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Daily ETH options market report · 24-hour comparison

Ether options show higher 1w RR25 skew

ETH spot rose 2.63%; 1W ATM IV fell 1.56 volatility points; Wing premium decreased (-0.29 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 21 Oct 2026, 16:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-21 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-20 16:31:00 UTC → 2026-10-21 16:31:00 UTC
Report native fit age at scheduled reference
0 minutes

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

  • ETHSpot-index 24h +2.63%1W ATM IV 45.90%1W RR25 -1.17 vol pts1W BF25 +2.61 vol pts1W IV − 7D RV -7.00 vol pts

Notable move: ETH 1W RR25 Δ +2.51 vol pts → -1.17 vol pts · percentile rank 87.5% by absolute move · 1-day moves · 30-day window (n=24).

1W RR25 – selected tenor
Vol points

1W RR25 – selected tenor. Vol points. ETH: Current -1.17, Previous -3.68.CurrentPreviousETH-1.17-3.68-3.97-1.990.00

Current: 21 Oct 2026, 16:31 UTC
Previous: 20 Oct 2026, 16:31 UTC

Ether options show higher 1w RR25 skew. RR25 term structure from Derivasys data.
Source: Derivasys options data. RR25; unsupported tenors remain blank. Cite this report.

View full-size chart

Plotted chart data
RR25, vol points · 2026-10-21T16:31:00+00:00
TenorETH currentETH previous
1W-1.17-3.68
2W-1.64-3.63
1M-1.76-2.70
3M-0.78-1.56
6M-0.30-0.73
9M0.440.03
1YUnavailableUnavailable

The 1W RR25 skew change for ETH was +2.51 volatility points over the stored comparison.

Chart download and reuse termsDownload 1280 × 720 chart · Reuse terms
Previous report, watch levels and methodology

Uses the stored headline’s selected tenor. Cutoffs 20 Oct, 16:31 UTC to 21 Oct, 16:31 UTC.

Previous publication · research context

2026-10-20: “Ether options see one-week implied volatility fall 0.57 points to 47.46%”

Previous publication cutoff 20 Oct, 16:31 UTC. Today’s market comparison starts at 20 Oct, 16:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 4222356224bf5184e1e6b313963c6b330ae8c7e1c16c06738a05ec2dac4c0f09

Prior watch: measured outcome

Against the 2026-10-20 daily edition.

  • ETH 1W ATM IV: prior change -0.57 → current change -1.56 volatility points; same direction.
  • ETH spot-index return: prior change +1.71 → current change +2.63 percent; same direction.
  • ETH 1W RR25: prior change +1.33 → current change +2.51 volatility points; same direction.
  • ETH 1W BF25: prior change -0.05 → current change -0.29 volatility points; same direction.
  • ETH 1W ATM IV ≤ 47.46 percent (hold the observed endpoint) at 21 Oct, 16:31 UTC: met (observed 45.90 percent).
  • ETH 1W ATM IV ≥ 48.03 percent (full retrace to the prior endpoint) at 21 Oct, 16:31 UTC: not met (observed 45.90 percent).

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 1W RR25 ≥ -1.17 volatility points at . Current level -1.17; threshold is the current observed endpoint.
  • Full retrace: ETH 1W RR25 ≤ -3.68 volatility points at . Current level -1.17; 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. Stored editorial receipt independently reconstructed against native endpoints.

