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Daily ETH options market report · 24-hour comparison

Ether options see two-week implied volatility fall 0.24 points to 51.48%

ETH spot fell 1.43%; Skew moved toward calls (+0.90 vol points); Wing premium decreased (-0.32 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 26 Oct 2026, 17:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-26 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-25 17:31:00 UTC → 2026-10-26 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 -1.43%1W ATM IV 52.13%1W RR25 -3.34 vol pts1W BF25 +3.28 vol pts1W IV − 7D RV +5.20 vol pts

Lead move: ETH 2W ATM IV Δ -0.24 vol pts → 51.48% · percentile rank 6.2% by absolute move · 1-day moves · full history (n=48).

2W ATM IV – selected tenor
Percent

2W ATM IV – selected tenor. Percent. ETH: Current 51.48, Previous 51.72.CurrentPreviousETH51.4851.720.0027.9355.86

Current: 26 Oct 2026, 17:31 UTC
Previous: 25 Oct 2026, 17:31 UTC

Ether options see two-week implied volatility fall 0.24 points to 51.48%. 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 · 2026-10-26T17:31:00+00:00
TenorETH currentETH previous
1W52.1352.26
2W51.4851.72
1M50.1150.28
3M51.6451.76
6M52.6452.69
9M53.3253.43
1YUnavailableUnavailable
Chart download and reuse termsDownload 1280 × 720 chart · Reuse terms
Previous report, watch levels and methodology

Uses the stored headline’s selected tenor. Cutoffs 25 Oct, 17:31 UTC to 26 Oct, 17:31 UTC.

Previous publication · research context

2026-10-25: “Ether options show higher 1w RR25 skew”

Previous publication cutoff 25 Oct, 17:31 UTC. Today’s market comparison starts at 25 Oct, 17:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 e843bce19d76e78fe62e561b842bec3ed285751707b30dee0f31ff0b2eb254c8

Prior watch: measured outcome

Against the 2026-10-25 daily edition.

  • ETH 2W ATM IV: prior change -1.67 → current change -0.24 volatility points; same direction.
  • ETH spot-index return: prior change +1.87 → current change -1.43 percent; direction reversed.
  • ETH 2W RR25: prior change +0.97 → current change +0.90 volatility points; same direction.
  • ETH 2W BF25: prior change -0.19 → current change -0.32 volatility points; same direction.
  • ETH 1W RR25 ≥ -3.64 volatility points (hold the observed endpoint) at 26 Oct, 17:31 UTC: met (observed -3.34 volatility points).
  • ETH 1W RR25 ≤ -5.59 volatility points (full retrace to the prior endpoint) at 26 Oct, 17:31 UTC: not met (observed -3.34 volatility points).

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 2W ATM IV ≤ 51.48 percent at . Current level 51.48; threshold is the current observed endpoint.
  • Full retrace: ETH 2W ATM IV ≥ 51.72 percent at . Current level 51.48; 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 adf4ac01ccb26c0819dad0cc76d5713ac8da76d1af185ed9bc3ecd1dfa8f7d0d

Prior artifact: /v1/eth/daily/2026-10-25/e843bce19d76e78fe62e561b842bec3ed285751707b30dee0f31ff0b2eb254c8.json · SHA-256 e843bce19d76e78fe62e561b842bec3ed285751707b30dee0f31ff0b2eb254c8

Consumed endpoint proof: 173cf43c4ead556ee8dca29f615b8860f64c276da4bde812047cf989b7da2f68

  • ETH:atmIv:2W:observed-current-level: rows[asset=ETH].report.tenors[tenor=2W].atmIv.previous; rows[asset=ETH].report.tenors[tenor=2W].atmIv.current; rows[asset=ETH].report.tenors[tenor=2W].atmIv.change; evaluation window 2026-10-26T17:31:00+00:00 to 2026-10-27T17:31:00+00:00.
  • ETH:atmIv:2W:observed-previous-level: rows[asset=ETH].report.tenors[tenor=2W].atmIv.previous; rows[asset=ETH].report.tenors[tenor=2W].atmIv.current; rows[asset=ETH].report.tenors[tenor=2W].atmIv.change; evaluation window 2026-10-26T17:31:00+00:00 to 2026-10-27T17:31:00+00:00.
Chart notes

01 · Daily briefing

Macro · Crypto · Options

The day in markets.

