Current surface snapshot against the preceding 24-hour comparison snapshot.
SOL one-week ATM IV fell 5.14 volatility points to 61.17%, a notable move at the 75th percentile. Front-end ATM IV fell 4.67 volatility points, while the one-year-minus-one-week ATM IV slope became less inverted by 3.21 points to negative 3.93 points. The nearest eligible SOL forward fell 1.82%.
SOL one-week ATM IV fell 5.14 volatility points and the SOL forward fell 1.82%.
No qualifying macro event was retained for this window.
No qualifying SOL news event was retained for this window.
01 · Options Market Read
What the volatility surface did.
1W ATM IV fell 5.14 volatility points to 61.17%, a notable move at the 75th percentile. At the cutoff, realised volatility measured 51.85% over 24 hours, 66.79% over seven days and 63.06% over 30 days. Front-end ATM IV averaged 60.61%, -4.67 points from the prior snapshot, while the long end averaged 57.37%, -2.02 points. The 1Y-minus-1W ATM slope became less inverted by 3.21 points to -3.93 points. 1M RR25 moved 1.87 volatility points toward puts to 1.45%, leaving calls richer than puts. 1Y BF25 rose 0.23 volatility points to 4.72%. The nearest eligible forward, 4SEP26, fell $1.87 (-1.82%) to $101.03. No sufficiently relevant context identified; the strongest assessed relationship has low causal confidence.
Derived directly from structured Derivasys surface data
02 · Catalyst check
31 Aug 2026, 17:04 UTC to 01 Sept 2026, 17:04 UTC
No sufficiently relevant context identified
No sufficiently relevant context identified
No article met the threshold for inclusion, so the report does not assign a news catalyst.
Confidencelow causal confidence
News is presented as contextual association unless the structured evidence supports a stronger relationship.
51 canonical events scanned through the news MCP across 2 publishers. 2 fell inside the report window; 2 were SOL-tagged; 0 passed the final threshold; 0 events displayed.
03 · Detailed surface analysis
What changed across the SOL volatility surface.
Implied versus realised
At the 17:04 UTC cutoff, 1W ATM IV was 61.17%, 5.62 volatility points below seven-day realised volatility of 66.79%; 24-hour realised volatility was 51.85% and 30-day realised volatility was 63.06%.
Front end
Front-end ATM IV decreased, averaging -4.67 volatility points to 60.61% across 1W, 2W and 1M.
Long end
Long-dated ATM IV decreased, averaging -2.02 volatility points to 57.37% across 6M and 1Y.
Skew
RR25 moved towards puts, averaging -0.30 volatility points to 2.15% across the six headline tenors.
Convexity
BF25 increased, averaging +0.18 volatility points to 4.84% across the six headline tenors.
Largest standard-tenor move
The largest standard-tenor ATM IV move was -5.14 volatility points at 1W, to 61.17%.
Universe roll: added 3SEP26; removed 1SEP26. Comparisons use common expiries only.
04 · Standard-tenor ranking
Largest surface events
01
Largest standard-tenor ATM IV move
1W, -5.14 vol pts02
Largest eligible smile rotation
25SEP26, -2.75 vol pts03
Largest standard-tenor RR25 move
1M, -1.87 vol pts04
Largest standard-tenor BF25 move
1Y, +0.23 vol pts05
Largest eligible SVI rho move
25DEC26, +0.1995 param06
Largest eligible SVI sigma move
4SEP26, -0.1544 param
05 · ATM volatility
Standard-tenor ATM implied volatility.
Tenor
Current (vol %)
Previous (vol %)
Change (vol pts)
Relative change
1W
61.17
66.31
-5.14 vol pts
-7.75%
2W
60.72
65.58
-4.86 vol pts
-7.41%
1M
59.95
63.95
-4.00 vol pts
-6.25%
3M
57.98
60.49
-2.51 vol pts
-4.15%
6M
57.49
59.61
-2.12 vol pts
-3.56%
9M
57.32
59.32
-2.00 vol pts
-3.37%
1Y
57.24
59.17
-1.93 vol pts
-3.26%
06 · Risk reversals
RR25 skew moved most at 1M.
RR25 moved towards puts, averaging -0.30 volatility points to 2.15% across the six headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.
CurrentPrevious day
Tenor
Current (vol %)
Previous (vol %)
Change (vol pts)
1W
1.05
0.55
+0.50 vol pts
2W
1.12
1.94
-0.82 vol pts
1M
1.45
3.32
-1.87 vol pts
3M
2.79
3.02
-0.23 vol pts
6M
3.14
2.94
+0.20 vol pts
9M
3.26
2.92
+0.34 vol pts
1Y
3.32
2.91
+0.41 vol pts
07 · Butterflies
BF25 convexity changed most at 1Y.
