Derivasys
Open Dashboard

Daily ETH options market report · 24-hour comparison

Ether options show higher 1w RR25 skew

ETH spot rose 1.87%; 1W ATM IV fell 1.74 volatility points; Wing premium decreased (-0.05 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 25 Oct 2026, 17:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-25 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-24 17:31:00 UTC → 2026-10-25 17:31:00 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 +1.87%1W ATM IV 52.26%1W RR25 -3.64 vol pts1W BF25 +3.52 vol pts1W IV − 7D RV +5.68 vol pts

Notable move: ETH 1W RR25 Δ +1.95 vol pts → -3.64 vol pts · percentile rank 83.0% by absolute move · 1-day moves · full history (n=47).

1W RR25 – selected tenor
Vol points

1W RR25 – selected tenor. Vol points. ETH: Current -3.64, Previous -5.59.CurrentPreviousETH-3.64-5.59-6.04-3.020.00

Current: 25 Oct 2026, 17:31 UTC
Previous: 24 Oct 2026, 17:31 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 · 2026-10-25T17:31:00+00:00
TenorETH currentETH previous
1W-3.64-5.59
2W-4.15-5.12
1M-3.29-4.50
3M-1.65-2.17
6M-0.76-1.14
9M0.06-0.24
1YUnavailableUnavailable

The 1W RR25 skew change for ETH was +1.95 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 24 Oct, 17:31 UTC to 25 Oct, 17:31 UTC.

Previous publication · research context

2026-10-24: “Ether options show higher 1w ATM IV”

Previous publication cutoff 24 Oct, 16:31 UTC. Today’s market comparison starts at 24 Oct, 17:31 UTC. Snapshot clocks differ; numerical follow-through and prior-watch outcomes are unavailable.

Previous publication JSON · SHA-256 65ce97bfd6f1f194a455d5a2a6cf98f70b62a9a52cc717486d3f7674e3b3fbb0

Measured change since prior report

Prior comparison unavailable: the published 2026-10-24 edition is verified but ends at 24 Oct, 16:31 UTC; this window requires 24 Oct, 17:31 UTC.

A structured watchlist was not recorded or could not be verified in the prior edition; prior-watch outcomes remain unavailable.

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 1W RR25 ≥ -3.64 volatility points at . Current level -3.64; threshold is the current observed endpoint.
  • Full retrace: ETH 1W RR25 ≤ -5.59 volatility points at . Current level -3.64; 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 e843bce19d76e78fe62e561b842bec3ed285751707b30dee0f31ff0b2eb254c8

Prior artifact: /v1/eth/daily/2026-10-24/65ce97bfd6f1f194a455d5a2a6cf98f70b62a9a52cc717486d3f7674e3b3fbb0.json · SHA-256 65ce97bfd6f1f194a455d5a2a6cf98f70b62a9a52cc717486d3f7674e3b3fbb0

Consumed endpoint proof: 5d14a9b3b1145ffffe1f8f0b1dab5b264bd5c247dd45599aab5e00c3fa364ab5

  • 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 2026-10-25T17:31:00+00:00 to 2026-10-26T17:31:00+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 2026-10-25T17:31:00+00:00 to 2026-10-26T17:31:00+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 -1.74 volatility points, to 52.26%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

24 Oct 2026, 17:31 UTC to 25 Oct 2026, 17:31 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 17:31 UTC cutoff, 1W ATM IV was 52.26%, 5.68 volatility points above seven-day realised volatility of 46.58%; 24-hour realised volatility was 33.60% and 30-day realised volatility was 43.47%.

Front end

Front-end ATM IV decreased, averaging -1.49 volatility points to 51.42% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 52.69% (-0.02 volatility points); 1Y was unavailable.

Skew

RR25 moved towards calls, averaging +1.01 volatility points to -2.70 volatility points across the five available headline tenors.

Convexity

BF25 was broadly unchanged, averaging -0.04 volatility points to 3.29 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -1.74 volatility points at 1W, to 52.26%.

24h spot-index return

ETH spot-index return was +1.87% over 24 hours.

7d spot-index return

ETH spot-index return was -0.42% over seven days.