Smile rotation is the fitted IV change at +0.15 log-moneyness minus the change at −0.15, in volatility points. A positive reading indicates a relative shift toward the call side.

Ether options see two-week implied volatility fall 0.24 points to 51.48%

The 2W ATM IV change for ETH was -0.24 volatility points over the stored comparison. Decrypt reported: “Tom Lee's Bitmine Keeps Buying Ethereum But Pivots to Record Share Buybacks”. This is background reporting; a direct link to the options observation is not established.

Decrypt reported: “Tom Lee's Bitmine Keeps Buying Ethereum But Pivots to Record Share Buybacks”. This is background reporting; a direct link to the options observation is not established.

Macro

No qualifying macro event was retained for this report window.

Crypto

Selected canonical sources are retained below as context.

Links identify the underlying reporting for retained events; entries without a retained link are marked.

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 2W at -0.24 volatility points, to 51.48%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

25 Oct 2026, 17:31 UTC to 26 Oct 2026, 17:31 UTC

Relevant context found; no confirmed catalyst

Relevant market event

1 relevant event was retained for the comparison window.

Confidencelow causal confidence

News is presented as contextual association unless the structured evidence supports a stronger relationship.

04 · Detailed analysis

What changed across the ETH volatility surface.

Implied versus realised

At the 17:31 UTC cutoff, 1W ATM IV was 52.13%, 5.20 volatility points above seven-day realised volatility of 46.93%; 24-hour realised volatility was 54.32% and 30-day realised volatility was 44.41%.

Front end

Front-end ATM IV decreased, averaging -0.18 volatility points to 51.24% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 52.64% (-0.05 volatility points); 1Y was unavailable.

Skew

RR25 moved towards calls, averaging +0.37 volatility points to -2.32 volatility points across the five available headline tenors.

Convexity

BF25 was broadly unchanged, averaging -0.10 volatility points to 3.20 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -0.24 volatility points at 2W, to 51.48%.

24h spot-index return

ETH spot-index return was -1.43% over 24 hours.

7d spot-index return

ETH spot-index return was -3.06% over seven days.

Universe roll: no additions; removed 26OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

30OCT26, +2.14 vol pts
02

Largest standard-tenor RR25 move

2W, +0.90 vol pts
03

Largest standard-tenor BF25 move

2W, -0.32 vol pts
04

Largest standard-tenor ATM IV move

2W, -0.24 vol pts
05

Largest eligible SVI sigma move

24SEP27, -0.2173 param
06

Largest eligible SVI rho move

6NOV26, -0.0766 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W52.1352.26-0.13 vol pts-0.25%
2W51.4851.72-0.24 vol pts-0.46%
1M50.1150.28-0.17 vol pts-0.34%
3M51.6451.76-0.12 vol pts-0.23%
6M52.6452.69-0.05 vol pts-0.09%
9M53.3253.43-0.11 vol pts-0.21%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 2W.

RR25 moved towards calls, averaging +0.37 volatility points to -2.32 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-4.7 vol pts-3.3 vol pts-2.0 vol pts-0.7 vol pts0.6 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-3.34-3.64+0.30 vol pts
2W-3.25-4.15+0.90 vol pts
1M-2.76-3.29+0.53 vol pts
3M-1.66-1.65-0.01 vol pts
6M-0.61-0.76+0.15 vol pts
9M0.080.06+0.02 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 2W.

BF25 was broadly unchanged, averaging -0.10 volatility points to 3.20 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 pts3.1 vol pts3.4 vol pts3.7 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W3.283.52-0.24 vol pts
2W3.113.43-0.32 vol pts
1M3.243.27-0.03 vol pts
3M3.303.23+0.07 vol pts
6M3.053.02+0.03 vol pts
9M2.802.62+0.18 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

ATM IV change

27OCT26, -3.23 vol pts
1.6d

ATM IV change

28OCT26, -3.05 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.