Canonical current report JSON · SHA-256 24c46cfb690a6355aa30e428fbe0e2bc33e3e2033cddb1e4bf040e4c2f810097

Prior artifact: /v1/eth/daily/2026-10-20/4222356224bf5184e1e6b313963c6b330ae8c7e1c16c06738a05ec2dac4c0f09.json · SHA-256 4222356224bf5184e1e6b313963c6b330ae8c7e1c16c06738a05ec2dac4c0f09

Consumed endpoint proof: 8895a5f837f93b04c0d6ac708b3ed3f7f12d3780958d5c3da8061cfdd69eb840

  • ETH:rr25:1W:observed-current-level: rows[asset=ETH].report.tenors[tenor=1W].rr25.previous; rows[asset=ETH].report.tenors[tenor=1W].rr25.current; rows[asset=ETH].report.tenors[tenor=1W].rr25.change; evaluation window 2026-10-21T16:31:00+00:00 to 2026-10-22T16:31:00+00:00.
  • ETH:rr25:1W:observed-previous-level: rows[asset=ETH].report.tenors[tenor=1W].rr25.previous; rows[asset=ETH].report.tenors[tenor=1W].rr25.current; rows[asset=ETH].report.tenors[tenor=1W].rr25.change; evaluation window 2026-10-21T16:31:00+00:00 to 2026-10-22T16:31:00+00:00.
Chart notes

02 · Options market read

What the volatility surface did.

5 of 6 headline tenors were comparable at both endpoints. The largest ATM IV move was 1W at -1.56 volatility points, to 45.90%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

20 Oct 2026, 16:31 UTC to 21 Oct 2026, 16:31 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 16:31 UTC cutoff, 1W ATM IV was 45.90%, 7.00 volatility points below seven-day realised volatility of 52.90%; 24-hour realised volatility was 45.27% and 30-day realised volatility was 44.28%.

Front end

Front-end ATM IV decreased, averaging -0.97 volatility points to 47.86% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 52.17% (+0.06 volatility points); 1Y was unavailable.

Skew

RR25 moved towards calls, averaging +1.33 volatility points to -1.13 volatility points across the five available headline tenors.

Convexity

BF25 decreased, averaging -0.13 volatility points to 2.94 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -1.56 volatility points at 1W, to 45.90%.

24h spot-index return

ETH spot-index return was +2.63% over 24 hours.

7d spot-index return

ETH spot-index return was +3.15% over seven days.

Universe roll: added 25OCT26; removed 21OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

24OCT26, +7.50 vol pts
02

Largest standard-tenor RR25 move

1W, +2.51 vol pts
03

Largest standard-tenor ATM IV move

1W, -1.56 vol pts
04

Largest standard-tenor BF25 move

1W, -0.29 vol pts
05

Largest eligible SVI rho move

25DEC26, -0.1170 param
06

Largest eligible SVI sigma move

25DEC26, +0.0759 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W45.9047.46-1.56 vol pts-3.29%
2W49.1249.46-0.34 vol pts-0.69%
1M48.5649.57-1.01 vol pts-2.04%
3M50.8550.92-0.07 vol pts-0.14%
6M52.1752.11+0.06 vol pts+0.12%
9M52.8652.82+0.04 vol pts+0.08%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 moved towards calls, averaging +1.33 volatility points to -1.13 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-4.2 vol pts-2.9 vol pts-1.6 vol pts-0.3 vol pts0.9 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-1.17-3.68+2.51 vol pts
2W-1.64-3.63+1.99 vol pts
1M-1.76-2.70+0.94 vol pts
3M-0.78-1.56+0.78 vol pts
6M-0.30-0.73+0.43 vol pts
9M0.440.03+0.41 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1W.

BF25 decreased, averaging -0.13 volatility points to 2.94 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

2.4 vol pts2.7 vol pts2.9 vol pts3.1 vol pts3.4 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W2.612.90-0.29 vol pts
2W2.963.07-0.11 vol pts
1M3.063.060.00 vol pts
3M3.063.18-0.12 vol pts
6M3.003.11-0.11 vol pts
9M2.882.89-0.01 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

09 · Expiry effects

Near-settlement moves, shown with context.

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

22OCT26, +20.89 vol pts
1.6d

Smile rotation

23OCT26, +14.24 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.

45.1%47.2%49.4%51.5%53.7%1W2W1M3M6M9M

Suppressed outside the observable listed-expiry range: 1Y.

