01 · Market read
What is unusual across the altcoin options complex.
XRP and TRX defined the altcoin options split at the cutoff: XRP one-week RR25 was 9.91%, compared with TRX one-week RR25 of 1.00%. Both readings remained positive, meaning calls were richer than puts, but the 8.91-point gap widened from 3.82 points.
Daily 1W ATM IV moves ranged from -1.19 points to +6.91 points. AVAX had the highest absolute 1W IV at 82.27%.
XRP had the highest 1W RR25 at +9.91 points, call-rich; TRX had the lowest at +1.00 points, call-rich.
One-week ATM IV level dispersion is compressing, at +61.64 vol pts.
Historical cross-sectional readings: 1W ATM IV level dispersion 91.7 percentile; Daily 1W ATM IV-change dispersion 78.3 percentile; 1W RR25 dispersion 91.7 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 · 82.27 | XRP · 77.86 | HYPE · 65.20 | TRX · 20.63 |
| Daily 1W ATM IV change | XRP · 6.91 | TRX · 1.49 | AVAX · 1.25 | HYPE · -1.19 |
| 1W IV minus 7d realised | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
| Highest 1W RR25 | XRP · 9.91 · up 1 | AVAX · 7.52 · down 1 | HYPE · 4.56 | TRX · 1.00 |
| Lowest 1W RR25 | TRX · 1.00 | HYPE · 4.56 | AVAX · 7.52 · up 1 | XRP · 9.91 · 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-index return | XRP · unavailable | HYPE · unavailable | AVAX · unavailable | TRX · unavailable |
1W ATM IV change
+5.54 points from the group median
1W ATM IV level
-50.90 points from the group median
1W RR25 level
-5.04 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 | Unavailable | $1.58 | 77.86% | +6.91 vol pts | Unavailable · 97.7% coverage | Unavailable | Unavailable | Unavailable | +9.91 vol pts | Accepted fit · 6 expiries | 24h comparable |
| HYPE | Unavailable | $96.90 | 65.20% | -1.19 vol pts | Unavailable · 97.7% coverage | Unavailable | Unavailable | Unavailable | +4.56 vol pts | Accepted fit · 6 expiries | 24h comparable |
| AVAX | Unavailable | $11.03 | 82.27% | +1.25 vol pts | Unavailable · 97.7% coverage | Unavailable | Unavailable | Unavailable | +7.52 vol pts | Accepted fit · 6 expiries | 24h comparable |
| TRX | Unavailable | $0.34 | 20.63% | +1.49 vol pts | Unavailable · 97.7% coverage | Unavailable | Unavailable | Unavailable | +1.00 vol pts | Accepted fit · 6 expiries | 24h comparable |
RV uses observed one-minute returns, with at least 99.5% coverage and no price gap longer than one hour. Returns spanning gaps are excluded; prices are not interpolated. Partial estimates may miss volatility during gaps, and IV/RV comparisons inherit that limitation.
04 · Term structures
ATM implied volatility across standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ |
|---|---|---|---|
| XRP | 77.86% / +6.91 | 72.20% / +5.34 | 69.47% / +4.30 |
| HYPE | 65.20% / -1.19 | 61.92% / -1.66 | 60.05% / -1.49 |
| AVAX | 82.27% / +1.25 | 73.03% / +3.81 | 70.67% / +5.62 |
| TRX | 20.63% / +1.49 | 21.06% / +1.43 | 21.88% / +2.74 |
05 · Catalyst check
No catalyst assigned.
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. Spot returns and rankings use the same stored 24-hour index return; missing index returns remain unavailable. Forward levels and any legacy forward-return rankings are labelled separately.