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Daily ETH options market report · 24-hour comparison

Ether options show lower 1m RR25 skew

ETH spot rose 1.23%; 1M ATM IV fell 0.37 volatility points; Wing premium increased (+0.19 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 27 Oct 2026, 17:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-27 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-26 17:31:00 UTC → 2026-10-27 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 +1.23%1W ATM IV 50.22%1W RR25 -4.43 vol pts1W BF25 +3.53 vol pts1W IV − 7D RV +5.34 vol pts

Notable move: ETH 1M RR25 Δ -1.11 vol pts → -3.87 vol pts · percentile rank 81.6% by absolute move · 1-day moves · full history (n=49).

1M RR25 – selected tenor
Vol points

1M RR25 – selected tenor. Vol points. ETH: Current -3.87, Previous -2.76.CurrentPreviousETH-3.87-2.76-4.18-2.090.00

Current: 27 Oct 2026, 17:31 UTC
Previous: 26 Oct 2026, 17:31 UTC

Ether options show lower 1m 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 · 2026-10-27T17:31:00+00:00
TenorETH currentETH previous
1W-4.43-3.34
2W-4.15-3.25
1M-3.87-2.76
3M-1.89-1.66
6M-0.94-0.61
9M-0.220.08
1YUnavailableUnavailable

The 1M RR25 skew change for ETH was -1.11 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 26 Oct, 17:31 UTC to 27 Oct, 17:31 UTC.

Previous publication · research context

2026-10-26: “Ether options see two-week implied volatility fall 0.24 points to 51.48%”

Previous publication cutoff 26 Oct, 17:31 UTC. Today’s market comparison starts at 26 Oct, 17:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 adf4ac01ccb26c0819dad0cc76d5713ac8da76d1af185ed9bc3ecd1dfa8f7d0d

Prior watch: measured outcome

Against the 2026-10-26 daily edition.

  • ETH 1M ATM IV: prior change -0.17 → current change -0.37 volatility points; same direction.
  • ETH spot-index return: prior change -1.43 → current change +1.23 percent; direction reversed.
  • ETH 1M RR25: prior change +0.53 → current change -1.11 volatility points; direction reversed.
  • ETH 1M BF25: prior change -0.03 → current change +0.19 volatility points; direction reversed.
  • ETH 2W ATM IV ≤ 51.48 percent (hold the observed endpoint) at 27 Oct, 17:31 UTC: met (observed 50.23 percent).
  • ETH 2W ATM IV ≥ 51.72 percent (full retrace to the prior endpoint) at 27 Oct, 17:31 UTC: not met (observed 50.23 percent).

Next daily cutoff: measurable checks

  • Hold the observed level: ETH 1M RR25 ≤ -3.87 volatility points at . Current level -3.87; threshold is the current observed endpoint.
  • Full retrace: ETH 1M RR25 ≥ -2.76 volatility points at . Current level -3.87; 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 2640f5e633499810ffa29df83d4baed021b2f4285caa0d6b073f289907271eb3

Prior artifact: /v1/eth/daily/2026-10-26/adf4ac01ccb26c0819dad0cc76d5713ac8da76d1af185ed9bc3ecd1dfa8f7d0d.json · SHA-256 adf4ac01ccb26c0819dad0cc76d5713ac8da76d1af185ed9bc3ecd1dfa8f7d0d

Consumed endpoint proof: 7974a7a24c51eeaf41e93f1273579f582e39e48cd7f0fdb4027699b629320209

  • ETH:rr25:1M:observed-current-level: rows[asset=ETH].report.tenors[tenor=1M].rr25.previous; rows[asset=ETH].report.tenors[tenor=1M].rr25.current; rows[asset=ETH].report.tenors[tenor=1M].rr25.change; evaluation window 2026-10-27T17:31:00+00:00 to 2026-10-28T17:31:00+00:00.
  • ETH:rr25:1M:observed-previous-level: rows[asset=ETH].report.tenors[tenor=1M].rr25.previous; rows[asset=ETH].report.tenors[tenor=1M].rr25.current; rows[asset=ETH].report.tenors[tenor=1M].rr25.change; evaluation window 2026-10-27T17:31:00+00:00 to 2026-10-28T17:31:00+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 -1.91 volatility points, to 50.22%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

26 Oct 2026, 17:31 UTC to 27 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 50.22%, 5.34 volatility points above seven-day realised volatility of 44.88%; 24-hour realised volatility was 40.60% and 30-day realised volatility was 44.79%.