49.7%50.7%51.8%52.8%53.8%1W2W1M3M6M9M

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

ExpiryTime leftForward now (USD)Forward change (USD)ATM IV nowATM IV changeRR25 changeBF25 change
27OCT26Expiry effect0.6 days2,319.82-35.05 USD48.04%-3.23 vol pts+1.23 vol pts-2.19 vol pts
28OCT26Expiry effect1.6 days2,320.23-35.40 USD47.96%-3.05 vol pts+1.13 vol pts-1.47 vol pts
29OCT262.6 days2,320.51-35.36 USD51.03%-1.37 vol pts+0.93 vol pts-0.73 vol pts
30OCT263.6 days2,321.08-34.79 USD51.34%-0.83 vol pts+1.00 vol pts-0.68 vol pts
6NOV2610.6 days2,322.22-34.71 USD52.41%+0.09 vol pts+0.33 vol pts+0.01 vol pts
13NOV2617.6 days2,323.27-35.33 USD50.87%-0.12 vol pts+1.26 vol pts-0.58 vol pts
27NOV2631.6 days2,326.92-34.50 USD50.05%-0.14 vol pts+0.42 vol pts+0.04 vol pts
25DEC2659.6 days2,335.22-34.88 USD50.76%-0.30 vol pts-0.44 vol pts+0.24 vol pts
26MAR27150.6 days2,360.62-35.87 USD52.29%-0.03 vol pts+0.29 vol pts-0.03 vol pts
25JUN27241.6 days2,391.81-35.01 USD53.05%-0.10 vol pts-0.04 vol pts+0.10 vol pts
24SEP27332.6 days2,421.55-35.53 USD53.70%-0.13 vol pts+0.07 vol pts+0.27 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.

27OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
28OCT26wing steepening
-0.30k0.00k+0.30k
29OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
6NOV26wing steepening
-0.30k0.00k+0.30k
13NOV26rotation towards calls
-0.30k0.00k+0.30k
27NOV26limited movement
-0.30k0.00k+0.30k
25DEC26limited movement
-0.30k0.00k+0.30k
26MAR27limited movement
-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 2.5 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: 2026-10-26 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-25 17:31:00 UTC → 2026-10-26 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 · 26 Oct 2026, 17:31 UTC

The measurement behind the lead chart

ETH 2W ATM IV 51.48% · Δ -0.24 vol pts

ETH percentile rank 6.2% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-25

Original report summary

ETH 2W ATM IV is 51.48 percent, compared with 51.72 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 52.13% · Δ -0.13 vol pts

Skew: ETH 1W RR25 -3.34 vol pts · Δ +0.30 vol pts

Relative value: ETH 1W IV 52.13% / 7D RV 46.93% · spread +5.20 vol pts

Vol

ETH 1W ATM IV 52.13% · Δ -0.13 vol ptspercentile rank 2.1% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-25

Skew

ETH 1W RR25 -3.34 vol pts · Δ +0.30 vol ptspercentile rank 29.2% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-25 to 2026-10-25

Wings

ETH 1W BF25 3.28 vol pts · Δ -0.24 vol ptspercentile rank 47.9% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-25

IV versus RV

ETH 1W IV 52.13% / 7D RV 46.93% · spread +5.20 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 2.1% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-25

ETH 1W RR25: percentile rank 29.2% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-25 to 2026-10-25

ETH 1W BF25: percentile rank 47.9% by absolute move · full history (n=48); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-25

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: adf4ac01ccb26c0819dad0cc76d5713ac8da76d1af185ed9bc3ecd1dfa8f7d0d.

