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Daily ETH options market report · 24-hour comparison

Ether options show lower 1w ATM IV

ETH spot rose 0.60%; Skew moved toward puts (-0.50 vol points); Wing premium was unchanged.

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 23 Oct 2026, 16:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-23 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-22 16:31:00 UTC → 2026-10-23 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 +0.60%1W ATM IV 45.27%1W RR25 -4.02 vol pts1W BF25 +2.74 vol pts1W IV − 7D RV -1.38 vol pts

Lead move: ETH 1W ATM IV Δ -3.30 vol pts → 45.27% · percentile rank 69.2% by absolute move · 1-day moves · 30-day window (n=26).

1W ATM IV – selected tenor
Percent

1W ATM IV – selected tenor. Percent. ETH: Current 45.27, Previous 48.57.CurrentPreviousETH45.2748.570.0026.2352.46

Current: 23 Oct 2026, 16:31 UTC
Previous: 22 Oct 2026, 16:31 UTC

Ether options show lower 1w ATM IV. ATM implied-volatility term structure from Derivasys data.
Source: Derivasys options data. ATM implied-volatility; unsupported tenors remain blank. Cite this report.

View full-size chart

Plotted chart data
ATM IV, percent · 2026-10-23T16:31:00+00:00
TenorETH currentETH previous
1W45.2748.57
2W48.6850.17
1M48.4549.09
3M50.7450.85
6M51.9852.11
9M52.7552.84
1YUnavailableUnavailable

The 1W ATM IV change for ETH was -3.30 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 22 Oct, 16:31 UTC to 23 Oct, 16:31 UTC.

Previous publication · research context

2026-10-22: “Ether options show lower 2w RR25 skew”

Previous publication cutoff 22 Oct, 16:31 UTC. Today’s market comparison starts at 22 Oct, 16:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 137a8555b77ea108029473b3b2a5f17e575284227122e30cf23fdf5444531300

Prior watch: measured outcome

Against the 2026-10-22 daily edition.

  • ETH 1W ATM IV: prior change +2.67 → current change -3.30 volatility points; direction reversed.
  • ETH spot-index return: prior change -4.70 → current change +0.60 percent; direction reversed.
  • ETH 1W RR25: prior change -2.35 → current change -0.50 volatility points; same direction.
  • ETH 1W BF25: prior change +0.13 → current change 0.00 volatility points; one or both windows unchanged.
  • ETH 2W RR25 ≤ -4.01 volatility points (hold the observed endpoint) at 23 Oct, 16:31 UTC: not met (observed -3.77 volatility points).
  • ETH 2W RR25 ≥ -1.64 volatility points (full retrace to the prior endpoint) at 23 Oct, 16:31 UTC: not met (observed -3.77 volatility points).

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 1W ATM IV ≤ 45.27 percent at . Current level 45.27; threshold is the current observed endpoint.
  • Full retrace: ETH 1W ATM IV ≥ 48.57 percent at . Current level 45.27; 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 407f4162eac00053b4ccb91244c59eded821f4ce2ff8cba13261af0d05a9210f

Prior artifact: /v1/eth/daily/2026-10-22/137a8555b77ea108029473b3b2a5f17e575284227122e30cf23fdf5444531300.json · SHA-256 137a8555b77ea108029473b3b2a5f17e575284227122e30cf23fdf5444531300

Consumed endpoint proof: 7d95d0e859437e97e03e00328f238db6c29cdec26788f08d4cf809da273eb37d

  • 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 2026-10-23T16:31:00+00:00 to 2026-10-24T16:31:00+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 2026-10-23T16:31:00+00:00 to 2026-10-24T16:31:00+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 -3.30 volatility points, to 45.27%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

22 Oct 2026, 16:31 UTC to 23 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 45.27%, 1.38 volatility points below seven-day realised volatility of 46.65%; 24-hour realised volatility was 45.77% and 30-day realised volatility was 43.96%.

Front end

Front-end ATM IV decreased, averaging -1.81 volatility points to 47.47% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 51.98% (-0.13 volatility points); 1Y was unavailable.

Skew

RR25 was broadly unchanged, averaging +0.01 volatility points to -2.65 volatility points across the five available headline tenors.

Convexity

BF25 was broadly unchanged, averaging -0.10 volatility points to 3.06 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -3.30 volatility points at 1W, to 45.27%.

24h spot-index return

ETH spot-index return was +0.60% over 24 hours.

7d spot-index return

ETH spot-index return was -1.53% over seven days.