Front end

Front-end ATM IV decreased, averaging -1.18 volatility points to 50.06% across 1W, 2W and 1M.

Long end

Six-month ATM IV was broadly unchanged at 52.45% (-0.19 volatility points); 1Y was unavailable.

Skew

RR25 moved towards puts, averaging -0.73 volatility points to -3.06 volatility points across the five available headline tenors.

Convexity

BF25 increased, averaging +0.11 volatility points to 3.30 volatility points across the five available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -1.91 volatility points at 1W, to 50.22%.

24h spot-index return

ETH spot-index return was +1.23% over 24 hours.

7d spot-index return

ETH spot-index return was -3.86% over seven days.

Universe roll: added 31OCT26; removed 27OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

30OCT26, -5.72 vol pts
02

Largest standard-tenor ATM IV move

1W, -1.91 vol pts
03

Largest standard-tenor RR25 move

1M, -1.11 vol pts
04

Largest standard-tenor BF25 move

1W, +0.25 vol pts
05

Largest eligible SVI sigma move

24SEP27, +0.1085 param
06

Largest eligible SVI rho move

30OCT26, -0.0856 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W50.2252.13-1.91 vol pts-3.66%
2W50.2351.48-1.25 vol pts-2.43%
1M49.7450.11-0.37 vol pts-0.74%
3M51.5351.64-0.11 vol pts-0.21%
6M52.4552.64-0.19 vol pts-0.36%
9M53.0753.32-0.25 vol pts-0.47%
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1M.

RR25 moved towards puts, averaging -0.73 volatility points to -3.06 volatility points across the five available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-5.0 vol pts-3.6 vol pts-2.2 vol pts-0.8 vol pts0.6 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W-4.43-3.34-1.09 vol pts
2W-4.15-3.25-0.90 vol pts
1M-3.87-2.76-1.11 vol pts
3M-1.89-1.66-0.23 vol pts
6M-0.94-0.61-0.33 vol pts
9M-0.220.08-0.30 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1W.

BF25 increased, averaging +0.11 volatility points to 3.30 volatility points across the five available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

2.6 vol pts2.9 vol pts3.2 vol pts3.4 vol pts3.7 vol pts1W2W1M3M6M9M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W3.533.28+0.25 vol pts
2W3.233.11+0.12 vol pts
1M3.433.24+0.19 vol pts
3M3.253.30-0.05 vol pts
6M3.083.05+0.03 vol pts
9M2.822.80+0.02 vol pts
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

09 · Expiry effects

Near-settlement moves, shown with context.

Contracts with fewer than 2 full days to expiry remain in the tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.

0.6d

Smile rotation

28OCT26, -17.77 vol pts
1.6d

Smile rotation

29OCT26, -4.18 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.

49.3%50.4%51.5%52.6%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
28OCT26Expiry effect0.6 days2,349.14+28.91 USD35.43%-12.53 vol pts-1.71 vol pts-1.55 vol pts
29OCT26Expiry effect1.6 days2,349.46+28.95 USD48.45%-2.58 vol pts-0.38 vol pts-0.68 vol pts
30OCT262.6 days2,349.78+28.70 USD49.41%-1.93 vol pts-1.40 vol pts-0.28 vol pts
6NOV269.6 days2,351.25+29.03 USD51.02%-1.39 vol pts-0.85 vol pts+0.17 vol pts
13NOV2616.6 days2,352.78+29.51 USD49.96%-0.91 vol pts-1.07 vol pts+0.15 vol pts
27NOV2630.6 days2,356.17+29.25 USD49.73%-0.32 vol pts-1.12 vol pts+0.18 vol pts
25DEC2658.6 days2,364.68+29.46 USD50.71%-0.05 vol pts-0.11 vol pts-0.15 vol pts
26MAR27149.6 days2,390.53+29.91 USD52.11%-0.18 vol pts-0.36 vol pts+0.02 vol pts
25JUN27240.6 days2,421.45+29.64 USD52.84%-0.21 vol pts-0.32 vol pts+0.06 vol pts
24SEP27331.6 days2,451.34+29.79 USD53.38%-0.32 vol pts-0.29 vol pts-0.03 vol pts

11 · Smile movement

Reconstructed SVI smiles for every common expiry.

