Daily altcoin options report · XRP, HYPE, AVAX and TRX

TRX–XRP implied-versus-realised gap reaches 15.46 volatility points

HYPE 1W ATM IV fell 1.47 volatility points; Skew moved toward calls (+0.29 vol points); Wing premium increased (+0.01 vol points); partial native coverage (12/16 measurements).

Generated 09 Sept 2026, 16:35 UTC · By Sean Gordon / Derivasys Research

Asset eligibility and coverage

The published headline is retained as written. Fit labels describe fit quality; they do not establish research eligibility.

Comparison and headline eligibility by asset
Asset	Fit acceptance	Native window	Common cutoff	History	Headline
XRP	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 09 Sept 2026, 16:30 UTC; previous 08 Sept 2026, 16:30 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
HYPE	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 09 Sept 2026, 16:30 UTC; previous 08 Sept 2026, 16:30 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
AVAX	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 09 Sept 2026, 16:30 UTC; previous 08 Sept 2026, 16:30 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded
TRX	Fit acceptance not recorded	Unknown — native-window eligibility not recorded or verified	Included in shared endpoint cohort (current 09 Sept 2026, 16:30 UTC; previous 08 Sept 2026, 16:30 UTC)	Unknown — history eligibility not recorded	Unavailable — eligibility receipt not recorded

Snapshot data and comparison

Snapshot · 9 Sept 2026, 16:30 UTC

Generated timestamp: 2026-09-09T16:35:07+00:00

XRPSpot-index 24h -0.55%1W ATM IV 54.16%1W RR25 +2.52 vol pts1W BF25 +2.86 vol pts1W IV − 7D RV Unavailable
HYPESpot-index 24h +1.70%1W ATM IV 63.10%1W RR25 +2.67 vol pts1W BF25 +4.51 vol pts1W IV − 7D RV Unavailable
AVAXSpot-index 24h -1.24%1W ATM IV 56.50%1W RR25 +2.69 vol pts1W BF25 +3.57 vol pts1W IV − 7D RV Unavailable
TRXSpot-index 24h +0.19%1W ATM IV 21.75%1W RR25 -0.41 vol pts1W BF25 +1.87 vol pts1W IV − 7D RV Unavailable

Previous report, watch levels and methodology

One-week surface context; the published headline retains its original evidence basis. Cutoffs 8 Sept, 16:30 UTC to 9 Sept, 16:30 UTC.

Measured change since prior report

Prior comparison unavailable: the exact adjacent published edition could not be verified.

A structured watchlist was not recorded or could not be verified in the prior edition; prior-watch outcomes remain unavailable.

Next daily cutoff: measurable checks

These checks are reconstructed from this edition’s stored endpoints; they were not recorded in the original report.

Hold the observed level: HYPE 1W ATM IV ≤ 63.10 percent at 10 Sept, 16:30 UTC. Current level 63.10; threshold is the current observed endpoint.
Full retrace: HYPE 1W ATM IV ≥ 64.57 percent at 10 Sept, 16:30 UTC. Current level 63.10; threshold is the previous observed endpoint.

Measurement basis and receipt

These are observed-level conditions for the next aligned cutoff, with no forecast or trade action. Spot uses exact index endpoints where available; ATM IV is quoted in percent and its change, RR25 and BF25 in volatility points. Derived from verified legacy artifact endpoints.

Canonical current report JSON · SHA-256 13ccd819c24bba1c25c40f95de28e0fa9a70ce4a04352a250f7d61fd15212291

Consumed endpoint proof: b72fe3ac1aab16be13f96e9bbf3bfd80dc6e7723ed85ecf994228889a282b13e

HYPE:atmIv:1W:observed-current-level: rows[asset=HYPE].report.tenors[tenor=1W].atmIv.previous; rows[asset=HYPE].report.tenors[tenor=1W].atmIv.current; rows[asset=HYPE].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-09T16:30:00+00:00 to 2026-09-10T16:30:00+00:00.
HYPE:atmIv:1W:observed-previous-level: rows[asset=HYPE].report.tenors[tenor=1W].atmIv.previous; rows[asset=HYPE].report.tenors[tenor=1W].atmIv.current; rows[asset=HYPE].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-09T16:30:00+00:00 to 2026-09-10T16:30:00+00:00.

Chart notes

Combined surface read: ATM IV rose (XRP); RR25 moved toward puts (XRP, TRX); BF25 wing premium increased (XRP, HYPE, TRX); ATM IV fell (HYPE, AVAX, TRX); RR25 moved toward calls (HYPE, AVAX); BF25 wing premium decreased (AVAX).

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.

Cross-sectional observations

One-week ATM IV level dispersion: Compression: absolute level gap 41.35 vol points; absolute gap change -1.24 vol points. Stored one-week tenor comparison at this cutoff across 4 assets.

Daily one-week ATM IV-change dispersion: The cross-asset spread is 2.43 vol points. Stored daily changes across 4 assets.

XRP stands apart: 1W ATM IV change is 1.65 vol points above the group median. Stored cross-section of 4 assets at this report cutoff.

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 highest 1W RR25 at +2.69 points, call-rich; TRX had the lowest at -0.41 points, put-rich.