ExpiryTime leftForward now (USD)Forward change (USD)ATM IV nowATM IV changeRR25 changeBF25 change
22OCT26Expiry effect0.6 days2,505.71+67.74 USD39.36%-2.20 vol pts+4.77 vol pts-0.75 vol pts
23OCT26Expiry effect1.6 days2,506.57+68.12 USD40.95%-2.85 vol pts+3.88 vol pts-0.48 vol pts
24OCT262.6 days2,506.88+68.27 USD43.31%-1.67 vol pts+2.55 vol pts-0.49 vol pts
30OCT268.6 days2,508.65+68.38 USD47.04%-1.13 vol pts+2.63 vol pts-0.21 vol pts
6NOV2615.6 days2,509.51+68.11 USD49.46%-0.44 vol pts+1.83 vol pts-0.13 vol pts
27NOV2636.6 days2,515.36+68.41 USD48.38%-1.11 vol pts+0.72 vol pts+0.04 vol pts
25DEC2664.6 days2,524.19+68.25 USD49.79%-0.29 vol pts+1.12 vol pts-0.06 vol pts
26MAR27155.6 days2,552.82+69.84 USD51.91%+0.09 vol pts+0.41 vol pts-0.17 vol pts
25JUN27246.6 days2,583.59+68.20 USD52.58%0.00 vol pts+0.45 vol pts-0.01 vol pts
24SEP27337.6 days2,614.22+69.03 USD53.37%+0.11 vol pts+0.35 vol pts-0.03 vol pts

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.

22OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
23OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
24OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
6NOV26rotation towards calls
-0.30k0.00k+0.30k
27NOV26rotation towards calls
-0.30k0.00k+0.30k
25DEC26rotation towards calls
-0.30k0.00k+0.30k
26MAR27limited movement
-0.30k0.00k+0.30k
25JUN27limited movement
-0.30k0.00k+0.30k
24SEP27limited movement
-0.30k0.00k+0.30k

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.

Completed-session cross-asset context

Crypto volatility against US equity risk.

ETH 30-day implied volatility was 2.8 times VIX, while its 30-session return correlation with SPX was mixed at 0.58.

Implied-volatility premium

ETH 30-day ATM IV was 49.26%, against VIX at 17.31: a 31.95-point spread and 2.85× ratio.

Daily-close realised-volatility regime

ETH reported crypto realised volatility was 37.40%, versus SPX reported realised volatility of 9.12%. The spread ranked at percentile rank 18.0% of 256 prior observations.

Equity co-movement

Return correlation with SPX was 0.582 over 30 aligned sessions and 0.268 over 60 sessions. VIX9D, VIX and VIX3M closed at 16.27, 17.31 and 18.99.

RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.

As of 20 Oct 2026, 20:00 UTC. Implied volatility and completed-session realised volatility use their respective observation windows shown above.

Evidence and methodology

market-context-v1

RV observation windows and sampling

The 24-hour, seven-day and 30-day RV windows are assessed independently using observed one-minute index returns, annualised on a 365-day basis. Recorded minimums: at least 99.5% coverage over 24 hours, 99.5% coverage over seven days, 99.5% coverage over 30 days, with no gap longer than 60 minutes. Returns spanning gaps are excluded, not interpolated; unavailable windows remain unreported. The exact 24-hour spot return requires prices at both endpoints.