Each overlay uses the stored five-parameter SVI fit and the snapshot-specific time to expiry. Ultra-short expiries are displayed but do not determine the headline ranking.

28OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
29OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
6NOV26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
13NOV26rotation towards puts · wing steepening
-0.30k0.00k+0.30k
27NOV26rotation towards puts
-0.30k0.00k+0.30k
25DEC26parallel shift lower
-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 2.7 times VIX, while its 30-session return correlation with SPX was mixed at 0.55.

Implied-volatility premium

ETH 30-day ATM IV was 49.67%, against VIX at 18.39: a 31.28-point spread and 2.70× ratio.

Daily-close realised-volatility regime

ETH reported crypto realised volatility was 42.48%, versus SPX reported realised volatility of 9.92%. The spread ranked at percentile rank 30.4% of 260 prior observations.

Equity co-movement

Return correlation with SPX was 0.555 over 30 aligned sessions and 0.289 over 60 sessions. VIX9D, VIX and VIX3M closed at 17.92, 18.39 and 19.94.

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 26 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: 2026-10-27 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-26 17:31:00 UTC → 2026-10-27 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 · 27 Oct 2026, 17:31 UTC

The measurement behind the lead chart

ETH 1M RR25 -3.87 vol pts · Δ -1.11 vol pts

ETH percentile rank 81.6% by absolute move · full history (n=49); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-26

Original report summary

ETH 1M RR25 skew is -3.87 percent, compared with -2.76 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 50.22% · Δ -1.91 vol pts

Skew: ETH 1W RR25 -4.43 vol pts · Δ -1.09 vol pts

Relative value: ETH 1W IV 50.22% / 7D RV 44.88% · spread +5.34 vol pts

Vol

ETH 1W ATM IV 50.22% · Δ -1.91 vol ptspercentile rank 51.0% by absolute move · full history (n=49); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-26

Skew

ETH 1W RR25 -4.43 vol pts · Δ -1.09 vol ptspercentile rank 41.7% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-26 to 2026-10-26

Wings

ETH 1W BF25 3.53 vol pts · Δ +0.25 vol ptspercentile rank 51.0% by absolute move · full history (n=49); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-26

IV versus RV

ETH 1W IV 50.22% / 7D RV 44.88% · spread +5.34 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 51.0% by absolute move · full history (n=49); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-26

ETH 1W RR25: percentile rank 41.7% by absolute move · 30-day window (n=24); 1-day moves sampled daily UTC; 2026-09-26 to 2026-10-26

ETH 1W BF25: percentile rank 51.0% by absolute move · full history (n=49); 1-day moves sampled daily UTC; 2026-08-30 to 2026-10-26

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 2640f5e633499810ffa29df83d4baed021b2f4285caa0d6b073f289907271eb3.

