01 · Market read
What is unusual across the altcoin options complex.
TRX held the highest one-week implied-versus-realised premium at 4.88 volatility points, while XRP registered the lowest reading at minus 4.16 points. The resulting 9.04-point range was the defining relative-value feature across the covered altcoin options complex.
Daily 1W ATM IV moves ranged from -2.65 points to +1.95 points. HYPE had the highest absolute 1W IV at 64.73%.
AVAX had the richest call skew at +2.02 points; HYPE had the richest put skew at -2.51 points.
Against seven-day realised volatility, TRX was richest at +4.88 points and XRP was cheapest at -4.16 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is widening, at +45.63 vol pts.
TRX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 9.04-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 · 64.73 | AVAX · 58.45 | XRP · 53.89 | TRX · 19.10 |
| Daily 1W ATM IV change | AVAX · 1.95 | HYPE · 1.63 | XRP · -0.27 | TRX · -2.65 |
| 1W IV minus 7d realised | TRX · 4.88 | HYPE · 1.54 | AVAX · 1.42 | XRP · -4.16 |
| Most call-rich 1W RR25 | AVAX · 2.02 | TRX · -1.01 · up 2 | XRP · -1.94 | HYPE · -2.51 · down 2 |
| Most put-rich 1W RR25 | HYPE · -2.51 · up 2 | XRP · -1.94 | TRX · -1.01 · down 2 | AVAX · 2.02 |
| 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 · -0.41 | AVAX · -5.05 | XRP · -5.11 | HYPE · -7.08 |
1W ATM IV change
-3.33 points from the group median
1W ATM IV level
-37.07 points from the group median
1W RR25 level
+3.50 points from the group median
1W IV minus 7D realised volatility
-5.64 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 | -5.11% | $1.35 | 53.89% | -0.27 vol pts | 58.05% | -4.16 vol pts | 0.93× | Unavailable | -1.94 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | -7.08% | $79.34 | 64.73% | +1.63 vol pts | 63.19% | +1.54 vol pts | 1.02× | Unavailable | -2.51 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | -5.05% | $7.54 | 58.45% | +1.95 vol pts | 57.03% | +1.42 vol pts | 1.02× | Unavailable | +2.02 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | -0.41% | $0.34 | 19.10% | -2.65 vol pts | 14.22% | +4.88 vol pts | 1.34× | Unavailable | -1.01 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 | 53.89% / -0.27 | 52.43% / +0.79 | 51.55% / +1.04 |
| HYPE | 64.73% / +1.63 | 63.19% / +0.14 | 62.36% / -1.79 |
| AVAX | 58.45% / +1.95 | 56.41% / +0.45 | 55.18% / +0.13 |
| TRX | 19.10% / -2.65 | 21.35% / -0.77 | 22.12% / -0.44 |
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.