Universe roll: added 29OCT26; removed 25OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

28OCT26, +8.12 vol pts
02

Largest standard-tenor RR25 move

1W, +1.95 vol pts
03

Largest standard-tenor ATM IV move

1W, -1.74 vol pts
04

Largest eligible SVI sigma move

24SEP27, +0.2063 param
05

Largest standard-tenor BF25 move

2W, -0.19 vol pts
06

Largest eligible SVI rho move

24SEP27, -0.1513 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W52.2654.00-1.74 vol pts-3.22%
2W51.7253.39-1.67 vol pts-3.13%
1M50.2851.33-1.05 vol pts-2.05%
3M51.7652.13-0.37 vol pts-0.71%
6M52.6952.71-0.02 vol pts-0.04%
9M53.4353.34+0.09 vol pts+0.17%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 moved towards calls, averaging +1.01 volatility points to -2.70 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-6.3 vol pts-4.5 vol pts-2.8 vol pts-1.0 vol pts0.7 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-3.64-5.59+1.95 vol pts
2W-4.15-5.12+0.97 vol pts
1M-3.29-4.50+1.21 vol pts
3M-1.65-2.17+0.52 vol pts
6M-0.76-1.14+0.38 vol pts
9M0.06-0.24+0.30 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 2W.

BF25 was broadly unchanged, averaging -0.04 volatility points to 3.29 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

2.4 vol pts2.8 vol pts3.1 vol pts3.5 vol pts3.8 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W3.523.57-0.05 vol pts
2W3.433.62-0.19 vol pts
1M3.273.32-0.05 vol pts
3M3.233.21+0.02 vol pts
6M3.022.96+0.06 vol pts
9M2.622.78-0.16 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

Smile rotation

27OCT26, +15.37 vol pts
0.6d

Smile rotation

26OCT26, +13.18 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.

49.8%51.0%52.1%53.3%54.4%1W2W1M3M6M9M

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

ExpiryTime leftForward now (USD)Forward change (USD)ATM IV nowATM IV changeRR25 changeBF25 change
26OCT26Expiry effect0.6 days2,355.35+41.38 USD51.32%-0.95 vol pts+4.46 vol pts-0.72 vol pts
27OCT26Expiry effect1.6 days2,354.87+40.73 USD51.27%-1.23 vol pts+5.29 vol pts+0.13 vol pts
28OCT262.6 days2,355.63+41.04 USD51.01%-0.61 vol pts+2.87 vol pts+0.25 vol pts
30OCT264.6 days2,355.87+41.30 USD52.17%-1.92 vol pts+2.81 vol pts+0.33 vol pts
6NOV2611.6 days2,356.93+40.41 USD52.32%-1.51 vol pts+1.06 vol pts-0.48 vol pts
13NOV2618.6 days2,358.6+41.10 USD50.99%-1.24 vol pts+0.76 vol pts+0.46 vol pts
27NOV2632.6 days2,361.42+40.59 USD50.19%-0.96 vol pts+1.25 vol pts-0.13 vol pts
25DEC2660.6 days2,370.1+40.94 USD51.06%-0.70 vol pts+0.73 vol pts-0.17 vol pts
26MAR27151.6 days2,396.49+39.94 USD52.32%-0.13 vol pts+0.30 vol pts+0.16 vol pts
25JUN27242.6 days2,426.82+39.44 USD53.15%+0.09 vol pts+0.45 vol pts-0.03 vol pts
24SEP27333.6 days2,457.08+42.89 USD53.83%+0.06 vol pts+0.07 vol pts-0.31 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.

26OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
27OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
28OCT26rotation 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
13NOV26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
27NOV26rotation towards calls
-0.30k0.00k+0.30k
25DEC26rotation towards calls
-0.30k0.00k+0.30k
26MAR27parallel shift lower
-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 2.5 times VIX, while its 30-session return correlation with SPX was mixed at 0.61.

Implied-volatility premium

ETH 30-day ATM IV was 48.74%, against VIX at 19.45: a 29.29-point spread and 2.51× ratio.

Daily-close realised-volatility regime

ETH reported crypto realised volatility was 42.15%, versus SPX reported realised volatility of 9.92%. The spread ranked at percentile rank 28.2% of 259 prior observations.

Equity co-movement

Return correlation with SPX was 0.612 over 30 aligned sessions and 0.292 over 60 sessions. VIX9D, VIX and VIX3M closed at 18.70, 19.45 and 20.48.

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 23 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: 2026-10-25 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-24 17:31:00 UTC → 2026-10-25 17:31:00 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 · 25 Oct 2026, 17:31 UTC

The measurement behind the lead chart

ETH 1W RR25 -3.64 vol pts · Δ +1.95 vol pts

ETH percentile rank 83.0% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

Original report summary

ETH 1W RR25 skew is -3.64 percent, compared with -5.59 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 52.26% · Δ -1.74 vol pts

Skew: ETH 1W RR25 -3.64 vol pts · Δ +1.95 vol pts

Relative value: ETH 1W IV 52.26% / 7D RV 46.58% · spread +5.68 vol pts

Vol

ETH 1W ATM IV 52.26% · Δ -1.74 vol ptspercentile rank 46.8% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

Skew

ETH 1W RR25 -3.64 vol pts · Δ +1.95 vol ptspercentile rank 83.0% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

Wings

ETH 1W BF25 3.52 vol pts · Δ -0.05 vol ptspercentile rank 17.0% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

IV versus RV

ETH 1W IV 52.26% / 7D RV 46.58% · spread +5.68 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 46.8% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

ETH 1W RR25: percentile rank 83.0% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

ETH 1W BF25: percentile rank 17.0% by absolute move · full history (n=47); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-24

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: e843bce19d76e78fe62e561b842bec3ed285751707b30dee0f31ff0b2eb254c8.

