Prior comparison unavailable: the published 2026-09-18 edition is verified but ends at 18 Sept, 16:30 UTC; this window requires 18 Sept, 16:59 UTC.
A structured watchlist was not recorded or could not be verified in the prior edition; prior-watch outcomes remain unavailable.
Next daily cutoff: measurable checks
These checks are reconstructed from this edition’s stored endpoints; they were not recorded in the original report.
Hold the observed level: ETH 1W ATM IV ≥ 48.21 percent at . Current level 48.21; threshold is the current observed endpoint.
Full retrace: ETH 1W ATM IV ≤ 46.10 percent at . Current level 48.21; threshold is the previous observed endpoint.
Measurement basis and receipt
These are observed-level conditions for the next aligned cutoff, with no forecast or trade action. Spot uses exact index endpoints where available; ATM IV is quoted in percent and its change, RR25 and BF25 in volatility points. Derived from verified legacy artifact endpoints.
ETH:atmIv:1W:observed-current-level: rows[asset=ETH].report.tenors[tenor=1W].atmIv.previous; rows[asset=ETH].report.tenors[tenor=1W].atmIv.current; rows[asset=ETH].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-19T16:59:00+00:00 to 2026-09-20T16:59:00+00:00.
ETH:atmIv:1W:observed-previous-level: rows[asset=ETH].report.tenors[tenor=1W].atmIv.previous; rows[asset=ETH].report.tenors[tenor=1W].atmIv.current; rows[asset=ETH].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-09-19T16:59:00+00:00 to 2026-09-20T16:59:00+00:00.
Chart notes
Combined surface read: ATM IV rose (ETH); RR25 moved toward calls (ETH).
02 · Options market read
What the volatility surface did.
No headline tenor had comparable observations at both endpoints; unavailable values remain suppressed in the tables and charts.
Derived directly from structured Derivasys surface data
03 · Catalyst check
18 Sept 2026, 16:59 UTC to 19 Sept 2026, 16:59 UTC
No catalyst assigned.
No qualifying context was found in the monitored news sources for this reporting window.
04 · Detailed analysis
What changed across the ETH volatility surface.
Implied versus realised
At the 16:59 UTC cutoff, 1W ATM IV was 48.21%, 2.89 volatility points below seven-day realised volatility of 51.10%; 24-hour realised volatility was 44.14% and 30-day realised volatility was 53.44%.
Front end
Front-end ATM IV is unavailable because comparable observations were not present at both snapshots.
Long end
Long-dated ATM IV is unavailable because comparable observations were not present at both snapshots.
Skew
RR25 is unavailable because comparable observations were not present at both snapshots.
Largest standard-tenor move
The largest standard-tenor ATM IV move was +2.11 volatility points at 1W, to 48.21%.
Universe roll: added 23SEP26; removed 19SEP26. Comparisons use common expiries only.
RR25 is unavailable because comparable observations were not present at both snapshots. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.
Contracts with fewer than 2 full days to expiry remain in the tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.
0.6d
Smile rotation
20SEP26, +11.39 vol pts1.6d
Smile rotation
21SEP26, +6.83 vol pts
10 · Volatility term structure
Today against the previous 24-hour snapshot.
Only fixed tenors bracketed by listed expiries at both snapshots are charted. The listed-expiry table preserves the observable exchange maturities underneath those interpolated points.
CurrentComparison snapshot
Suppressed outside the observable listed-expiry range: 1Y.
Expiry
Time left
Forward now (USD)
Forward change (USD)
ATM IV now
ATM IV change
RR25 change
BF25 change
20SEP26Expiry effect
0.6 days
2,649.64
+53.64 USD
33.71%
+1.24 vol pts
+1.20 vol pts
Unavailable
21SEP26Expiry effect
1.6 days
2,651.15
+54.69 USD
32.60%
-2.39 vol pts
+0.62 vol pts
Unavailable
22SEP26
2.6 days
2,651.24
+54.07 USD
41.05%
+1.04 vol pts
+1.52 vol pts
Unavailable
25SEP26
5.6 days
2,652.8
+54.21 USD
48.69%
+2.63 vol pts
+0.20 vol pts
Unavailable
2OCT26
12.6 days
2,654.94
+54.86 USD
47.33%
+0.85 vol pts
-0.16 vol pts
Unavailable
9OCT26
19.6 days
2,656.36
+54.68 USD
48.15%
+1.00 vol pts
+0.63 vol pts
Unavailable
30OCT26
40.6 days
2,660.98
+54.31 USD
48.83%
-0.95 vol pts
+0.38 vol pts
Unavailable
27NOV26
68.6 days
2,670.46
+54.34 USD
51.77%
-0.14 vol pts
+0.15 vol pts
Unavailable
25DEC26
96.6 days
2,680.33
+55.24 USD
52.77%
-0.21 vol pts
-0.31 vol pts
Unavailable
26MAR27
187.6 days
2,706.19
+55.43 USD
54.53%
0.00 vol pts
+0.21 vol pts
Unavailable
25JUN27
278.6 days
2,732.49
+55.74 USD
55.47%
+0.24 vol pts
+0.05 vol pts
Unavailable
11 · Smile movement
Reconstructed SVI smiles for every common expiry.
Each overlay uses the stored five-parameter SVI fit and the snapshot-specific time to expiry. Ultra-short expiries are displayed but do not determine the headline ranking.
20SEP26rotation towards calls · wing steepening21SEP26rotation towards calls · wing flattening22SEP26rotation towards calls · wing steepening25SEP26wing steepening2OCT26rotation towards puts · wing steepening9OCT26parallel shift higher · rotation towards calls30OCT26parallel shift lower27NOV26limited movement25DEC26parallel shift lower26MAR27limited movement25JUN27parallel shift higher
Surface movement heatmap
Each cell is the fitted IV change in volatility points. Rows are listed expiries; columns run from the put wing through ATM to the call wing.