Universe roll: added 27OCT26; removed 23OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

26OCT26, -6.40 vol pts
02

Largest standard-tenor ATM IV move

1W, -3.30 vol pts
03

Largest standard-tenor RR25 move

1W, -0.50 vol pts
04

Largest standard-tenor BF25 move

1M, -0.24 vol pts
05

Largest eligible SVI sigma move

26MAR27, +0.0865 param
06

Largest eligible SVI rho move

26MAR27, -0.0841 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W45.2748.57-3.30 vol pts-6.79%
2W48.6850.17-1.49 vol pts-2.97%
1M48.4549.09-0.64 vol pts-1.30%
3M50.7450.85-0.11 vol pts-0.22%
6M51.9852.11-0.13 vol pts-0.25%
9M52.7552.84-0.09 vol pts-0.17%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 was broadly unchanged, averaging +0.01 volatility points to -2.65 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-2.0 vol pts-0.7 vol pts0.5 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-4.02-3.52-0.50 vol pts
2W-3.77-4.01+0.24 vol pts
1M-3.01-3.15+0.14 vol pts
3M-1.67-1.86+0.19 vol pts
6M-0.80-0.79-0.01 vol pts
9M-0.110.05-0.16 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1M.

BF25 was broadly unchanged, averaging -0.10 volatility points to 3.06 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

2.5 vol pts2.8 vol pts3.0 vol pts3.3 vol pts3.5 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W2.742.740.00 vol pts
2W3.273.29-0.02 vol pts
1M3.053.29-0.24 vol pts
3M3.113.30-0.19 vol pts
6M3.123.15-0.03 vol pts
9M3.032.97+0.06 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.

1.6d

ATM IV change

25OCT26, -10.05 vol pts
0.6d

ATM IV change

24OCT26, -8.74 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.

44.4%46.7%49.1%51.4%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
24OCT26Expiry effect0.6 days2,401.69+9.87 USD34.97%-8.74 vol pts+0.86 vol pts-1.12 vol pts
25OCT26Expiry effect1.6 days2,401.88+10.23 USD28.33%-10.05 vol pts+0.48 vol pts-0.70 vol pts
26OCT262.6 days2,402.17+9.94 USD30.28%-9.85 vol pts-1.59 vol pts-0.13 vol pts
30OCT266.6 days2,403.15+10.15 USD44.88%-4.39 vol pts-0.58 vol pts-0.08 vol pts
6NOV2613.6 days2,404.7+10.01 USD48.70%-1.52 vol pts+0.20 vol pts-0.04 vol pts
13NOV2620.6 days2,406.55+10.53 USD48.40%-1.32 vol pts+0.20 vol pts-0.14 vol pts
27NOV2634.6 days2,409.81+10.63 USD48.46%-0.37 vol pts+0.13 vol pts-0.27 vol pts
25DEC2662.6 days2,418.73+10.32 USD49.76%-0.08 vol pts+0.27 vol pts-0.35 vol pts
26MAR27153.6 days2,446.88+11.25 USD51.61%-0.18 vol pts+0.08 vol pts-0.06 vol pts
25JUN27244.6 days2,478.32+13.10 USD52.50%-0.07 vol pts-0.17 vol pts-0.01 vol pts
24SEP27335.6 days2,508.43+13.52 USD53.16%-0.14 vol pts-0.16 vol pts+0.16 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.

24OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
25OCT26wing steepening
-0.30k0.00k+0.30k
26OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
6NOV26wing steepening
-0.30k0.00k+0.30k
13NOV26parallel shift lower
-0.30k0.00k+0.30k
27NOV26parallel shift lower
-0.30k0.00k+0.30k
25DEC26parallel shift lower
-0.30k0.00k+0.30k
26MAR27parallel shift lower
-0.30k0.00k+0.30k
25JUN27parallel shift lower
-0.30k0.00k+0.30k
24SEP27parallel shift lower
-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 2.6 times VIX, while its 30-session return correlation with SPX was mixed at 0.64.

Implied-volatility premium

ETH 30-day ATM IV was 49.35%, against VIX at 19.03: a 30.32-point spread and 2.59× ratio.

Daily-close realised-volatility regime

ETH reported crypto realised volatility was 42.32%, versus SPX reported realised volatility of 9.98%. The spread ranked at percentile rank 28.7% of 258 prior observations.

Equity co-movement

Return correlation with SPX was 0.644 over 30 aligned sessions and 0.300 over 60 sessions. VIX9D, VIX and VIX3M closed at 18.86, 19.03 and 20.12.