Evidence, source data and methodology

Scheduled edition reference: 2026-10-21 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-20 16:31:00 UTC → 2026-10-21 16:31:00 UTC
Report native fit age at scheduled reference
0 minutes

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

Lead signal · 21 Oct 2026, 16:31 UTC

The measurement behind the lead chart

ETH 1W RR25 -1.17 vol pts · Δ +2.51 vol pts

ETH percentile rank 87.5% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

Original report summary

ETH 1W RR25 skew is -1.17 percent, compared with -3.68 percent at the prior cutoff. The diary separates sourced context from measured market changes; the timing of an event alone does not establish a causal link.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: ETH 1W ATM IV 45.90% · Δ -1.56 vol pts

Skew: ETH 1W RR25 -1.17 vol pts · Δ +2.51 vol pts

Relative value: ETH 1W IV 45.90% / 7D RV 52.90% · spread -7.00 vol pts

Vol

ETH 1W ATM IV 45.90% · Δ -1.56 vol ptspercentile rank 33.3% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

Skew

ETH 1W RR25 -1.17 vol pts · Δ +2.51 vol ptspercentile rank 87.5% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

Wings

ETH 1W BF25 2.61 vol pts · Δ -0.29 vol ptspercentile rank 50.0% by absolute move · full history (n=46); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-20

IV versus RV

ETH 1W IV 45.90% / 7D RV 52.90% · spread -7.00 vol pts

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 33.3% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

ETH 1W RR25: percentile rank 87.5% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

ETH 1W BF25: percentile rank 50.0% by absolute move · full history (n=46); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-20

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 24c46cfb690a6355aa30e428fbe0e2bc33e3e2033cddb1e4bf040e4c2f810097.

Daily options-surface context: active. Quiet describes only daily options-surface movements under the stored operational policy; it makes no weekly stabilization claim.

Percentile sample windows, horizons and receipts

Samples use daily UTC observations. Weekly moves can be rolling and overlapping; observation counts do not imply independent periods. Missing legacy bounds and source revisions remain unavailable.

