01 · Market read
What is unusual across the altcoin options complex.
Altcoin options ended the window with a wider one-week implied-volatility divide: HYPE one-week ATM IV was 70.88%, versus TRX one-week ATM IV at 19.21%. The 51.67-point level spread was 3.92 points wider than at the prior snapshot, with TRX accounting for the largest absolute one-week ATM IV move.
Daily 1W ATM IV moves ranged from -3.22 points to +1.07 points. HYPE had the highest absolute 1W IV at 70.88%.
TRX had the richest call skew at +0.58 points; XRP had the richest put skew at -0.77 points.
One-week ATM IV level dispersion is widening, at +51.67 vol pts.
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 · 70.88 | XRP · 66.43 | AVAX · 60.63 | TRX · 19.21 |
| Daily 1W ATM IV change | XRP · 1.07 | HYPE · 0.70 | AVAX · -1.31 | TRX · -3.22 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Most call-rich 1W RR25 | TRX · 0.58 · up 3 | AVAX · 0.39 · up 1 | HYPE · -0.40 · down 1 | XRP · -0.77 · down 3 |
| Most put-rich 1W RR25 | XRP · -0.77 · up 3 | HYPE · -0.40 · up 1 | AVAX · 0.39 · down 1 | TRX · 0.58 · down 3 |
| 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 · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
1W ATM IV change
-2.92 points from the group median
1W ATM IV level
-44.32 points from the group median
1W RR25 level
-0.77 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 | -11.64% | $1.29 | 66.43% | +1.07 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | -0.77 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | -5.17% | $77.24 | 70.88% | +0.70 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | -0.40 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | -5.45% | $7.29 | 60.63% | -1.31 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +0.39 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | -2.94% | $0.33 | 19.21% | -3.22 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +0.58 vol pts | Accepted fit · 6 expiries | 24h comparable |
XRP: Canonical XRP index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded
HYPE: Canonical HYPE index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded
AVAX: Canonical AVAX index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% coverage); returns spanning missing minutes are excluded
TRX: Canonical TRX index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1402 (97.3611% 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 | 66.43% / +1.07 | 57.70% / -2.84 | 55.64% / -2.23 |
| HYPE | 70.88% / +0.70 | 65.79% / +1.04 | 63.68% / +0.09 |
| AVAX | 60.63% / -1.31 | 58.22% / -0.70 | 57.90% / -0.11 |
| TRX | 19.21% / -3.22 | 19.44% / -2.98 | 21.01% / -1.55 |
05 · Catalyst check
Relevant market context identified
The central research dossier identified events relevant to the covered options markets; they are retained as context rather than assigned as causes.
Sources relevant to the cross-sectional thesis
- 01Benchmark US government bond yield hits 19-year peak as oil prices surgeAl Jazeera · 11:36 UTC
Benchmark US government bond yields reached a 19-year peak as oil prices rose.
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.