Derivasys
Open Dashboard

Daily ETH options market report · 24-hour comparison

Ether options show lower 2w RR25 skew

ETH spot fell 4.70%; 2W ATM IV rose 1.05 volatility points; Wing premium increased (+0.33 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 22 Oct 2026, 16:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-22 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-21 16:31:00 UTC → 2026-10-22 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 -4.70%1W ATM IV 48.57%1W RR25 -3.52 vol pts1W BF25 +2.74 vol pts1W IV − 7D RV +2.13 vol pts

Notable move: ETH 2W RR25 Δ -2.37 vol pts → -4.01 vol pts · percentile rank 100.0% by absolute move · 1-day moves · 30-day window (n=25).

2W RR25 – selected tenor
Vol points

2W RR25 – selected tenor. Vol points. ETH: Current -4.01, Previous -1.64.CurrentPreviousETH-4.01-1.64-4.33-2.170.00

Current: 22 Oct 2026, 16:31 UTC
Previous: 21 Oct 2026, 16:31 UTC

Ether options show lower 2w 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 · 2026-10-22T16:31:00+00:00
TenorETH currentETH previous
1W-3.52-1.17
2W-4.01-1.64
1M-3.15-1.76
3M-1.86-0.78
6M-0.79-0.30
9M0.050.44
1YUnavailableUnavailable

The 2W RR25 skew change for ETH was -2.37 volatility points over the stored comparison. No news item was selected for this report date.

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

Uses the stored headline’s selected tenor. Cutoffs 21 Oct, 16:31 UTC to 22 Oct, 16:31 UTC.

Previous publication · research context

2026-10-21: “Ether options show higher 1w RR25 skew”

Previous publication cutoff 21 Oct, 16:31 UTC. Today’s market comparison starts at 21 Oct, 16:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 24c46cfb690a6355aa30e428fbe0e2bc33e3e2033cddb1e4bf040e4c2f810097

Prior watch: measured outcome

Against the 2026-10-21 daily edition.

  • ETH 2W ATM IV: prior change -0.34 → current change +1.05 volatility points; direction reversed.
  • ETH spot-index return: prior change +2.63 → current change -4.70 percent; direction reversed.
  • ETH 2W RR25: prior change +1.99 → current change -2.37 volatility points; direction reversed.
  • ETH 2W BF25: prior change -0.11 → current change +0.33 volatility points; direction reversed.
  • ETH 1W RR25 ≥ -1.17 volatility points (hold the observed endpoint) at 22 Oct, 16:31 UTC: not met (observed -3.52 volatility points).
  • ETH 1W RR25 ≤ -3.68 volatility points (full retrace to the prior endpoint) at 22 Oct, 16:31 UTC: not met (observed -3.52 volatility points).

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 2W RR25 ≤ -4.01 volatility points at . Current level -4.01; threshold is the current observed endpoint.
  • Full retrace: ETH 2W RR25 ≥ -1.64 volatility points at . Current level -4.01; 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 137a8555b77ea108029473b3b2a5f17e575284227122e30cf23fdf5444531300

Prior artifact: /v1/eth/daily/2026-10-21/24c46cfb690a6355aa30e428fbe0e2bc33e3e2033cddb1e4bf040e4c2f810097.json · SHA-256 24c46cfb690a6355aa30e428fbe0e2bc33e3e2033cddb1e4bf040e4c2f810097

Consumed endpoint proof: 11428e4b3cf13430c447b367bff6b80341b38c160673e9ce644e623189b10b47

  • ETH:rr25:2W:observed-current-level: rows[asset=ETH].report.tenors[tenor=2W].rr25.previous; rows[asset=ETH].report.tenors[tenor=2W].rr25.current; rows[asset=ETH].report.tenors[tenor=2W].rr25.change; evaluation window 2026-10-22T16:31:00+00:00 to 2026-10-23T16:31:00+00:00.
  • ETH:rr25:2W:observed-previous-level: rows[asset=ETH].report.tenors[tenor=2W].rr25.previous; rows[asset=ETH].report.tenors[tenor=2W].rr25.current; rows[asset=ETH].report.tenors[tenor=2W].rr25.change; evaluation window 2026-10-22T16:31:00+00:00 to 2026-10-23T16:31:00+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 +2.67 volatility points, to 48.57%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