Frozen percentile denominators
Asset / tenor / metricCohortCount / horizonActual boundsOverlap / provenance
ETH 1W atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:536f91112b8015edc5a9ab70597bfd552d0e7bd05b7a094503a65a1ff201e4ad
ETH 1W atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d934bc5e3ec071cbb8ed3604b266700ac96f97fe913d3b1962150dc1ea9ff7c7
ETH 1W atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d33be4c0a7299f4442a3d628ff8cbc83c8840c09f1d624999fef810a633585e1
ETH 1W bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a42eab47a267dfd63823ad51bb33f44288376d11b84d7ccbe5ff691c83608009
ETH 1W bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:556c046b8c8a6551bfa1340333e620888fab4fb34b506e62c8aa2bdd8ae41137
ETH 1W bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7b51b9f1523f2a0d24e72e1c23c00022178d3aeda2ffbd6afbcf99509a775b18
ETH 1W rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a394396a6cf5919cbc442aed08f7c6f84351f13aa149909232f9945d98f56703
ETH 1W rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:74c70eb0da09752f530e9516e56073837186ab801cac8eb97ae70ad15aab6e5b
ETH 1W rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d9940eb81fa0c9d419624f978b323c323a32b469b55690b2ff4cd966aeb8e172
ETH 2W atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e757f4afa682bcda4a5747d3fa594d6d407beeb1be8603f2c21e5dbf29cc1697
ETH 2W atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a627f53b1d494f3e9347e870634ef50a56c3dd7cd877ccb0292e53d6fe1089f2
ETH 2W atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:330129889f6d137b28ceb3778db0b4e6a6d84e76a2bbe92ddcbf3d4613707bb8
ETH 2W bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:034f1a8745c6e17233cfad9b4e0b0db8160dcb010dbe49dfc4e59607717b2f49
ETH 2W bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7f4e41ae112d0d0f043204ae81e06e7319b58258174cd6fc99bca2cf0ebe3ed2
ETH 2W bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:16452d7e516a7ce4e64522fe8525a012bd9d34e2f1c60b6b915f5235793d1cfc
ETH 2W rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8f0e501bfbca9cf302737380e3fab203e2057fbfa5c2d5605cc81b9da710273b
ETH 2W rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bb110a8b81ececba0328a76222d587271815f3b06c240ac41aa65dc3388344b9
ETH 2W rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:78f392a5a7dce82bc88202d87b842be7a22db369e615c446310462837efb5c16
ETH 1M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:05f037418601778956120e59e851c2025c3d5683db9b33b164992c3277e976d7
ETH 1M atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:68f8b296da6ebd8f457e2946cece068f891411503ac9097d7d3f9ebf312febb7
ETH 1M atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:24d940b887cb440b01fc282f26f5d0d77ea85fe6e5c5bf206e09d5c931a89d88
ETH 1M bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0693020acbf0aa0f7cd7bc3213c831bb9a0617524041a7390da0dbaa3f7d97fe
ETH 1M bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4008dadbb4bf4e66240bbeaabfcecfde56fd102be7b8c0fa0cb2cc1fcd246d58
ETH 1M bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d20d2a7862b86f41e80323ecce73d13aa98a1daa58c3d0b84d8609139f0f57c9
ETH 1M rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:08aba217e26af4ac911438c4dd321934cf8c2d823fcaa4b69da73ff4b7e415c1
ETH 1M rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:37cd7c2fc0ebbaaddca9036cbe0edb16b5c6e43b1c9d3a867ea93bcbd559440d
ETH 1M rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d6ba9601086751b00352e96ed9ae09fd0b827e4c38ac9f162c7011b784501898
ETH 3M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5bb05c02019c3f98024a58edb18583023e259d7a8a43d57598b8a76013e82119
ETH 3M atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:73800078d589c3833a6b8976c0de519cd11bb60fadc7afbd5731969aacc78f7f
ETH 3M atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:19e29cbbf01aae5aa324a9dfd0828812fba603d9ff8477376b78b0bfa3441f84
ETH 3M bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ac86a66a3f840a6865d9908438b0afdbbe3ffe50c6d31f6868cb9e37d784cadb
ETH 3M bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3cb09983070502373d2cda778dd67b767647d01a1caf0000146a223f808cd37f
ETH 3M bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a830b62164b4edf113bf8b466bcbadf0cfdb1d66f155925d92a00f658064e540
ETH 3M rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7d3625e2b5ec032921c9b253bf7552eeb84eb5298cf75be5927d4648d9c84f20
ETH 3M rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f25bda5f3f9490564b492b313718f256f37a4ecdbcafb2c435aa32c66c85be7e
ETH 3M rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9780aaf34ab35e0b8a3178ac34727b57fd445c4ef687ab1ced7e8c17034fbb5d
ETH 6M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e75040e2548e1691f361f9211e879ba00a525becf64ba7d70da86341d220d63e
ETH 6M atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:37abb2a9e87eaa80ba31a4396f17e9b924d4a8ee4e82f6d39226ce39c8fc6e22
ETH 6M atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:72bc2a26e3705e51b4d725e8def73cfd43e87c2acb0f36b5b7df73e1beba8a6f
ETH 6M bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:238b18500adeb8b39919ad14bc4a327d4bef330343dcc2e52d6a8ae6153156c2
ETH 6M bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3f748378520865975efceb2e67e149c97997626c1538aced8938089448602c19
ETH 6M bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:132839ae49f837f7372878bcddf1c9279851ac7dee3aeef1dbbe92fe5b7940a3
ETH 6M rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2a6ca928ef7158c939bdb9517d882d399908a6e654792eb40debd5910815fae1
ETH 6M rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5c84f61ecc7de401090c6343ab5b22fe71d3884a565fe88e262e295c73aa2832
ETH 6M rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a616a5f0a2191a0cd19de3eb5d601748b2e0b157ce158610e75997c71d4b9d66
ETH 9M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e879e7ce34d13f86df03a2197a1bba4c39e99005977a749fff21f8eabd41284a
ETH 9M atmIvmoveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0eba2b605ec39c5116fcafb1dde59646fc7026fdb4fc9c1946f99e0c42488ecc
ETH 9M atmIvlevelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:38592c2a57894900801a8fdf01e27454083d6f19baff531dc75bb2dd6a6f0268
ETH 9M bf25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:29bf207914f63e916d69e978256f8ab1c38532f72f5cdae9b2212566c97a593f
ETH 9M bf25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:55978352f4259b38b0ebbf2b39c32f6a4129b3dd665670eb4796c016a66fc53b
ETH 9M bf25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0cd0189ffe551fcf5baa95fcd014f2cb472dd4ae87ece834e8d20a15e3821438
ETH 9M rr25move30d24 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:cb754d3919625988100090c706691ab32598f0504eecad3c2cbf5bb816484a72
ETH 9M rr25moveFullHistory46 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:35ae30fc94fe8616061f0da4271ab00257d1c739b8bd2031587d5984110954b2
ETH 9M rr25levelFullHistory50 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ac49d453b39a21138a5ee582311c22a127f1a97a2a29d5a3f362e7940d7bc484
ETH 1Y atmIvmove30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y atmIvmoveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y atmIvlevelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y bf25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y bf25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y bf25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y rr25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y rr25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
ETH 1Y rr25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945