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 22 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: 2026-10-23 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-22 16:31:00 UTC → 2026-10-23 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 · 23 Oct 2026, 16:31 UTC

The measurement behind the lead chart

ETH 1W ATM IV 45.27% · Δ -3.30 vol pts

ETH percentile rank 69.2% by absolute move · 30-day window (n=26); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-22

Original report summary

ETH 1W ATM IV is 45.27 percent, compared with 48.57 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 45.27% · Δ -3.30 vol pts

Skew: ETH 1W RR25 -4.02 vol pts · Δ -0.50 vol pts

Relative value: ETH 1W IV 45.27% / 7D RV 46.65% · spread -1.38 vol pts

Vol

ETH 1W ATM IV 45.27% · Δ -3.30 vol ptspercentile rank 69.2% by absolute move · 30-day window (n=26); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-22

Skew

ETH 1W RR25 -4.02 vol pts · Δ -0.50 vol ptspercentile rank 15.4% by absolute move · 30-day window (n=26); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-22

Wings

ETH 1W BF25 2.74 vol pts · Δ 0.00 vol ptspercentile rank 0.0% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-22

IV versus RV

ETH 1W IV 45.27% / 7D RV 46.65% · spread -1.38 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 69.2% by absolute move · 30-day window (n=26); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-22

ETH 1W RR25: percentile rank 15.4% by absolute move · 30-day window (n=26); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-22

ETH 1W BF25: percentile rank 0.0% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-22

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 407f4162eac00053b4ccb91244c59eded821f4ce2ff8cba13261af0d05a9210f.

