01 · Market read
The day across the three live Derivasys markets.
The one-week RR25 gap between Solana and Bitcoin widened to 5.44 volatility points, separating a call-rich Solana surface from a put-rich Bitcoin surface.
What is unusual today?
One-week ATM IV level dispersion: Compression: absolute level gap 21.95 vol points; absolute gap change -1.87 vol points. Historical percentile rank 76%. Stored one-week tenor comparison at this cutoff across 3 assets. 25 historical observations; minimum 20.
Daily one-week ATM IV-change dispersion: The cross-asset spread is 2.05 vol points. Historical percentile rank 28%. Stored daily changes across 3 assets. 25 historical observations; minimum 20.
SOL stands apart: 1W ATM IV change is 1.87 vol points below the group median. Stored cross-section of 3 assets at this report cutoff.
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 21.95 vol pts; daily one-week ATM IV changes span 2.05 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 percentile rank 76.0%; Daily 1W ATM IV-change dispersion percentile rank 28.0%; 1W RR25 dispersion percentile rank 96.0%.
1W ATM IV change
-1.87 points from the group median
1W ATM IV level
-12.08 points from the group median
1W RR25 level
+4.32 points from the group median
Relative-value rankings
Leaders and laggards across the same cutoff.
| Metric | 1st | 2nd | 3rd |
|---|---|---|---|
| 1W ATM IV level | SOL · 56.08 | ETH · 46.21 | BTC · 34.13 |
| Daily 1W ATM IV change | ETH · -2.28 | BTC · -2.46 | SOL · -4.33 |
| Highest 1W RR25 | SOL · 3.55 | ETH · -0.77 · up 1 | BTC · -1.89 · down 1 |
| Lowest 1W RR25 | BTC · -1.89 · up 1 | ETH · -0.77 · down 1 | SOL · 3.55 |
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 2.6–4.0 times VIX, while short-window equity correlations remained mixed.
| Asset | 30d ATM IV | VIX spread | IV / VIX | Reported crypto RV | Reported SPX RV | RV spread percentile | 30-session correlation |
|---|---|---|---|---|---|---|---|
| BTC | 36.48% | +22.27 vol pts | 2.57× | 48.89% | 10.59% | Not shown | +0.393 |
| ETH | 49.56% | +35.35 vol pts | 3.49× | 51.19% | 10.59% | Not shown | +0.277 |
| SOL | 57.26% | +43.05 vol pts | 4.03× | 74.02% | 10.59% | Not shown | +0.402 |
BTC: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
ETH: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
SOL: RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. Any historical spread rank should not be interpreted as establishing matched-horizon comparability.
As of 22 Sept 2026, 20:00 UTC.
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 | 34.13% / -2.46 | 34.94% / -1.51 | 37.61% / -1.00 | 38.84% / -0.49 |
| ETH | 46.21% / -2.28 | 49.83% / +0.17 | 52.85% / -0.14 | 54.59% / +0.18 |
| SOL | 56.08% / -4.33 | 56.31% / -0.82 | 54.66% / -0.29 | Unavailable |
05 · Constituent evidence
Audit the independently published source artifacts.
23 Sept 2026, 19:20 UTC
Read the BTC report23 Sept 2026, 19:20 UTC
Read the ETH report23 Sept 2026, 19:20 UTC
Read the SOL reportEvidence, source data and methodology
Technical appendix: measurement and history provenance
Original edition evidence follows unchanged. Its BF slots retain the original full fly25 or unverified basis; these receipts do not validate canonical BF25 history or ranks.
Download original published edition and evidence receipts (JSON). Artifact SHA-256: 8700b6a9faa8d8b16bea934da05e617c7f43553100b14b9d7da39259d2a065af.
Major Coins report data
Download the report’s stored cross-asset comparisons, rankings, declared lead evidence and per-asset quality information. Missing analysis remains unavailable.