12 · Technical appendix

Model parameters and normalized Greeks.

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 25DEC26; the largest sigma change occurred at 25DEC26.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
22OCT26-0.02190-0.00760+0.18160+0.09510+0.19450rotation towards calls, wing steepening
23OCT26+0.01150-0.01930+0.12820+0.05660-0.01070rotation towards calls, wing steepening
24OCT26+0.00030-0.01100+0.02310-0.00080+0.03560rotation towards calls, wing steepening
30OCT26+0.00640-0.00860-0.03030-0.04510-0.00860rotation towards calls, wing steepening
6NOV26-0.01430+0.01130-0.10900-0.10490+0.04060rotation towards calls
27NOV26-0.01610+0.01630-0.07970-0.07530+0.02280rotation towards calls
25DEC26-0.03090+0.02520-0.11700-0.12110+0.07590rotation towards calls
26MAR27-0.01410+0.00590-0.02270-0.04600+0.04770limited movement
25JUN27-0.00730+0.00810-0.01630-0.04130+0.00470limited movement
24SEP27-0.02580+0.01710-0.00890-0.05010+0.04520limited movement

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.

Highest Gamma22OCT26, 0.009621 1 / USD
Highest Theta Decay22OCT26, -12.81963 USD / day
Highest Vanna24SEP27, 0.001856 delta / vol pt
Highest Vega24SEP27, 9.705816 USD / vol pt
Highest Volga24SEP27, -0.011979 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH52.90%Available100% / 99.5% required0 min / 60 min maximum

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 · Available · Surface cutoff 21 Oct 2026, 16:31:00 UTC · 7D coverage 100% / 99.5% required · largest 7D gap 0 min / 60 min maximum · maximum gap 60 min.

24h: complete; 1440/1440 observed returns; 100% coverage; 99.5% minimum; 0 min largest gap.

30d: complete; 43200/43200 observed returns; 100% coverage; 99.5% minimum; 0 min largest gap.

7d: complete; 10080/10080 observed returns; 100% coverage; 99.5% minimum; 0 min largest gap.

Source data JSON

13 · Methodology and provenance

Generated from measured Derivasys surface data.

Current snapshot
21 Oct 2026, 16:31 UTC
Comparison snapshot
20 Oct 2026, 16:31 UTC
Source
Derivasys proprietary historical SVI surface and canonical ETH index databases
Realised volatility
Annualised root-mean-square of one-minute canonical ETH-USD index log returns using a 365-day basis; all windows end at the current snapshot.
Comparison window
Nearest successful surface snapshots approximately 24 hours apart
RR convention
25-delta call IV minus 25-delta put IV
BF convention
Average 25-delta wing IV minus ATM forward IV
Fixed tenors
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.

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