01 · Market read
What is unusual across the altcoin options complex.
AVAX drove a sharp cross-sectional split at the cutoff: AVAX one-week ATM IV rose 10.37 volatility points to 77.42%, while TRX one-week ATM IV fell 2.88 volatility points to 15.23%. Derivasys data put the resulting 62.19-point one-week ATM IV level spread at an observed high.
Daily 1W ATM IV moves ranged from -2.88 points to +10.37 points. AVAX had the highest absolute 1W IV at 77.42%.
XRP had the richest call skew at +5.53 points; TRX had the richest put skew at -0.36 points.
Against seven-day realised volatility, TRX was richest at +0.83 points and AVAX was cheapest at -25.28 points. Fit evidence is shown in the scorecard before treating the ranking as robust.
One-week ATM IV level dispersion is widening, at +62.19 vol pts.
TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, with a 26.11-point cross-sectional range.
Historical cross-sectional readings: 1W ATM IV level dispersion 100.0 percentile; Daily 1W ATM IV-change dispersion 95.2 percentile; 1W RR25 dispersion 77.3 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 · 77.42 | HYPE · 67.36 | XRP · 61.88 | TRX · 15.23 |
| Daily 1W ATM IV change | AVAX · 10.37 | HYPE · 2.15 | XRP · 1.59 | TRX · -2.88 |
| 1W IV minus 7d realised | TRX · 0.83 | HYPE · -9.12 | XRP · -18.80 | AVAX · -25.28 |
| Most call-rich 1W RR25 | XRP · 5.53 · up 2 | HYPE · 2.06 · down 1 | AVAX · 1.98 · down 1 | TRX · -0.36 |
| Most put-rich 1W RR25 | TRX · -0.36 | AVAX · 1.98 · up 1 | HYPE · 2.06 · up 1 | XRP · 5.53 · 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 · 16.09 | TRX · 1.67 | HYPE · -0.07 | XRP · -2.11 |
1W ATM IV change
+8.50 points from the group median
1W ATM IV level
-49.39 points from the group median
1W RR25 level
+3.51 points from the group median
1W IV minus 7D realised volatility
+14.79 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 | -2.11% | $1.40 | 61.88% | +1.59 vol pts | 80.68% | -18.80 vol pts | 0.77× | Unavailable | +5.53 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | -0.07% | $92.91 | 67.36% | +2.15 vol pts | 76.48% | -9.12 vol pts | 0.88× | Unavailable | +2.06 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | +16.09% | $11.11 | 77.42% | +10.37 vol pts | 102.70% | -25.28 vol pts | 0.75× | Unavailable | +1.98 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | +1.67% | $0.34 | 15.23% | -2.88 vol pts | 14.40% | +0.83 vol pts | 1.06× | Unavailable | -0.36 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 | 61.88% / +1.59 | 58.48% / +0.31 | 56.92% / -0.21 |
| HYPE | 67.36% / +2.15 | 63.43% / +0.01 | 61.97% / -0.44 |
| AVAX | 77.42% / +10.37 | 62.80% / +4.70 | 58.84% / +1.59 |
| TRX | 15.23% / -2.88 | 23.03% / +3.12 | 17.39% / -3.19 |
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.