Ether options see two-week implied volatility fall 0.24 points to 51.48% 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 observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fa14bc80a5b6152cad4b5b25c29021ae63f353562603b822dc89bcfd195d48a3
ETH 1W atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c42571458cfa34ac9829aebac84bebaef6977765885ae053aab047f7f245ee79
ETH 1W atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fddaea2048497d25b6a7b558fa0dd5e7da589cbcf346648226cc358641817165
ETH 1W bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:062bd26dd312a65645c35f99930cad86ec4ea134a37875273fc3e04e7215e5c1
ETH 1W bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7a2b5d83f0f18bb497842dbe3d8fbe7e0b9a686c195966fef1db6b1131bbea55
ETH 1W bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9e8598e3228f1bec090286e434d3c26e2d86d08a16099fc1a78ab03a7279d30d
ETH 1W rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7f04ceb2ec4322111d46251a7d6a84c2d14cd1c698fb0e737dfe4b91cc6f0292
ETH 1W rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:97d4889a0d80ae61ec95c2e86cea2f828a084bdf47ca489ef192848734c94dbe
ETH 1W rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:deb5c449a589061ca1e49b0bc97f897420f1cae861e40e1d7c8be15a6cf647dc
ETH 2W atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7bf1c8611f12fbf8bed23747c3e866980076df187fce50f7ad0cbd106c35c3fc
ETH 2W atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8c2933af0755f74433065815e36777f95b967faeb6f5e7f23d904d5f26bab032
ETH 2W atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:83768c4588e3468c284538469fdfdfaa9bc3434b1901c666bb6ea3e44edf2958
ETH 2W bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:02058f595f05c75f8e2e0bf166a34b47cbf77c2c1639c48113a2dfd957c2a6d5
ETH 2W bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b9d9121f1f0f6f668545c5c3ef02b61ea0acc32a33a768359695e86443d5bd24
ETH 2W bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:923f46f6b5e073308e6dffffc8963ea3da853a2e082141a5fa94cf427914d2dd
ETH 2W rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4e2a9630ba657de951629388dba287f95748c0d663d7c66e6f65a3b59353dd51
ETH 2W rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:dce78a4e39a3566e7f519f3d4528bfb6025ed6e8919b6b10002c9116b8b227ac
ETH 2W rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2122f196acb455a8f88341dec577385059a4efda8c61fdc7ba2c8c67ab36f6f1
ETH 1M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b38cb139c61df525cbc7b2efd5c21e685ae3a7455313320c858d83e69429505b
ETH 1M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2f3cd02d4a376d4c55f4d64ae24581f464e00afbf4541f18c412fb8539bd8077
ETH 1M atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9ee81a3c86141ca8f7ab7df6a9eef569e79a2dbe868103695419b43610d1c437
ETH 1M bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0dcb787fa11ba7a3e88f535f6fffdcc14949615b13304c30bbe103fdd9f7de97
ETH 1M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8873d1f38b49cbd95abcc31688330785e11429e223032a69cf7bcf45af205da5
ETH 1M bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f4491ffc321d3bd3bd3599093a733079643fcd80198adafeaa43f238d517ecf4
ETH 1M rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:95f412fd071525dc1e155ae790c938944b624a7209864b6dc7e89b52cdc99bc5
ETH 1M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9d2997a8ddcb7ea36dbfeb28849c1e870f0d5aeb2a1868deefbb976d8b8c36d5
ETH 1M rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4d8c560e94459c65c9d348427a56f17410563340bbc02dab6fb2f719408bf4b6
ETH 3M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c71fb777fc3a992c16dd91d0f85acb2d2c6f0f38ceecac8e723b9e9acda85382
ETH 3M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f8f6215221e5a0873037e3b0cc8bd9ea78d459e8f0fd4d10e3469dabbd75dcb6
ETH 3M atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f07f80e94a61ab13f1d91b30041ad36d7cb5b7de1c6a63fc7bee03ea864cbb63
ETH 3M bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:626294a884fdc62c4caecb03804357d0c4e9233f61490b5a9d6d93b987fe8bef
ETH 3M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1298484615c012fafd140854dc3e902927728d79028b04efa14f5b436baa7774
ETH 3M bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d4efd76dad5f3c870b0c0805446398ee576ffd8a6bb35edc9c0da638a93f6986