21 Oct 2026, 16:31 UTC to 22 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 48.57%, 2.13 volatility points above seven-day realised volatility of 46.44%; 24-hour realised volatility was 46.49% and 30-day realised volatility was 44.05%.

Front end

Front-end ATM IV increased, averaging +1.42 volatility points to 49.28% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 52.11% (-0.06 volatility points); 1Y was unavailable.

Skew

RR25 moved towards puts, averaging -1.54 volatility points to -2.67 volatility points across the five available headline tenors.

Convexity

BF25 increased, averaging +0.22 volatility points to 3.15 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was +2.67 volatility points at 1W, to 48.57%.

24h spot-index return

ETH spot-index return was -4.70% over 24 hours.

7d spot-index return

ETH spot-index return was -1.46% over seven days.

Two-day RR25 whipsaw

ETH 1W RR25 adjacent daily moves were +2.51 then -2.35 volatility points; gross movement 4.86 versus net +0.16. 0 strict zero crossings. Opposite moves meet the operational whipsaw inspection threshold.

Universe roll: added 13NOV26, 26OCT26; removed 22OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

25OCT26, -16.92 vol pts
02

Largest standard-tenor ATM IV move

1W, +2.67 vol pts
03

Largest standard-tenor RR25 move

2W, -2.37 vol pts
04

Largest standard-tenor BF25 move

2W, +0.33 vol pts
05

Largest eligible SVI sigma move

30OCT26, +0.1489 param
06

Largest eligible SVI rho move

26MAR27, +0.1196 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W48.5745.90+2.67 vol pts+5.82%
2W50.1749.12+1.05 vol pts+2.14%
1M49.0948.56+0.53 vol pts+1.09%
3M50.8550.850.00 vol pts0.00%
6M52.1152.17-0.06 vol pts-0.12%
9M52.8452.86-0.02 vol pts-0.04%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 2W.

RR25 moved towards puts, averaging -1.54 volatility points to -2.67 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-4.5 vol pts-3.2 vol pts-1.8 vol pts-0.4 vol pts1.0 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-3.52-1.17-2.35 vol pts
2W-4.01-1.64-2.37 vol pts
1M-3.15-1.76-1.39 vol pts
3M-1.86-0.78-1.08 vol pts
6M-0.79-0.30-0.49 vol pts
9M0.050.44-0.39 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 2W.

BF25 increased, averaging +0.22 volatility points to 3.15 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 pts3.0 vol pts3.2 vol pts3.5 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W2.742.61+0.13 vol pts
2W3.292.96+0.33 vol pts
1M3.293.06+0.23 vol pts
3M3.303.06+0.24 vol pts
6M3.153.00+0.15 vol pts
9M2.972.88+0.09 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

23OCT26, -40.09 vol pts
1.6d

Smile rotation

24OCT26, -22.26 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
23OCT26Expiry effect0.6 days2,391.11-115.46 USD46.89%+5.94 vol pts-9.63 vol pts+0.85 vol pts
24OCT26Expiry effect1.6 days2,391.82-115.06 USD43.71%+0.40 vol pts-6.15 vol pts+0.63 vol pts
25OCT262.6 days2,391.65-115.60 USD38.38%-1.55 vol pts-4.86 vol pts+0.48 vol pts
30OCT267.6 days2,393-115.65 USD49.27%+2.23 vol pts-2.18 vol pts+0.08 vol pts
6NOV2614.6 days2,394.69-114.82 USD50.22%+0.76 vol pts-2.34 vol pts+0.30 vol pts
27NOV2635.6 days2,399.18-116.18 USD48.83%+0.45 vol pts-1.41 vol pts+0.23 vol pts
25DEC2663.6 days2,408.41-115.78 USD49.84%+0.05 vol pts-1.67 vol pts+0.31 vol pts
26MAR27154.6 days2,435.63-117.19 USD51.79%-0.12 vol pts-0.53 vol pts+0.19 vol pts
25JUN27245.6 days2,465.22-118.37 USD52.57%-0.01 vol pts-0.47 vol pts+0.11 vol pts
24SEP27336.6 days2,494.91-119.31 USD53.30%-0.07 vol pts-0.28 vol pts+0.08 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.

23OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
24OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
25OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards puts
-0.30k0.00k+0.30k
6NOV26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
27NOV26rotation towards puts
-0.30k0.00k+0.30k
25DEC26rotation towards puts
-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 2.9 times VIX, while its 30-session return correlation with SPX was mixed at 0.59.

Implied-volatility premium

ETH 30-day ATM IV was 48.61%, against VIX at 16.68: a 31.93-point spread and 2.91× ratio.

Daily-close realised-volatility regime

ETH reported crypto realised volatility was 38.75%, versus SPX reported realised volatility of 8.94%. The spread ranked at percentile rank 21.4% of 257 prior observations.

Equity co-movement

Return correlation with SPX was 0.593 over 30 aligned sessions and 0.277 over 60 sessions. VIX9D, VIX and VIX3M closed at 15.49, 16.68 and 18.72.

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 21 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: 2026-10-22 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-21 16:31:00 UTC → 2026-10-22 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 · 22 Oct 2026, 16:31 UTC

The measurement behind the lead chart

ETH 2W RR25 -4.01 vol pts · Δ -2.37 vol pts

ETH percentile rank 100.0% by absolute move · 30-day window (n=25); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-21

Original report summary

ETH 2W RR25 skew is -4.01 percent, compared with -1.64 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 48.57% · Δ +2.67 vol pts

Skew: ETH 1W RR25 -3.52 vol pts · Δ -2.35 vol pts

Relative value: ETH 1W IV 48.57% / 7D RV 46.44% · spread +2.13 vol pts

Vol

ETH 1W ATM IV 48.57% · Δ +2.67 vol ptspercentile rank 61.7% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-21

Skew

ETH 1W RR25 -3.52 vol pts · Δ -2.35 vol ptspercentile rank 80.0% by absolute move · 30-day window (n=25); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-21

Wings

ETH 1W BF25 2.74 vol pts · Δ +0.13 vol ptspercentile rank 31.9% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-21

IV versus RV

ETH 1W IV 48.57% / 7D RV 46.44% · spread +2.13 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 61.7% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-21

ETH 1W RR25: percentile rank 80.0% by absolute move · 30-day window (n=25); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-21

ETH 1W BF25: percentile rank 31.9% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-21

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 137a8555b77ea108029473b3b2a5f17e575284227122e30cf23fdf5444531300.

