01 · Market read
What is unusual across the altcoin options complex.
The defining altcoin-options development was compression within an exceptionally wide one-week ATM IV range: AVAX stood at 81.01% and TRX at 18.55%, leaving a 62.46-point gap. XRP’s 7.53-point rise and HYPE’s 0.98-point fall produced an 8.51-point dispersion in daily one-week ATM IV changes.
Daily 1W ATM IV moves ranged from -0.98 points to +7.53 points. AVAX had the highest absolute 1W IV at 81.01%.
XRP had the richest call skew at +6.11 points; HYPE had the richest put skew at +2.74 points.
One-week ATM IV level dispersion is compressing, at +62.46 vol pts.
Historical cross-sectional readings: 1W ATM IV level dispersion 100.0 percentile; Daily 1W ATM IV-change dispersion 81.8 percentile; 1W RR25 dispersion 39.1 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 · 81.01 | XRP · 71.10 · up 1 | HYPE · 66.50 · down 1 | TRX · 18.55 |
| Daily 1W ATM IV change | XRP · 7.53 | TRX · 3.25 | AVAX · -0.41 | HYPE · -0.98 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Most call-rich 1W RR25 | XRP · 6.11 · up 1 | AVAX · 5.83 · down 1 | TRX · 3.02 · up 1 | HYPE · 2.74 · down 1 |
| Most put-rich 1W RR25 | HYPE · 2.74 · up 1 | TRX · 3.02 · down 1 | AVAX · 5.83 · up 1 | XRP · 6.11 · 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 · 7.17 | TRX · 0.17 | HYPE · 0.02 | AVAX · -2.27 |
1W ATM IV change
+6.11 points from the group median
1W ATM IV level
-50.25 points from the group median
1W RR25 level
+1.69 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 | +7.17% | $1.51 | 71.10% | +7.53 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +6.11 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | +0.02% | $93.05 | 66.50% | -0.98 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +2.74 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | -2.27% | $10.90 | 81.01% | -0.41 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +5.83 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | +0.17% | $0.34 | 18.55% | +3.25 vol pts | Unavailable | Unavailable | Unavailable | Unavailable | +3.02 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 | 71.10% / +7.53 | 67.08% / +7.25 | 64.90% / +7.34 |
| HYPE | 66.50% / -0.98 | 63.29% / -0.38 | 61.34% / -0.87 |
| AVAX | 81.01% / -0.41 | 68.87% / +4.76 | 64.41% / +4.53 |
| TRX | 18.55% / +3.25 | 19.44% / -3.65 | 19.15% / +1.76 |
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.