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 atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a71c7c88dacfd5f5c8a58d7e69b1e52751a68aa4036bcdd1c49171d0ab752e2e
ETH 1W atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:05bcc92e9cf628fe7887fe1ad7a6be705591bc18d80689d48631945d5a3b164e
ETH 1W atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6f88d57a8f7abb2c2e065c81f71df7df016888cc1d57e32078cbd2ada5c6cf3a
ETH 1W bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:aa7c921d80fff55d429c3b5c6ac219afa90a395b544695d039c17176d18dd75a
ETH 1W bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5eddfacd1da6b2b24012565302711a5ea4af0a236c0d9dd06f6e095fb335edb0
ETH 1W bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2fb8502eb820760247c8fac91e5abd9e8677d2286b8489640b23e64d62e7d2fb
ETH 1W rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4a293e72a06b9923c184483730cf663a8a2f2b2439c465fbe95c008c66bc4ee5
ETH 1W rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:99547d6ecbeac2454969b141ee452ef0db5d5f50ec554f39c339f7ae846a476c
ETH 1W rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d5d0b5c239168b9ede0bd57123dc200c6ecec8bfc2381782030c7e384828f3ed
ETH 2W atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a8858cd556b2ec355f4f53000bcbc7a4eecf31272c5b10fdbc9c4a44dfb58180
ETH 2W atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bad663b2452287fbff415d9ba9014b6f555c65e66747ef3a70efc9c01cd6261a
ETH 2W atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:81430dad3905cddbb7e6916d22cf495fe6095dd6720a819de9c6ac581aff3195
ETH 2W bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e8dcab2eb85044117879d81fa8ed11e6b21ef02e77f024eb0a141cd19882147b
ETH 2W bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a5181eb038d9a7c48205d33275c18240bc946772a386e78a78b3efcb5ab612e4
ETH 2W bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:cb8193ea7cbea03222b15ac2f7190c15ecd6dc274f0ae911c4d7ced94a994af1
ETH 2W rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1feef491e4ce594627df15250da6a7e53cb74a3b67e398134c43beef9b6dd41d
ETH 2W rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:40e586a8f53d60e98e85cf5292b64cd1be51d6debc19c136f3cdadebc4c6ab1a
ETH 2W rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a635ee504222bcbc0dbdfd8c01997259a9ee32598552fce8b40d08508cad1903
ETH 1M atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:83a3972ec6a957fa2dd17abc8b781119fbabf26c94aa5f31b3de497f4cfb47d3
ETH 1M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a266b38c48addc906e787fcd588fd3cc0bada44f526b5197c351e2be1c043e9f
ETH 1M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c3e389cb7e64f64a7bfd0308c08969ccce8cc31c4406350af4e8b568ad6bfdb9
ETH 1M bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:27167ac3bcea29cbcca72878f2f1686d073aef8b1181c794ee441c7496ee2ac9
ETH 1M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:320d953039251223cee99154c8fcf22531634a83f11d6b379c71973cc0bd32d7
ETH 1M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6bccd102e40091929aa427f01ee1de36a22148389008a01e026bb81da0637e14
ETH 1M rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:240235ee4b48f98b3c18d6fd0cb84eb375d53baf1c8080832459d7900ed32a3d
ETH 1M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9dde6bbf66bbff1588b0953de53b43968163387db3d9f7b4e179547a942e5642
ETH 1M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:be27886e73cb510e509dd6120d4667df5512155293997b95276f69c4c5aa8aa7
ETH 3M atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c406289231dfd1dbdc4f7781377f275695805aa9d3f12ecf2c02883c4303c700
ETH 3M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ae2e4850d5ddd936f1b791c118b654da197c29f890f06006920ad64cf03b3006
ETH 3M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4cbf40f189820689ef3891ab3c85df4597af352ca7853cf4a3f7dcf5e19a6b09
ETH 3M bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f95c07d94baa3e71f6319378fae49aba21eaf43f06c2dfed0dd423ee1fc38147
ETH 3M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:03753f3fad1ed7460cf1d10181162b184f1076576b46c290592bd98ca417b918
ETH 3M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4a8a266ddd292636d9420b466ad239c978b0f65cbe8dbd3cca6ccf2d0f84c05c
ETH 3M rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8bdf11b2949eeb46ae92a17d907ea651792a255bb271293739d33f5f69cd5090
ETH 3M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e2e165484af617aef91d7d6f41a62ffdebb2a21312f19ad837854601604314ac
ETH 3M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ec54c50619e33379e7bfa403b0b35fa16f7e4227dfc602dcd0aa86bf64c3a02c
ETH 6M atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6f34673062ca2838961e9806b097b3b46ffc2908efdaab1b3755369c8e7c0460
ETH 6M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:267675ea219412884e7d5ad11ab49a353ec6a95710a4816f654883382ceade34
ETH 6M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8482589107860efb376040b3410a5a25b8815a46110f15822b137682fb892546
ETH 6M bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:dffe9b8ccc433c589005f65e565069e7becd87ec2838351be67ad65b37c1b8dd
ETH 6M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c420404f1c9c28014823d3185d26ee2e6b6fac7f58f4d323cfc5afd5020b9ccf
ETH 6M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ee698e40cb2084ffd71b00245d4052d4d53c1b155248370f56b0024e646f2f6a
ETH 6M rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:159b50bf4ffd805142866f7ad4f4f5bdc8c8a5e07622d8baf2fd5aca489c8c1d
ETH 6M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2d94a552d544875440744704830595fd82057d52eb8640a6d5d1acfd19e5bdaa
ETH 6M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:dbb16f59b41800b1bbc807e7f9d31571034e44cc81b49d2d289e49ef0c123007
ETH 9M atmIvmove30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c8561640aca87b920ea957152fb2c237b308d053cf0449ed23f15d802015b7b8
ETH 9M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:584ace987107ea881871efde24600f7f8515719b6f64caa86e2ae792250709ae
ETH 9M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c6641d96e867ba70625464df3b4ed75a33405f55571f8096915ac6fc3e39cfed
ETH 9M bf25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:07bf1bb18a38d93ce56be41a941e80982dac2d2f77e0a71f4d39230f04a0e8d8
ETH 9M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6f94e657295d99e712d89b2782fbbea03bf63b81eeee2795e3b2ddc970f7eb50
ETH 9M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3eb15e3ea79e2e803baf54c40fa5a6e0d92e9aa3a87c34e49d75fc3f77460873
ETH 9M rr25move30d26 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-22
2026-09-22T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fa89ada24d1dfcef349d1720925a843724403a36d7e7d93b9e7afd7f62f39740
ETH 9M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:15150c1d6b3c3bbe7e1d3c1ae241b83613116b5a9d66e02dfea27e1d4377c7da
ETH 9M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-22
2026-08-29T16:31:00+00:00 → 2026-10-22T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9d86f917d85bab92756ae2bea51f0fdefbb9e23cfe36fe074725e32269b1fe1a
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 26MAR27.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
24OCT26-0.01070-0.01390+0.02940-0.00210+0.11280rotation towards puts, wing steepening
25OCT26-0.00480+0.00220+0.00830-0.00350+0.01530wing steepening
26OCT26+0.01060+0.00460-0.00310+0.00970-0.08140rotation towards puts, wing steepening
30OCT26-0.00240+0.00460-0.00430-0.00210-0.01420rotation towards puts, wing steepening
6NOV26+0.00080-0.00030+0.01820+0.00910-0.01030wing steepening
13NOV26-0.00370-0.00030+0.01810+0.00870+0.01220parallel shift lower
27NOV26-0.01100-0.00030+0.01840+0.00990+0.05130parallel shift lower
25DEC26-0.01500-0.00070+0.01850+0.00640+0.07380parallel shift lower
26MAR27-0.03870+0.02650-0.08410-0.09290+0.08650parallel shift lower
25JUN27-0.01590+0.00720-0.00610-0.00930+0.03650parallel shift lower
24SEP27+0.02980-0.02930+0.08040+0.12950-0.04910parallel shift lower

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 Gamma24OCT26, 0.011298 1 / USD
Highest Theta Decay24OCT26, -10.916857 USD / day
Highest Vanna24SEP27, 0.001852 delta / vol pt
Highest Vega24SEP27, 9.289627 USD / vol pt
Highest Volga24SEP27, -0.011353 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH46.65%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 23 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
23 Oct 2026, 16:31 UTC
Comparison snapshot
22 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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