Reader summary (BF-specific claims withheld)
Major-coin one-week RR25 dispersion widened by 0.78 volatility points to 5.44 points between Solana and Bitcoin. Solana one-week RR25 stood at 3.55 volatility points, leaving call-side volatility richer than put-side volatility, while Bitcoin one-week RR25 stood at -1.89 volatility points, leaving put-side volatility richer. One-week ATM IV levels remained highest for Solana at 56.08% and lowest for Bitcoin at 34.13%, although the Solana-Bitcoin one-week ATM IV level spread narrowed 1.87 points to 21.95 points.
At report cutoff · Levels and stored endpoint changes
What matters now
Vol: BTC 1W ATM IV 34.13% · Δ -2.46 vol pts; ETH 1W ATM IV 46.21% · Δ -2.28 vol pts; SOL 1W ATM IV 56.08% · Δ -4.33 vol pts
Skew: BTC 1W RR25 -1.89 vol pts · Δ -3.05 vol pts; ETH 1W RR25 -0.77 vol pts · Δ -1.32 vol pts; SOL 1W RR25 3.55 vol pts · Δ -1.66 vol pts
IV level gap: 1W ATM IV level gap 21.95 vol pts (SOL 56.08% versus BTC 34.13%) · SOL minus BTC spread Δ -1.87 vol pts
Vol
BTC 1W ATM IV 34.13% · Δ -2.46 vol ptspercentile rank 66.4% by absolute move · full history (n=152)
ETH 1W ATM IV 46.21% · Δ -2.28 vol ptspercentile rank 36.7% by absolute move · 30-day window (n=30)
SOL 1W ATM IV 56.08% · Δ -4.33 vol ptspercentile rank 61.5% by absolute move · 30-day window (n=26)
Skew
BTC 1W RR25 -1.89 vol pts · Δ -3.05 vol ptspercentile rank 93.4% by absolute move · full history (n=152)
ETH 1W RR25 -0.77 vol pts · Δ -1.32 vol ptspercentile rank 50.0% by absolute move · 30-day window (n=30)
SOL 1W RR25 3.55 vol pts · Δ -1.66 vol ptspercentile rank 46.2% by absolute move · 30-day window (n=26)
Wings
BTC Unavailable
ETH Unavailable
SOL Unavailable
IV versus RV
BTC Unavailable
ETH Unavailable
SOL Unavailable
Unavailable readings: BTC Wings; BTC IV versus RV; ETH Wings; ETH IV versus RV; SOL Wings; SOL IV versus RV. See the report’s data availability notes.
Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.
Component cutoffs: BTC 23 Sept 2026, 19:20 UTC; ETH 23 Sept 2026, 19:20 UTC; SOL 23 Sept 2026, 19:20 UTC. Each asset is shown separately.
Historical move evidence
BTC 1W ATM IV: percentile rank 66.4% by absolute move · full history (n=152)
BTC 1W RR25: percentile rank 93.4% by absolute move · full history (n=152)
ETH 1W ATM IV: percentile rank 36.7% by absolute move · 30-day window (n=30)
ETH 1W RR25: percentile rank 50.0% by absolute move · 30-day window (n=30)
SOL 1W ATM IV: percentile rank 61.5% by absolute move · 30-day window (n=26)
SOL 1W RR25: percentile rank 46.2% by absolute move · 30-day window (n=26)
7D realised volatility · data quality
| Asset | Recorded RV | Status | Coverage / required | Longest gap / maximum |
|---|---|---|---|---|
| BTC | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| ETH | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded maximum |
| SOL | Unavailable | Unavailable | not recorded / not recorded required | not recorded / not recorded 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
BTC · Unavailable · Surface cutoff 23 Sept 2026, 19:20:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Canonical BTC index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1415 (98.2639% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
ETH · Unavailable · Surface cutoff 23 Sept 2026, 19:20:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Canonical ETH index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1415 (98.2639% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
SOL · Unavailable · Surface cutoff 23 Sept 2026, 19:20:00 UTC · 7D coverage not recorded / not recorded required · largest 7D gap not recorded / not recorded maximum · maximum gap not recorded. RV suppressed — valid 7D coverage was not recorded. Canonical SOL index coverage for 24h is incomplete: expected 1440 one-minute returns, found 1415 (98.2639% coverage); returns spanning missing minutes are excluded Full 7D coverage policy was not recorded.
06 · 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.