IV lowerIV higher
20SEP26
21SEP26
22SEP26
25SEP26
2OCT26
9OCT26
30OCT26
27NOV26
25DEC26
26MAR27
25JUN27
-0.30kATM+0.30k
Completed-session cross-asset context
Crypto volatility against US equity risk.
ETH 30-day implied volatility was 3.3 times VIX, while its 30-session return correlation with SPX was low at 0.20.
Implied-volatility premium
ETH 30-day ATM IV was 48.50%, against VIX at 14.81: a 33.69-point spread and 3.27× ratio.
Daily-close realised-volatility regime
ETH reported crypto realised volatility was 50.63%, versus SPX reported realised volatility of 9.38%.
Equity co-movement
Return correlation with SPX was 0.196 over 30 aligned sessions and 0.231 over 60 sessions. VIX9D, VIX and VIX3M closed at 12.27, 14.81 and 18.24.
RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
As of 18 Sept 2026, 20:00 UTC. Implied volatility and completed-session realised volatility use their respective observation windows shown above.
Evidence and methodology
Crypto RV uses sqrt(365); SPX RV uses sqrt(252).
RV observation windows and sampling
The RV comparisons use one-minute index returns, annualised on a 365-day basis. No coverage policy was recorded in this edition; read the recorded window availability and coverage below.
Evidence, source data and methodology
Report comparison baseline → current snapshot
2026-09-18 16:59:00 UTC → 2026-09-19 16:59:00 UTC
Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.
Reader summary (BF-specific claims withheld)
Ether one-week ATM IV rose 2.11 points to 48.21%, yet remained 2.89 points below Ether seven-day realised volatility at the cutoff. Ether’s 24-hour spot-index return was 2.04%, while long-dated ATM IV was unchanged.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: ETH 1W ATM IV 48.21% · Δ +2.11 vol pts
Skew: ETH 1W RR25 2.13 vol pts · Δ +0.26 vol pts
Curve: ETH 6M minus 1W ATM IV spread +6.26 vol pts · spread Δ -2.11 vol pts
Vol
ETH 1W ATM IV 48.21% · Δ +2.11 vol ptspercentile rank 31.2% by absolute move · full history (n=32)
Skew
ETH 1W RR25 2.13 vol pts · Δ +0.26 vol ptspercentile rank 12.5% by absolute move · full history (n=32)
Wings
ETH Unavailable
IV versus RV
ETH Unavailable
Unavailable readings: ETH Wings; ETH IV versus RV. See the report’s data availability notes.
Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.
Historical move evidence
ETH 1W ATM IV: percentile rank 31.2% by absolute move · full history (n=32)
ETH 1W RR25: percentile rank 12.5% by absolute move · full history (n=32)
Technical appendix: measurement and history provenance
Original edition evidence follows unchanged. Its BF slots retain the original full fly25 or unverified basis; these receipts do not validate canonical BF25 history or ranks.
These diagnostics preserve the fitted-surface audit trail without competing with the main market story.
Show SVI parameter changes and normalized Greeks
SVI diagnostics
Daily movement in a, b, rho, m and sigma.
Among ranking-eligible expiries, the largest absolute rho change occurred at 30OCT26; the largest sigma change occurred at 25SEP26.
Expiry
Δ a
Δ b
Δ rho
Δ m
Δ sigma
Smile classification
20SEP26
+0.03000
-0.04380
+0.03180
+0.01620
-0.00820
rotation towards calls, wing steepening
21SEP26
-0.03370
-0.02100
-0.07920
-0.05710
+0.39740
rotation towards calls, wing flattening
22SEP26
+0.05120
-0.03490
+0.01990
-0.00680
-0.23460
rotation towards calls, wing steepening
25SEP26
+0.06070
-0.02770
-0.05490
-0.01310
-0.23760
wing steepening
2OCT26
+0.03110
-0.01400
-0.15560
-0.08110
-0.11470
rotation towards puts, wing steepening
9OCT26
+0.02910
-0.00220
-0.20750
-0.13050
-0.12740
parallel shift higher, rotation towards calls
30OCT26
+0.02270
-0.00060
-0.21320
-0.14270
-0.10420
parallel shift lower
27NOV26
+0.01920
+0.00950
-0.20500
-0.13210
-0.11100
limited movement
25DEC26
+0.02790
-0.01660
-0.09450
-0.04970
-0.07270
parallel shift lower
26MAR27
+0.02450
-0.00270
-0.12440
-0.09270
-0.08440
limited movement
25JUN27
-0.05260
+0.06500
-0.10690
-0.16790
+0.05590
parallel shift higher
Current surface characteristics
Where normalized model Greek intensity is highest.
These are comparable Black-forward Greeks for a one-ETH ATM-forward call at each listed expiry—not portfolio exposure, open interest or a prediction of dealer positioning.
Thresholds are asset-specific policies recorded in this edition. Each window is assessed independently; returns spanning gaps are excluded. Partial estimates may miss volatility during gaps.
RV coverage and methodology
ETH · Unavailable · Surface cutoff 19 Sept 2026, 16:59:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Full 7D coverage policy was not recorded.
Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.
Smile reconstruction
Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.
Ultra-short expiries
Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.
Greek normalization
Black forward Greeks for a normalized one-ETH ATM-forward call, zero rate, fitted SVI IV
Catalyst policy
Only sufficiently relevant, reliably sourced events are shown; otherwise no catalyst is assigned.
