01 · Market read
The day across the three live Derivasys markets.
Derivasys data showed one-week ATM IV level dispersion of 27.32 volatility points between Solana and Bitcoin, after the Solana-versus-Bitcoin spread widened 4.09 volatility points. The one-week ATM IV change dispersion was 4.25 volatility points, spanning Solana’s 1.23-volatility-point rise and Ether’s 3.02-volatility-point decline.
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 widening, at +27.32 vol pts; daily one-week ATM IV changes span +4.25 vol pts across the complex.
Comparable implied-versus-realised values are not available for every constituent.
Aligned 24-hour spot correlations: BTC/ETH 0.88 (23 observations).
Historical cross-sectional readings: 1W ATM IV level dispersion 87.5 percentile; Daily 1W ATM IV-change dispersion 66.7 percentile; 1W RR25 dispersion 62.5 percentile.
1W ATM IV change
+4.09 points from the group median
1W ATM IV level
+15.57 points from the group median
1W RR25 level
+3.24 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 63.82 | ETH · 48.25 | BTC · 36.50 |
| Daily 1W ATM IV change | SOL · 1.23 | BTC · -2.86 | ETH · -3.02 |
| 1W IV minus 7d realised | BTC · unavailable | ETH · unavailable | SOL · unavailable |
| Highest 1W RR25 | SOL · 3.83 | ETH · 0.59 | BTC · 0.56 |
| Lowest 1W RR25 | BTC · 0.56 | ETH · 0.59 | SOL · 3.83 |
| 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 | BTC · unavailable | ETH · unavailable | 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 2.5–3.9 times VIX, while short-window equity correlations remained mixed.
| Asset | 30d ATM IV | VIX spread | IV / VIX | 20d crypto RV | 20-session SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.65% | +21.78 vol pts | 2.46× | 48.77% | 10.66% | 80.7 percentile | +0.392 |
| ETH | 51.15% | +36.28 vol pts | 3.44× | 51.50% | 10.66% | 37.0 percentile | +0.276 |
| SOL | 57.77% | +42.90 vol pts | 3.89× | 74.19% | 10.66% | 49.1 percentile | +0.401 |
As of 21 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.
| Asset | Spot 24h | 1W ATM | 1W ATM Δ | 7d RV | 1W IV − 7d RV | 1W RR25 | 1W BF25 |
|---|---|---|---|---|---|---|---|
| BTC | Unavailable | 36.50% | -2.86 vol pts | Unavailable | Unavailable | +0.56 vol pts | +1.96 vol pts |
| ETH | Unavailable | 48.25% | -3.02 vol pts | Unavailable | Unavailable | +0.59 vol pts | +2.83 vol pts |
| SOL | Unavailable | 63.82% | +1.23 vol pts | Unavailable | Unavailable | +3.83 vol pts | +4.31 vol pts |
04 · Term structures
ATM implied volatility across common standard tenors.
| Asset | 1W ATM / Δ | 1M ATM / Δ | 3M ATM / Δ | 6M ATM / Δ |
|---|---|---|---|---|
| BTC | 36.50% / -2.86 | 36.68% / +0.28 | 38.71% / -0.07 | 39.36% / -0.19 |
| ETH | 48.25% / -3.02 | 49.95% / -0.55 | 52.94% / -0.45 | 54.12% / -1.05 |
| SOL | 63.82% / +1.23 | 58.30% / +0.65 | 56.13% / -0.45 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
22 Sept 2026, 18:18 UTC
Read the BTC report22 Sept 2026, 18:18 UTC
Read the ETH report22 Sept 2026, 18:18 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.