01 · Market read
What is unusual across the altcoin options complex.
TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, creating a 10.36-volatility-point cross-sectional range.
Daily 1W ATM IV moves ranged from -2.91 points to +3.42 points. HYPE had the highest absolute 1W IV at 63.65%.
AVAX had the richest call skew at +4.51 points; TRX had the richest put skew at -5.51 points.
Against seven-day realised volatility, TRX was richest at +5.59 points and AVAX was cheapest at -4.77 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is compressing, at +43.80 vol pts.
TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, with a 10.36-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 · 63.65 | XRP · 57.35 · up 1 | AVAX · 55.53 · down 1 | TRX · 19.85 |
| Daily 1W ATM IV change | XRP · 3.42 | TRX · 0.75 | HYPE · -1.07 | AVAX · -2.91 |
| 1W IV minus 7d realised | TRX · 5.59 | XRP · 2.17 | HYPE · 0.14 | AVAX · -4.77 |
| Most call-rich 1W RR25 | AVAX · 4.51 | XRP · 3.89 · up 1 | HYPE · 2.29 · up 1 | TRX · -5.51 · down 2 |
| Most put-rich 1W RR25 | TRX · -5.51 · up 2 | HYPE · 2.29 · down 1 | XRP · 3.89 · down 1 | AVAX · 4.51 |
| 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 · 3.10 | XRP · 2.20 | AVAX · 0.33 | TRX · -0.81 |
1W ATM IV change
+3.58 points from the group median
1W ATM IV level
-36.59 points from the group median
1W RR25 level
-8.60 points from the group median
1W IV minus 7D realised volatility
-5.92 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 | +2.20% | $1.38 | 57.35% | +3.42 vol pts | 55.18% | +2.17 vol pts | 1.04× | Unavailable | +3.89 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +3.10% | $81.80 | 63.65% | -1.07 vol pts | 63.51% | +0.14 vol pts | 1.00× | Unavailable | +2.29 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | +0.33% | $7.59 | 55.53% | -2.91 vol pts | 60.30% | -4.77 vol pts | 0.92× | Unavailable | +4.51 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | -0.81% | $0.34 | 19.85% | +0.75 vol pts | 14.26% | +5.59 vol pts | 1.39× | Unavailable | -5.51 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 | 57.35% / +3.42 | 53.57% / +1.18 | 51.91% / +0.18 |
| HYPE | 63.65% / -1.07 | 61.76% / -1.43 | 61.35% / -1.01 |
| AVAX | 55.53% / -2.91 | 56.27% / -0.14 | 55.52% / +0.34 |
| TRX | 19.85% / +0.75 | 17.55% / -3.80 | 19.00% / -3.12 |
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.