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 observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:28b6ffdea9ee5461141566a2675fbe9d46e6a4c30232392257eae68b993f4975
ETH 1W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f1cd73b2bfc1ebda57f29b0db1d6d5f0eaad603759301718fb68b8ac30fb0bc2
ETH 1W atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6af415727c95228b7c3a25cf6e911d9d21819c5cefed197afeecb2292afce64d
ETH 1W bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f975557ef18c2a38ac864fcb75ce11c1e7c46192eb07ce01db32d0de5eceb9af
ETH 1W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fa6a43c30e89fea26e46080f673b8c85bc3c3b8416b846798eca8ae580945556
ETH 1W bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:817b7239dea77763370709cba4268816bad6081e2848ac5649dcd88183d73a01
ETH 1W rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f4708768e97c51a402aaa49b3606bb9181fcbf3e38b2e649cc8371dc8d477558
ETH 1W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:86707c9117bcb1478bf9c55495f510b45101f2b0700b4c243337fa841b45c500
ETH 1W rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5d283d559d14570787b213337cce7bdbe6eaf2b31fbf09ec0f3427a5da46b072
ETH 2W atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:00c20885e56ee84c35577cca8a99c8350966f3cfe279cbf499e4937c7e49ec3f
ETH 2W atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:826ea2eb25192f12f9e58f4f547ba2a49225c6d1a44052673b48552f874c4501
ETH 2W atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:928626ef7c790dd25203036c74e59ddf15bcbf2c37df103e3bcf8d599bb9c7d5
ETH 2W bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8f10f0f0e8e4b52aaa1cb1057660f845c7cb3b3c290d224122be925bbc835e07
ETH 2W bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8a5f3efc6c46f78e24f45e273715edc4bfa5dc633561658a187b8f5275c8be4b
ETH 2W bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:473203eaeec4084a1784871481ed0926090e308965936652db46c6692ac2e5b1
ETH 2W rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a87ea8be3747a83a76167b5d99bf408dbe8274d1def87b40a3ea0b51b7fb2a71
ETH 2W rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f6016e36b308f81d26063d433d7f3468b8a351eceb5bb5ab39b93c8b36045210
ETH 2W rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e5f58b6e6096547fd47754bce5dac9fc77e4d05c00841a5a2e9a8a9b2d0e57c7
ETH 1M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e6bab73b243b373abde3b3e0f90583d78f261493bbfbead2e4f753a775487ca5
ETH 1M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6cec3705e3b89527315504734660c159669ee9b35b75815b040113cf30719e6f
ETH 1M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b8b782079ac47fe8e1bdf3d55aade77f2e57b6db3f80dff9987e3a8b952e247f
ETH 1M bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:11ad536ef746b8eb6f83763c9e6d10afe50f069dc740353f871bef77d24b4b0d
ETH 1M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a0cd93b1ce4e52ebd945e0b1627b340b60e2b7ec59640edc2ad5812d42d28ff0
ETH 1M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d7627d5f845cb55631da418485f63435f0339521b5ae1cc788a6b21f6d41a201
ETH 1M rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:47368f89eaef5cf9e122de6cecf6358a2833b9e9e26df92ec1bee3e4b43f42be
ETH 1M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:28562452d8af0ca2a7cdf12ae9a7431e6846f735447efe82d572d4b1e00eca0e
ETH 1M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3f696dc1dced633621c7297471d0acb2c3002c33e849b747c1c2f13a438c9e07
ETH 3M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2633c5417b58146f73bed939237e0433562de7b4a3229906c65698558968fa30
ETH 3M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9d0d98c1d5765ec41fdd61fc69f781f4c9dbd17e6396be716b7f464f653a4d17
ETH 3M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:83d59136129cf8d5e8e9caf59aff07e95b5b1ef7cf9f60e45000fc9060ac583f
ETH 3M bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7edbd0e20f56ef12c3a5e010d8df5c48567c0fe98fcaa92a6f3ee32c59cb885f
ETH 3M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:91e820a8f7486cbcb932c42d0458b87a1f5c87432bf70199ca9dc4441db78df7
ETH 3M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:016a805ff9e26756d41dcab1da8a69fb3f8d643c79139426add09906c2d7cbe2
ETH 3M rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4c94e3e43071f07d13f0adc92739fc6721ff572bef45a71650bdf07da49daad8
