01 · Market read
What is unusual across the altcoin options complex.
AVAX one-week ATM IV stood at 66.51% after an 11.51-point increase, while HYPE one-week ATM IV fell 1.80 points to 65.26%.
Daily 1W ATM IV moves ranged from -1.80 points to +11.51 points. AVAX had the highest absolute 1W IV at 66.51%.
AVAX had the richest call skew at +6.59 points; TRX had the richest put skew at -1.22 points.
Against seven-day realised volatility, TRX was richest at +5.75 points and XRP was cheapest at -16.90 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is compressing, at +47.60 vol pts.
TRX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 22.65-point cross-sectional range.
Historical cross-sectional readings: 1W ATM IV level dispersion 61.9 percentile; Daily 1W ATM IV-change dispersion 100.0 percentile; 1W RR25 dispersion 85.7 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 | AVAX · 66.51 · up 2 | HYPE · 65.26 · down 1 | XRP · 61.47 · down 1 | TRX · 18.91 |
| Daily 1W ATM IV change | AVAX · 11.51 | TRX · 0.26 | XRP · -1.74 | HYPE · -1.80 |
| 1W IV minus 7d realised | TRX · 5.75 | AVAX · -6.53 | HYPE · -10.06 | XRP · -16.90 |
| Most call-rich 1W RR25 | AVAX · 6.59 · up 2 | HYPE · 6.05 · down 1 | XRP · 1.23 · down 1 | TRX · -1.22 |
| Most put-rich 1W RR25 | TRX · -1.22 | XRP · 1.23 · up 1 | HYPE · 6.05 · up 1 | AVAX · 6.59 · down 2 |
| 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 | AVAX · 19.95 | XRP · 3.89 | HYPE · 2.71 | TRX · 0.09 |
1W ATM IV change
+12.25 points from the group median
1W ATM IV level
-44.45 points from the group median
1W RR25 level
-4.86 points from the group median
1W IV minus 7D realised volatility
+14.04 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 | +3.89% | $1.44 | 61.47% | -1.74 vol pts | 78.37% | -16.90 vol pts | 0.78× | Unavailable | +1.23 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +2.71% | $93.41 | 65.26% | -1.80 vol pts | 75.32% | -10.06 vol pts | 0.87× | Unavailable | +6.05 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | +19.95% | $9.70 | 66.51% | +11.51 vol pts | 73.04% | -6.53 vol pts | 0.91× | Unavailable | +6.59 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | +0.09% | $0.34 | 18.91% | +0.26 vol pts | 13.16% | +5.75 vol pts | 1.44× | Unavailable | -1.22 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 | 61.47% / -1.74 | 58.58% / +0.10 | 57.02% / +0.55 |
| HYPE | 65.26% / -1.80 | 63.66% / -0.32 | 62.71% / +0.40 |
| AVAX | 66.51% / +11.51 | 57.87% / +1.74 | 57.14% / +0.04 |
| TRX | 18.91% / +0.26 | 20.51% / +0.30 | 21.08% / +0.02 |
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.