01 · Market read
The day across the three live Derivasys markets.
Ether’s one-week ATM IV declined 2.31 volatility points, compared with a 1.70-volatility-point decline in Solana’s one-week ATM IV and a 1.48-volatility-point decline in Bitcoin’s one-week ATM IV. The cross-asset range for one-week ATM IV changes was 0.83 volatility points. Ether’s one-week ATM IV was 7.71 volatility points above Ether’s seven-day realised volatility, versus a 6.81-volatility-point gap between Bitcoin’s one-week ATM IV and Bitcoin’s seven-day realised volatility. Solana’s corresponding implied-versus-realised comparison was unavailable.
This is a comparison, not a pooled surface: each asset keeps its own forwards, expiries, SVI fit and realised-volatility history.
Cross-sectional thesis
Where the complex is diverging.
One-week ATM IV level dispersion is compressing, at +13.97 vol pts; daily one-week ATM IV changes span +0.83 vol pts across the complex.
ETH screens richest and BTC cheapest on one-week implied volatility versus seven-day realised volatility, with a 0.90-point cross-sectional range.
Aligned 24-hour spot correlations: BTC/ETH 0.92 (13 observations).
1W ATM IV change
-0.61 points from the group median
1W ATM IV level
-11.01 points from the group median
1W RR25 level
+1.09 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 52.96 | ETH · 50.00 | BTC · 38.99 |
| Daily 1W ATM IV change | BTC · -1.48 | SOL · -1.70 | ETH · -2.31 |
| 1W IV minus 7d realised | ETH · 7.71 | BTC · 6.81 | SOL · unavailable |
| Most call-rich 1W RR25 | BTC · 0.79 · up 2 | ETH · -0.30 · down 1 | SOL · -0.49 · down 1 |
| Most put-rich 1W RR25 | SOL · -0.49 · up 1 | ETH · -0.30 · up 1 | BTC · 0.79 · down 2 |
| 1Y minus 1W curve slope | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| Largest 1Y minus 1W curve change | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| 24h spot performance | ETH · -2.23 | BTC · -2.30 | SOL · unavailable |
Completed-session cross-asset context
Crypto volatility against VIX and SPX.
The benchmark comparison is separately timestamped to the latest completed US session; it does not replace the intraday crypto surface cutoffs above.
BTC and ETH and SOL 30-day implied volatility remained 2.3–3.2 times VIX, while short-window equity correlations remained low.
| Asset | 30d ATM IV | VIX spread | IV / VIX | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 37.95% | +21.49 vol pts | 2.31× | 40.70% | 8.62% | 65.7 percentile | +0.202 |
| ETH | 52.17% | +35.71 vol pts | 3.17× | 35.63% | 8.62% | 8.4 percentile | +0.050 |
| SOL | 52.54% | +36.08 vol pts | 3.19× | 71.39% | 8.62% | 47.8 percentile | +0.267 |
As of 09 Sept 2026, 20:00 UTC. Crypto RV uses calendar days and sqrt(365); SPX RV uses US sessions and sqrt(252).
03 · Cross-asset scorecard
Implied volatility, realised volatility and skew.
04 · Term structures
ATM implied volatility across common standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ | 6M ATM / Δ |
|---|---|---|---|---|
| BTC | 38.99% / -1.48 | 37.49% / -0.91 | 39.09% / -0.47 | 40.07% / -0.26 |
| ETH | 50.00% / -2.31 | 51.27% / -1.15 | 52.92% / -0.39 | 54.43% / -0.32 |
| SOL | 52.96% / -1.70 | 51.94% / -0.59 | 51.49% / -0.21 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
10 Sept 2026, 16:30 UTC
Read the BTC report10 Sept 2026, 16:30 UTC
Read the ETH report10 Sept 2026, 16:30 UTC
Read the SOL report06 · Methodology and provenance
A derived publication with no duplicated market data.
The report is assembled at request time from the immutable BTC, ETH and SOL daily-report artifacts for the same UTC report date. It is omitted unless all three exist. Cross-asset averages are descriptive and equal-weighted; no attempt is made to combine distinct volatility surfaces into a single fit.