ETH 3M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0f9f7c6f06f450bea1493e4d4f47507a1829c88bea4614f3c26c4c300b8e21d9
ETH 3M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d60f81c03694040877ae96892cbcb492d92ac810293e728a14b0acfb1cead48f
ETH 6M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:23c15cd551e886ebb444069d155c17e5636b9094fe3c9b409942f60b966a89f2
ETH 6M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:936dd8433118ce690c4c9a05f05376cf34cf9d5bf890fc2f68b10e74ee467628
ETH 6M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2e36a0f96d6eea24e8062a0ae025a84629dcfed7380ab0ada80e505e4aec94cd
ETH 6M bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:197cd6dfca9fe066b0d7130909fab0b3eb37a45d0015dd730ef2bc5713e0056a
ETH 6M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d35f239f02a61bd6eb29be3bab906c17439997477fdc4d4927a3df96f2014887
ETH 6M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:81a6416878f393a56f112fe148e4a1e9e6e14c77c6e93c19afafd53831afe7dd
ETH 6M rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e3b409fe48a645eccc945b4b100b2e40c970df7d8ec2527a16719a470b5b3543
ETH 6M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a52569fda01c3b824793e8dea406be0908f7b64c00b9bd0c66398e33a052ca9d
ETH 6M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a3457a566466cb32c70fa3db436231a1b722dd7fc932c9164dc93ac4da81eb72
ETH 9M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d76cef27c9830e1d584c0159b097ad78a1ece2685ada05dfe520c8bdf9309631
ETH 9M atmIvmoveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9d70f74cdcd958a7cac49b731383bdd94085761151a34b810c3895ea406a096f
ETH 9M atmIvlevelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:59a2606643eb9b1de1dec2762995556222ed305c76e168dc3ce7aa43bbf58236
ETH 9M bf25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fcad7d2b7da8b0bcd3d0d46cf880d94e96f3ce6fc33c2ad9426e4ffbd6fa97b0
ETH 9M bf25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9e8ed92589a9e43b4db67600407b816fdb21e1711a00b9f5709310226c68736b
ETH 9M bf25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:101868056a4365039ac8d83aceb2df49a02bd228ae40d4397f9283adaf990700
ETH 9M rr25move30d24 samples; 1 days; daily UTC observations2026-09-24 → 2026-10-24
2026-09-24T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:eaf79113db1bc8c380a976e7f6b59a236b20bf429b4a5aa62476aa09c0bf0c48
ETH 9M rr25moveFullHistory47 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f5e8692c6ffca8afbe7237373e57a85597904dfaca19ccf1981caa938190471d
ETH 9M rr25levelFullHistory52 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-24
2026-08-30T17:31:00+00:00 → 2026-10-24T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:04dcbdc81ec26f9469dce9a5a1e21f1ed82a2b3d860353a2104adc4a6cb2861d
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 24SEP27; the largest sigma change occurred at 24SEP27.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
26OCT26-0.01070-0.00010+0.14190+0.03250+0.07080rotation towards calls, wing steepening
27OCT26+0.01680-0.01370+0.08870+0.02480-0.09050rotation towards calls, wing steepening
28OCT26+0.02040-0.01600+0.06510+0.01760-0.09580rotation towards calls, wing steepening
30OCT26+0.04360-0.02970-0.02380-0.03830-0.18130rotation towards calls, wing steepening
6NOV26+0.00880-0.01400+0.10740+0.05650-0.00760rotation towards calls
13NOV26+0.03830-0.01420+0.10640+0.04210-0.17590rotation towards calls, wing steepening
27NOV26+0.00900-0.00880+0.07200+0.02520-0.02710rotation towards calls
25DEC26+0.00030-0.00550+0.04830+0.01840+0.00740rotation towards calls
26MAR27+0.00040+0.00680-0.00780-0.01500-0.03000parallel shift lower
25JUN27-0.04960+0.06450-0.11350-0.19780+0.02520limited movement
24SEP27-0.16260+0.13670-0.15130-0.38670+0.20630limited 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 Gamma26OCT26, 0.008116 1 / USD
Highest Theta Decay26OCT26, -16.245037 USD / day
Highest Vanna24SEP27, 0.001845 delta / vol pt
Highest Vega24SEP27, 9.066106 USD / vol pt
Highest Volga24SEP27, -0.011151 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH46.58%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 25 Oct 2026, 17:31:00 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
25 Oct 2026, 17:31 UTC
Comparison snapshot
24 Oct 2026, 17:31 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.