01 · Market read
What is unusual across the altcoin options complex.
XRP’s one-week ATM IV rose 5.63 volatility points to 60.01%, creating a 4.19-point gap to TRX’s 1.44-point increase. The reading points to uneven front-end repricing across the altcoin complex rather than a uniform move.
Daily 1W ATM IV moves ranged from +1.44 points to +5.63 points. HYPE had the highest absolute 1W IV at 68.65%.
XRP had the richest call skew at +3.99 points; TRX had the richest put skew at -0.66 points.
Against seven-day realised volatility, TRX was richest at +6.11 points and AVAX was cheapest at +2.07 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is widening, at +47.19 vol pts.
TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, with a 4.04-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 · 68.65 | AVAX · 60.28 | XRP · 60.01 | TRX · 21.46 |
| Daily 1W ATM IV change | XRP · 5.63 | HYPE · 2.28 | AVAX · 1.59 | TRX · 1.44 |
| 1W IV minus 7d realised | TRX · 6.11 | XRP · 3.91 | AVAX · 2.07 | HYPE · unavailable |
| Most call-rich 1W RR25 | XRP · 3.99 · up 1 | HYPE · 3.49 · up 2 | AVAX · 2.01 · down 2 | TRX · -0.66 · down 1 |
| Most put-rich 1W RR25 | TRX · -0.66 · up 1 | AVAX · 2.01 · up 2 | HYPE · 3.49 · down 2 | XRP · 3.99 · 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 | XRP · 4.84 | AVAX · 1.83 | TRX · -0.15 | HYPE · unavailable |
1W ATM IV change
+3.69 points from the group median
1W ATM IV level
-38.68 points from the group median
1W RR25 level
-3.41 points from the group median
1W IV minus 7D realised volatility
+2.20 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 | +4.84% | $1.41 | 60.01% | +5.63 vol pts | 56.10% | +3.91 vol pts | 1.07× | Unavailable | +3.99 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +2.65% | $80.55 | 68.65% | +2.28 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.49 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | +1.83% | $7.51 | 60.28% | +1.59 vol pts | 58.21% | +2.07 vol pts | 1.04× | Unavailable | +2.01 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | -0.15% | $0.34 | 21.46% | +1.44 vol pts | 15.35% | +6.11 vol pts | 1.40× | Unavailable | -0.66 vol pts | Accepted fit · 6 expiries | 24h comparable |
HYPE: Canonical HYPE index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1438 (99.8611% coverage); returns spanning missing minutes are excluded
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ |
|---|---|---|---|
| XRP | 60.01% / +5.63 | 55.89% / +3.06 | 54.03% / +1.69 |
| HYPE | 68.65% / +2.28 | 63.75% / +0.80 | 62.95% / +3.82 |
| AVAX | 60.28% / +1.59 | 58.12% / +1.24 | 57.44% / +1.12 |
| TRX | 21.46% / +1.44 | 22.22% / +0.66 | 22.60% / +0.35 |
05 · Catalyst check
No relevant catalyst identified.
No qualifying context was found in the monitored news sources for this reporting window.
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.