01 · Market read
What is unusual across the altcoin options complex.
The altcoin complex was distinguished by a 15.46-volatility-point spread between TRX and XRP in one-week ATM IV minus seven-day realised volatility. That comparison places TRX at the rich end and XRP at the cheap end of the measured group.
Daily 1W ATM IV moves ranged from -1.47 points to +0.96 points. HYPE had the highest absolute 1W IV at 63.10%.
AVAX had the richest call skew at +2.69 points; TRX had the richest put skew at -0.41 points.
Against seven-day realised volatility, TRX was richest at +7.72 points and XRP was cheapest at -7.74 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is compressing, at +41.35 vol pts.
TRX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 15.46-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 · 63.10 | AVAX · 56.50 | XRP · 54.16 | TRX · 21.75 |
| Daily 1W ATM IV change | XRP · 0.96 | TRX · -0.23 | AVAX · -1.15 | HYPE · -1.47 |
| 1W IV minus 7d realised | TRX · 7.72 | HYPE · 2.27 | AVAX · 0.85 | XRP · -7.74 |
| Most call-rich 1W RR25 | AVAX · 2.69 · up 1 | HYPE · 2.67 · up 1 | XRP · 2.52 · down 2 | TRX · -0.41 |
| Most put-rich 1W RR25 | TRX · -0.41 | XRP · 2.52 · up 2 | HYPE · 2.67 · down 1 | AVAX · 2.69 · down 1 |
| 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 · 1.70 | TRX · 0.19 | XRP · -0.55 | AVAX · -1.24 |
1W ATM IV change
+1.65 points from the group median
1W ATM IV level
-33.58 points from the group median
1W RR25 level
-3.00 points from the group median
1W IV minus 7D realised volatility
-9.30 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 | -0.55% | $1.42 | 54.16% | +0.96 vol pts | 61.90% | -7.74 vol pts | 0.87× | Unavailable | +2.52 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +1.70% | $85.09 | 63.10% | -1.47 vol pts | 60.83% | +2.27 vol pts | 1.04× | Unavailable | +2.67 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | -1.24% | $7.92 | 56.50% | -1.15 vol pts | 55.65% | +0.85 vol pts | 1.02× | Unavailable | +2.69 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | +0.19% | $0.34 | 21.75% | -0.23 vol pts | 14.03% | +7.72 vol pts | 1.55× | Unavailable | -0.41 vol pts | Accepted fit · 6 expiries | 24h comparable |
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ |
|---|---|---|---|
| XRP | 54.16% / +0.96 | 51.64% / -0.43 | 50.51% / +0.09 |
| HYPE | 63.10% / -1.47 | 63.05% / -0.81 | 64.15% / +1.26 |
| AVAX | 56.50% / -1.15 | 55.96% / -0.12 | 55.05% / -0.06 |
| TRX | 21.75% / -0.23 | 22.12% / -0.03 | 22.56% / +0.02 |
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.