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 observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6ee556b9a356d73f17697a6ffeb227c15e6419358a54169cd27c78516db8083d
ETH 1W atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:3bcbb2315d03dbf50d66c0eb017af4d811bb69b214abb3e7a76020d0e8145a00
ETH 1W atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:33317fc00020dbaba0f7a704688fb900483e735658aafc0e9c458f5877e5bec7
ETH 1W bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a35c340bccd560a79feed64d86c02ea5b9f2dc846ae3e82c8880462b767e1d77
ETH 1W bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6ad95fe419219a1181bcf13bc90995e6b854ee8287af6aa378b623160e0ec069
ETH 1W bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:eceaca676b55f9a58e4c25f61c1e9a2aacde42aa6a35bb0b33d148bdafdadff6
ETH 1W rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8f5bc4541cfc1cadda060064bcdce7d766ff1c97c61a0f22fadb4691ab25c1b1
ETH 1W rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fdd8582d2193a5c85173f6b30d756aa341abef903455abfa7b985b0b7e0d7335
ETH 1W rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:cd2ea73c6b52b16fadbd49b99d43745b2ad51afcb878b21e2d33d77379b9e3a3
ETH 2W atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:00f0c3ee22ff41de9bde2d543c5d19e9ea7f91636646a15856f4b7625aca2285
ETH 2W atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:97a90b5f47529ea183f620ae0b06e5327c83155eb8b09a4aa1b74eeb80ec76a0
ETH 2W atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:20397a6ee052ebbd1e39678b4ed5c3392287c6a31a1d94b3248d905682776731
ETH 2W bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a2d2687f83a48fad0ef5c7f695922e5d3c238c5a6b7500c3e23d6d4a42f042da
ETH 2W bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e1b409b80626bdd77e3611ec472098f15ae3433c60ed8a798f633aa48ce22eab
ETH 2W bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:04d4aa567e45326508d05f82c762a76c35a62fa99cd75ca4ba0ac28ab1562610
ETH 2W rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:249c2ed9334a990d432ad1a2696ace4a3b898d492a73e081bb04be9d5670dd85
ETH 2W rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:59e7d462061f4b9e091eca2658936531beff5e539d773eb9ff6078653aaad471
ETH 2W rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1af1b6c255c1bcf55feae7d48785544fc435264817f53ff7a1c81288998c00c0
ETH 1M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8afc0fff872a573d041b11f9aef6b574dedb795876f646670fbf9d99ed0115f9
ETH 1M atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c73d76d8e061cbe6f38c71d4f82145105ed593fccc49822ece47d0619677dc29
ETH 1M atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:de7695c907c1aa70524a11c3b1fec53b2e90f171d0889dd4b0cdf2ee9a80c50a
ETH 1M bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d3f6c01e1c46f072a576f5de8ad6c13896b61ea4cec676809a8a21d8a81793de
ETH 1M bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d57daf0d617c0bda808bb647132c42ab25d8e2e81282146ffe52c436a5ccd55a
ETH 1M bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b6f89204edab35edf976d766263ee57bab071be71a639dbd43087ed15688f6ef
ETH 1M rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1df6da46da92bed2813ee1abc0b4edc726f715363177d621de5822cce5d3971e
ETH 1M rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ed620419951843ebc825f101dc37fe4dd938e2c7694aaad40482600b21ed56fc
ETH 1M rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:01c68ad4c0d6369e2b6529ea30295f0a816748b39c1e80e22b8bc00e39ddce0d
ETH 3M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b0e89891ca104f8fbaf636004736ff5802ce1225383084f466993170ce088559
ETH 3M atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1276fd984db2e50b3f1365cc61eddfb4dfa66096b493659c692c2eb0d5c69918
ETH 3M atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bdd389d687c1e47c7a6d5ccfec3a8cf838ca64906ebf29e789c2c34966b7a670
ETH 3M bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:45f86c2c3b4e5b2ff8ce7bfc8323a96ca80d10fffe15cbf8b4294b3b9f08045e
ETH 3M bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:816fc7b7bf8bcf62f4b5f4c34200be906c4b4081a03b541f6648530b2b10e429
ETH 3M bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8b84365951b96d1aa561cf1988a569d02e485ff35f461e0113ceecf05ef574d0
ETH 3M rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7c421a18b7e9f2e85473601267ad71d2eb8af9ae21c5ac65378df7d020008001
ETH 3M rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:6e49548f88dca4b28847d95edb5bbe86ad811e2536de3ef1e7419c3f18564cb3
ETH 3M rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:146afcb1ff9a0850c0aea2f6e351699ff137a5f481e54fac203ab807f8c72afa
ETH 6M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:57689fd77f40c1c1f97eead33ae23cfad5c8d77c958a281abcc748e4feb5107c
ETH 6M atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7a1bf778215fff0169000e5a359d6c39e21862895986bc0eb6f4f7524f57aa9c
ETH 6M atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e401aff381f58722ed5195aec5dd92efccc2196dc20d6c595a66626ed142e707
ETH 6M bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ff18edd28ffda2ecb354fc0db269dcf41f658d90a92c1a49fec9f15ab3943280
ETH 6M bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2bce454fac645d0f8526ad2db102eb8de9718097ca2d727f3f3b749f7c92c7e9
ETH 6M bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:70c3363f923096201aa192361a6a1b2445cd853950463eb1230692dac647cfaf
ETH 6M rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:53bdbce9c5c90e38d98df2d811543814cb9033e08102615365a9a9a5f84d90d6
ETH 6M rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ffebe6ab795bde04d9b11d34ff2109e9b6c2c4cae77509c1e5e9f3238df6a597
ETH 6M rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:21599e0c9c128f3d33c29843b43eab190ed1f7afe1b97391ca350544ad3ffed3
ETH 9M atmIvmove30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:4aac5148f2783c8de2f928b2ef3d797c5b5a175bde6b1d90ba149b72a89eed10
ETH 9M atmIvmoveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:1373d83ebe117d61b9c42dc23c425821f807d599823d644a622cd1a2b50e39e3
ETH 9M atmIvlevelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5e15a0f31efd4b133ebf6afeac68d08f967122310e07d18a3aa4426ba27c4dd1
ETH 9M bf25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:514a466cdce257837e2c9826eb69840f1afea3f4c59f1d9f651e384e2158e55f
ETH 9M bf25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:71417cd64ca5594886ef8a135a1dc230b65ff51053b47f9514206e14eddf5e00
ETH 9M bf25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fabfaa2d65b780d41ffec029c6891ef5c3cfeabc5c25e5ff985ba478c738a8af
ETH 9M rr25move30d24 samples; 1 days; daily UTC observations2026-09-26 → 2026-10-26
2026-09-26T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:fd35b3d28dbf89c589444858ad97e5456a9ac19bdc1c13e01a76fe9b266d4ea5
ETH 9M rr25moveFullHistory49 samples; 1 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:bbdfd8bfd371a7029ed21c614705b4dcbb57ad76158a52833b646dc12403c5cf
ETH 9M rr25levelFullHistory54 samples; 0 days; daily UTC observations2026-08-30 → 2026-10-26
2026-08-30T17:31:00+00:00 → 2026-10-26T17:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:879e5b8c7d0783962aead6d2bd507f2ec767570b8c128a698df58b85c551aff8
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 30OCT26; the largest sigma change occurred at 24SEP27.

