVAX | -0.46% | $8.03 | 57.65% | -0.24 vol pts | 55.62% | +2.03 vol pts | 1.04× | Unavailable | +2.44 vol pts | Accepted fit · 7 expiries | 24h comparable |
| TRX | +1.53% | $0.34 | 21.98% | +3.39 vol pts | 14.79% | +7.19 vol pts | 1.49× | Unavailable | +0.05 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 | 53.20% / -0.01 | 52.07% / -2.02 | 50.42% / -1.93 |
| HYPE | 64.57% / -1.22 | 63.86% / -0.25 | 62.89% / -0.85 |
| AVAX | 57.65% / -0.24 | 56.08% / -0.64 | 55.11% / -0.31 |
| TRX | 21.98% / +3.39 | 22.15% / +4.48 | 22.54% / +3.55 |
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.