01 · Market read
What is unusual across the altcoin options complex.
The altcoin complex split decisively on one-week relative skew: HYPE remained strongly call-rich while TRX shifted toward puts. That contrast, rather than a uniform volatility move, defined the options market at the cutoff.
Daily 1W ATM IV moves ranged from -0.63 points to +3.37 points. HYPE had the highest absolute 1W IV at 66.89%.
HYPE had the richest call skew at +11.31 points; TRX had the richest put skew at -0.37 points.
One-week ATM IV level dispersion is compressing, at +47.64 vol pts.
Historical cross-sectional readings: 1W ATM IV level dispersion 65.0 percentile; 1W RR25 dispersion 100.0 percentile.
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 · 66.89 | XRP · 63.97 | AVAX · 56.12 | TRX · 19.25 |
| Daily 1W ATM IV change | TRX · 3.37 | XRP · 1.44 | HYPE · 1.15 | AVAX · -0.63 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Most call-rich 1W RR25 | HYPE · 11.31 | XRP · 4.17 · up 2 | AVAX · 1.65 | TRX · -0.37 · down 2 |
| Most put-rich 1W RR25 | TRX · -0.37 · up 2 | AVAX · 1.65 | XRP · 4.17 · down 2 | HYPE · 11.31 |
| 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
+2.08 points from the group median
1W ATM IV level
-40.80 points from the group median
1W RR25 level
+8.40 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 | +6.11% | $1.39 | 63.97% | +1.44 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +4.17 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +11.37% | $91.68 | 66.89% | +1.15 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +11.31 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | +6.44% | $8.10 | 56.12% | -0.63 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +1.65 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | +3.03% | $0.34 | 19.25% | +3.37 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | -0.37 vol pts | Accepted fit · 6 expiries | 24h comparable |
XRP: Canonical XRP index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded
HYPE: Canonical HYPE index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10040 (99.6032% coverage); returns spanning missing minutes are excluded
AVAX: Canonical AVAX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded
TRX: Canonical TRX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% 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 | 63.97% / +1.44 | 58.33% / -0.33 | 56.53% / +0.36 |
| HYPE | 66.89% / +1.15 | 63.91% / -0.66 | 62.30% / -1.00 |
| AVAX | 56.12% / -0.63 | 56.30% / -1.49 | 57.01% / -1.14 |
| TRX | 19.25% / +3.37 | 20.33% / +3.59 | 21.15% / +3.34 |
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
- 01HYPE hits record above $90 as Hyperliquid launches manual borrowingCointelegraph · 11:54 UTC
HYPE hit a record $90.92 after Hyperliquid opened manual borrowing, letting users borrow stablecoins against HYPE and Bitcoin collateral.
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.