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
28OCT26+0.00310-0.03610-0.17820-0.15170+0.19960rotation towards puts, wing steepening
29OCT26+0.00280-0.01440-0.09070-0.05430+0.03640rotation towards puts, wing steepening
30OCT26+0.00030-0.00590-0.08560-0.04770+0.01690rotation towards puts, wing steepening
6NOV26-0.01400+0.01590-0.03070-0.01680+0.01850rotation towards puts, wing steepening
13NOV26-0.01680+0.01600-0.03100-0.01220+0.02950rotation towards puts, wing steepening
27NOV26-0.01500+0.01590-0.03130-0.00660+0.02640rotation towards puts
25DEC26-0.02590+0.01630-0.03510-0.01860+0.09030parallel shift lower
26MAR27-0.00710-0.00080+0.04840+0.05030+0.01830limited movement
25JUN27-0.01320-0.00120+0.03270+0.04280+0.03070parallel shift lower
24SEP27-0.02770-0.02730+0.07280+0.07610+0.10850parallel 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 Gamma28OCT26, 0.011788 1 / USD
Highest Theta Decay28OCT26, -11.185902 USD / day
Highest Vanna24SEP27, 0.001841 delta / vol pt
Highest Vega24SEP27, 9.024506 USD / vol pt
Highest Volga24SEP27, -0.010941 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
ETH44.88%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 27 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
27 Oct 2026, 17:31 UTC
Comparison snapshot
26 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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