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 atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1b3d6c8ba07577473682535ffe53c76febd7111bf7dc4e1751008c519c08509b
ETH 1W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:934e7076bb72ee76e0b4942798399d85ed47b8c078d7476d80a43e6a8da27004
ETH 1W atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5f4689827d7973a97dd4739568abe5dd585219d7c547061cfb95ac861081bfd8
ETH 1W bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a6e938fea041ec47d612e0dc904d3b6d0455faec53981e59f75be9a3c7c8474e
ETH 1W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6a635cf848e89a96494ad92324cafc97c962b13b7af4d9164bad02082de61ccb
ETH 1W bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e115dae281c84444fc266dc84888a17f02c7426e860ad5fdd7dca1ff21b70dae
ETH 1W rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e95d4820d09fce399a48818d3a6f4e8e9acf30400195e6c2e95c4ebb0c340308
ETH 1W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9272ef7c91ac5e9f66b2cc3d084aa1889e1e13782a43a163c4fbb15921596fc1
ETH 1W rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:90183c0fd3a96471762e2591eca051e76b4f4538c855847581e81d6b16cf6491
ETH 2W atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a5fca2ea0e49be636a655d2094ae0610e61d0f9a9ecdb0707941309a246fd811
ETH 2W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:201544e7c587fd992d11bad9a7b93a354c6938819ab02a40489560c0e01543ef
ETH 2W atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bfd4841eb223cd3e15a9f4dda1aa2ab563a32af5d80a321b155bb2dad6633df1
ETH 2W bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bdb65471d53ac8ce5bf8c2b8a68b8ec8f9debb70e82e731fa979a3c449beb7c7
ETH 2W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c42f565e85e7edc19813c633b567e114ba6a614c204f28c81c5d91cca1440847
ETH 2W bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bd0c5eca3212a852bd1ec673922d40469bcdbb5ac17d004e2c47737ca3f152cf
ETH 2W rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6938ed34eb68192bcdce0162940749b4295bce68d8dd4393aefb78af818f999a
ETH 2W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8b73238a5754fbff314198c956be1665c0c0b0b799d002706c2890c8d800a718
ETH 2W rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:24f59320f81e1690822f223de2b286621cb823be1acf1c2c2f51b7ce1599b2f9
ETH 1M atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3b96654f7f661c081131bf885b8920c981aefe1fb20db897a3806602e5775d49
ETH 1M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2531bb90d41b2e15de454f414590f9426608ccbf5d463580831ba3b5528d8881
ETH 1M atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fc64b9d10d9a59b5f5b10e76854347e76f8ab979936687e65fa03ba0591b90ff
ETH 1M bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a48e822b2a5df49bedc3957bc67da13a64dad276e03ec274f00bac2b23aca6b9
ETH 1M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:55c13d8273a6b23d6049e9b716200d06f34687ab8fbd7345cc37b5bd86b64887
ETH 1M bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b63f324b0bd395e309f24f993e4e2a887958bada53039c12700d024674e11744
ETH 1M rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:abd4146c5b914ebcb936f99335c14267deb73885619f7e4a76494eb74bbf152b
ETH 1M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7bd259ebb1598560ca201a85e6b18a275622fbc1b6d635229f971857df1fba65
ETH 1M rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:94b37f1eaf33130b4fc4d1ba2573ee07494d510ae6cf70083dd414e6fa117c35
ETH 3M atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3f9f3e8d6784dd4c70bda08562b8617147dbf80fdb15811eefaf4bdf24776d2e
ETH 3M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:838ea622c404e081d4773c469c9598605234c13b940e616a71ba3b964b3e90b3
ETH 3M atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6d4da848e3fec0b178411e05b6e67653abbca2f933662ade8c4d82b3dbfc598c
ETH 3M bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2ee3abefb59a58d8670186287d626712da32071c61717df36def30851b5aa88d
ETH 3M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0e8b8d534c3c6274bb8fedd8e91e7ed439f81ea8dd7e4d6d9ca6f68ce7be4aff
ETH 3M bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:752068a3e9248d2c403877139bb981df63686348d9217cf4e86ab15f8c8f510e
ETH 3M rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:58c08acb5bca3751cdd268b92207fa7889d1723336cd4f7ac09999c31598eb0d
ETH 3M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2c9162ad7721e17ede8da04ec1173ea09fda25715fa16eee07901e88205d6e3b