ETH 3M rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:877c5956a8de0b69c339f327c6b242a5a7307d4d2ad982baa4c538cca4614040
ETH 3M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:071c50fc72248686bafb5506f7bda2af9ab3f8f4f92d0f8329ad9495e40985e5
ETH 3M rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fac6f6cc149a7591e818322adf5d7360ed30a314d6c738474ff222e434c4727b
ETH 6M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4d8a910e17d3d195d99d365a3a1025f0097198a44127dd97720af15fc20d321b
ETH 6M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5bb0630c04028119ab394a283b8c5f975951ccdbfe58f279758ff3f2881ad7ef
ETH 6M atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ce0dfc0f06c84c1898c32937a00fd54c563e23334af9c3a51088e6b8ec203139
ETH 6M bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ecb58b962c5d089904bcd0ae57a90a9769a7ba4255b6f45b11f1eb20662b2a49
ETH 6M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9cbde88c757b9da7649a69837eb53fe06323cf22708933bfa2d9b850f1b2f919
ETH 6M bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ed320c6af9e631e07938097cb09e32d6e550b615da82785c7d279b2770a0376c
ETH 6M rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:abffc6f32b0e8ede02ed92b8b7055883a8d10bfc0a4a7197a99af8ce30f4b1ae
ETH 6M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f8d53d4e1a5911cb1c294befdb7a7216310bec30594f59bfa24e04e6b8f70ceb
ETH 6M rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7f460d12b77bbd3084d4c7d1ff230a38c96911b88ca170bcd6dabfe2dd42ee3e
ETH 9M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:caa77c11ad363ae32766649524517ffa171b41bb3563d0ac0db2f98cc66c9341
ETH 9M atmIvmoveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:68d470d6a047d924421aa6aa19e73c3dc430d42cb45274d54ffc597435f64f75
ETH 9M atmIvlevelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8bc298af069c60e8dea2c0076714cf819829ca6da41d51564c3170bc0820755c
ETH 9M bf25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:f889bf17b22ace1ee9168834ec7f7a4069a7e76fc08bb094d007fb2e05486ed3
ETH 9M bf25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:409723dbb8c596b5b19e5d273ba42ad616c345165f80997a57069c1a976696b5
ETH 9M bf25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a5791247363d39f741ee4172ef57c7ecf45e9d96c0bb1b039ff540db4db8af1d
ETH 9M rr25move30d24 samples; 1 days; daily UTC observations2026-09-25 → 2026-10-25
2026-09-25T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7d33b8a6f2576ee1e1c148296cb4931dfe257d34e2a53a2e4a6cfb5efcf9033a
ETH 9M rr25moveFullHistory48 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1fa0d4abcf39f738b3d6735674a8a96cad445bfbabcd4b0e779f04f837bc12a8
ETH 9M rr25levelFullHistory53 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-25
2026-08-30T17:31:00+00:00 → 2026-10-25T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4f2c0e264b0fb10ff21566635401517f7ae73fa0f3d81ffaea3bedb5d0777c3e
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 6NOV26; the largest sigma change occurred at 24SEP27.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
27OCT26-0.03730-0.00870+0.00220-0.02820+0.33530rotation towards calls, wing steepening
28OCT26-0.01910-0.00490-0.06860-0.04590+0.15590wing steepening
29OCT26-0.02060+0.00780-0.02080-0.01620+0.11070rotation towards calls, wing steepening
30OCT26-0.03070+0.01560+0.03310+0.01460+0.14580rotation towards calls, wing steepening
6NOV26-0.00070-0.00240-0.07660-0.05070+0.00680wing steepening
13NOV26-0.01690-0.00290-0.07390-0.04890+0.10790rotation towards calls
27NOV26+0.00920-0.00830-0.03920-0.03250-0.03060limited movement
25DEC26+0.03450-0.02110+0.03490+0.02750-0.13250limited movement
26MAR27+0.02140-0.01210-0.02520-0.01990-0.05220limited movement
25JUN27+0.07400-0.05910+0.06120+0.14720-0.11930parallel shift lower
24SEP27+0.12460-0.07010+0.04040+0.21430-0.21730parallel 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 Gamma27OCT26, 0.008803 1 / USD
Highest Theta Decay27OCT26, -14.97749 USD / day
Highest Vanna24SEP27, 0.001843 delta / vol pt
Highest Vega24SEP27, 8.923912 USD / vol pt
Highest Volga24SEP27, -0.010917 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH46.93%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 26 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
26 Oct 2026, 17:31 UTC
Comparison snapshot
25 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.

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