Against seven-day realised volatility, TRX had the highest IV-minus-RV spread at +7.72 points and XRP had the lowest IV-minus-RV spread 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 has the highest 1W IV-minus-7D-RV spread at +7.72 vol points; XRP has the lowest at -7.74 vol points. The range between these spreads is 15.46 vol points.

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
Highest 1W RR25	AVAX · 2.69 · up 1	HYPE · 2.67 · up 1	XRP · 2.52 · down 2	TRX · -0.41
Lowest 1W RR25	TRX · -0.41	XRP · 2.52 · up 2	HYPE · 2.67 · down 1	AVAX · 2.69 · down 1
24h spot-index return	HYPE · 1.70	TRX · 0.19	XRP · -0.55	AVAX · -1.24

XRP

1W ATM IV change

+1.65 points from the group median

TRX

1W ATM IV level

-33.58 points from the group median

TRX

1W RR25 level

-3.00 points from the group median

XRP

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	Native fit time	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	Native fit: 09 Sept 2026, 16:30 UTC (at cutoff)	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	Native fit: 09 Sept 2026, 16:30 UTC (at cutoff)	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	Native fit: 09 Sept 2026, 16:30 UTC (at cutoff)	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	Native fit: 09 Sept 2026, 16:30 UTC (at cutoff)	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.

Evidence, source data and methodology

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 13ccd819c24bba1c25c40f95de28e0fa9a70ce4a04352a250f7d61fd15212291.

Altcoins report data

Download the report’s stored cross-asset comparisons, rankings, declared lead evidence and per-asset quality information. Missing analysis remains unavailable.

Download report JSON · Download report CSV

Original report summary

Altcoin options showed their clearest relative-value split in the one-week implied-versus-realised measure. TRX one-week ATM IV stood 7.72 volatility points above seven-day realised volatility, while XRP one-week ATM IV sat 7.74 points below its realised reading, leaving a 15.46-point range. DerivaSys data also showed XRP as the sole one-week volatility riser while HYPE posted the largest decline.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: XRP 1W ATM IV 54.16% · Δ +0.96 vol pts; HYPE 1W ATM IV 63.10% · Δ -1.47 vol pts; AVAX 1W ATM IV 56.50% · Δ -1.15 vol pts; TRX 1W ATM IV 21.75% · Δ -0.23 vol pts

Skew: XRP 1W RR25 2.52 vol pts · Δ -0.72 vol pts; HYPE 1W RR25 2.67 vol pts · Δ +0.29 vol pts; AVAX 1W RR25 2.69 vol pts · Δ +0.25 vol pts; TRX 1W RR25 -0.41 vol pts · Δ -0.46 vol pts

IV change dispersion: 1W ATM IV daily-change dispersion 2.43 vol pts (XRP Δ +0.96 versus HYPE Δ -1.47 vol pts)

Vol

XRP 1W ATM IV 54.16% · Δ +0.96 vol pts

HYPE 1W ATM IV 63.10% · Δ -1.47 vol pts

AVAX 1W ATM IV 56.50% · Δ -1.15 vol pts

TRX 1W ATM IV 21.75% · Δ -0.23 vol pts

Skew

XRP 1W RR25 2.52 vol pts · Δ -0.72 vol pts

HYPE 1W RR25 2.67 vol pts · Δ +0.29 vol pts

AVAX 1W RR25 2.69 vol pts · Δ +0.25 vol pts

TRX 1W RR25 -0.41 vol pts · Δ -0.46 vol pts

Wings

XRP 1W BF25 2.86 vol pts · Δ +0.14 vol pts

HYPE 1W BF25 4.51 vol pts · Δ +0.01 vol pts

AVAX 1W BF25 3.57 vol pts · Δ -0.11 vol pts

TRX 1W BF25 1.87 vol pts · Δ +0.12 vol pts

IV versus RV

XRP Unavailable

HYPE Unavailable

AVAX Unavailable

TRX Unavailable

Unavailable readings: XRP IV versus RV; HYPE IV versus RV; AVAX IV versus RV; TRX IV versus RV. See the report’s data availability notes.

Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.

Component cutoffs: XRP 9 Sept 2026, 16:30 UTC; HYPE 9 Sept 2026, 16:30 UTC; AVAX 9 Sept 2026, 16:30 UTC; TRX 9 Sept 2026, 16:30 UTC. Each asset is shown separately.

7D realised volatility · data quality

Asset	Recorded RV	Status	Coverage / required	Longest gap / maximum
XRP	Unavailable	Unavailable	not recorded / not recorded required	not recorded / not recorded maximum
HYPE	Unavailable	Unavailable	not recorded / not recorded required	not recorded / not recorded maximum
AVAX	Unavailable	Unavailable	not recorded / not recorded required	not recorded / not recorded maximum
TRX	Unavailable	Unavailable	not recorded / not recorded required	not recorded / not recorded maximum

Thresholds are asset-specific policies recorded in this edition. Each window is assessed independently; returns spanning gaps are excluded. Partial estimates may miss volatility during gaps.

RV coverage and methodology

XRP · Unavailable · Surface cutoff 09 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.

HYPE · Unavailable · Surface cutoff 09 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.

AVAX · Unavailable · Surface cutoff 09 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.

TRX · Unavailable · Surface cutoff 09 Sept 2026, 16:30:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.

Source data JSON

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. Spot returns and rankings use the same stored 24-hour index return; missing index returns remain unavailable. Forward levels and any legacy forward-return rankings are labelled separately.