ETH 3M rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2308fcb0e5dc9c37828875752fb932b8f838ef1020832c1d58e2cc68ac08ca84
ETH 6M atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f42cbd5b7d6ad3ee34f2ec47108bfaf1368adeec28dd0690476f57e7549ff5b7
ETH 6M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e4a6e63bc12e380e60696fa8d9d45c5ddfdeecd7584a4756a7d6593ff92d1408
ETH 6M atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1002ee1bb32d31a6ab20f978da97171ec2ba25c3c4e11eed56bb4b8c594d833d
ETH 6M bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7187b363cab72c38f2037c3dcc8fdf59681ae6d9068fcda49ec292c9939e2c69
ETH 6M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2a6dcd8142e0aa1234cc477e450155c1b61fc7154662795072299e850048e6b3
ETH 6M bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7e2ffdf871087c0c00853a30b0a9b9642b3523e959d92a784adad19f71f672fc
ETH 6M rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d6bc0041e63dbca2898e13e8ae7f184677edf19458ee6d3c2670e5a0fb468740
ETH 6M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a9d56f915226f7aebf40c352c4b3d86419e56b921e0e81243bd17c56204da7b6
ETH 6M rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6af4850e2c76197dbe74aa02e3654675b2f5b562e9617d3a4d43532104a6a77f
ETH 9M atmIvmove30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:82d7393982c9d67d14fc7c6078e4aa0239ec3259619a377f22a0171accee7fb6
ETH 9M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:43d5e580802c05cf93a386a4806ba75fd7d9a52d1fa8e066daed43167347a5a9
ETH 9M atmIvlevelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e0482be40d79b8a19198477988b7a7721879fb5b5851185fc13f600acf3b7fcb
ETH 9M bf25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b11b6f6760ec37ee68c7782565a24d507380a4c13aace9d0501afe66da2101e4
ETH 9M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bb4cc092c12b5552d850f1722fcdf08d01a4bf9eb46333b58a53975ff82e5316
ETH 9M bf25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e9bc1ac0a59b8ca75d46b299d40ff5de32f4bc559a76ccf1f0a550d5ec44ff7d
ETH 9M rr25move30d25 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-21
2026-09-22T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1f7e32f92d1ed6b51fd12d75e12d50eba24b2e9e6b6514c3b5b28ec603967885
ETH 9M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8c562510d1a4f21e386809e3da663fee29da186f011fb5688c100b1e3d22eefb
ETH 9M rr25levelFullHistory51 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-21
2026-08-29T16:31:00+00:00 → 2026-10-21T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4a67e5244e295858355486ad40c5db1578db2515e8dfbf41492ab8a0a8b10bc8
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 26MAR27; the largest sigma change occurred at 30OCT26.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
23OCT26-0.03920+0.03710-0.17140-0.09160+0.11280rotation towards puts, wing steepening
24OCT26-0.01540+0.02640-0.12490-0.05740-0.00070rotation towards puts, wing steepening
25OCT260.00000+0.01560-0.11810-0.05030-0.05490rotation towards puts, wing steepening
30OCT26-0.04910+0.03110-0.02570-0.00710+0.14890rotation towards puts
6NOV26-0.00420+0.00520+0.09220+0.09110-0.00880rotation towards puts, wing steepening
27NOV26+0.00320+0.00030+0.06290+0.06820-0.02480rotation towards puts
25DEC26+0.01680-0.00840+0.10000+0.11530-0.06920rotation towards puts
26MAR27+0.01970-0.01620+0.11960+0.13350-0.05920limited movement
25JUN27-0.00620-0.00020+0.03930+0.06060+0.01120limited movement
24SEP27-0.02890+0.02130-0.01740-0.01970+0.03690limited 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 Gamma23OCT26, 0.008463 1 / USD
Highest Theta Decay23OCT26, -14.573214 USD / day
Highest Vanna24SEP27, 0.001854 delta / vol pt
Highest Vega24SEP27, 9.250826 USD / vol pt
Highest Volga24SEP27, -0.011369 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH46.44%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 22 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
22 Oct 2026, 16:31 UTC
Comparison snapshot
21 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.

Continue through Derivasys

From today’s report to the underlying methods.

Live dashboard All reports Daily metrics data Latest ETH daily Latest weekly API Volatility surface guide What is SVI? Risk reversals Butterflies Local volatility Variance swaps

Get reports by email

Request daily or weekly crypto options reports in your inbox.