BF25 increased, averaging +0.18 volatility points to 4.84% across the six headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.
CurrentPrevious day
Tenor
Current (vol %)
Previous (vol %)
Change (vol pts)
1W
4.85
4.71
+0.14 vol pts
2W
4.92
4.78
+0.14 vol pts
1M
5.03
4.86
+0.17 vol pts
3M
4.81
4.60
+0.21 vol pts
6M
4.74
4.54
+0.20 vol pts
9M
4.74
4.50
+0.24 vol pts
1Y
4.72
4.49
+0.23 vol pts
08 · 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
2SEP26, +9.78 vol pts
09 · Volatility term structure
Today against the previous 24-hour snapshot.
The ATM chart above is the standard-tenor term structure. The listed-expiry table below preserves the exchange maturity detail underneath those interpolated tenors.
Expiry
Time left
Forward now (USD)
Forward change (USD)
ATM IV now
ATM IV change
RR25 change
BF25 change
2SEP26Expiry effect
0.6 days
100.98
-1.92 USD
66.12%
-1.55 vol pts
+2.77 vol pts
-1.19 vol pts
4SEP26
2.6 days
101.03
-1.87 USD
63.94%
-3.26 vol pts
-0.10 vol pts
+0.78 vol pts
11SEP26
9.6 days
101.03
-1.87 USD
60.71%
-5.27 vol pts
+0.44 vol pts
+0.06 vol pts
25SEP26
23.6 days
101.13
-1.93 USD
60.73%
-4.31 vol pts
-2.48 vol pts
+0.16 vol pts
25DEC26
114.6 days
101.56
-1.96 USD
57.78%
-2.34 vol pts
-0.05 vol pts
+0.21 vol pts
10 · 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.
2SEP26rotation towards calls · wing steepening4SEP26wing steepening11SEP26rotation towards calls · wing steepening25SEP26rotation towards puts · wing steepening25DEC26parallel shift lower
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.
IV lowerIV higher
2SEP26
4SEP26
11SEP26
25SEP26
25DEC26
-0.30kATM+0.30k
11 · SVI diagnostics
Daily movement in a, b, rho, m and sigma.
Among ranking-eligible expiries, the largest absolute rho change occurred at 25DEC26; the largest sigma change occurred at 4SEP26.
Expiry
Δ a
Δ b
Δ rho
Δ m
Δ sigma
Smile classification
2SEP26
+0.02160
-0.04100
+0.04090
+0.01010
-0.04260
rotation towards calls, wing steepening
4SEP26
+0.03720
-0.02410
+0.10580
+0.06970
-0.15440
wing steepening
11SEP26
+0.03300
-0.02910
+0.12110
+0.08300
-0.11540
rotation towards calls, wing steepening
25SEP26
+0.03110
-0.03030
+0.10980
+0.10170
-0.11240
rotation towards puts, wing steepening
25DEC26
-0.04520
+0.00860
+0.19950
+0.15580
+0.08430
parallel shift lower
12 · Current surface characteristics
Where normalized model Greek intensity is highest.
These are comparable Black-forward Greeks for a one-SOL ATM-forward call at each listed expiry—not portfolio exposure, open interest or a prediction of dealer positioning.
SOL one-week ATM IV fell 5.14 volatility points to 61.17%, a notable move at the 75th percentile. Front-end ATM IV fell 4.67 volatility points, while the one-year-minus-one-week ATM IV slope became less inverted by 3.21 points to negative 3.93 points. The nearest eligible SOL forward fell 1.82%.
SOL volatility falls across the curve
SOL one-week ATM IV fell 5.14 volatility points and the SOL forward fell 1.82%.
Macro
No qualifying macro event was retained for this window.
Crypto
No qualifying SOL news event was retained for this window.
Editorial summaries are grounded in canonical events returned by the local news MCP. Links identify the underlying reporting; events are context, not assigned causes.
Completed-session cross-asset context
Crypto volatility against US equity risk.
Previous session (latest completed): SOL 30-day ATM IV was 64.53 volatility points against VIX at 14.92 volatility points. Crypto and SPX realised volatility use different annualisation clocks.
Implied-volatility premium
SOL 30-day ATM IV was 64.53%, against VIX at 14.92: a 49.61-point spread and 4.33× ratio.
Realised-volatility regime
SOL 20-calendar-day realised volatility was 69.51%, versus SPX 20-session realised volatility of 9.47%. The spread ranked at 47.2 percentile of 218 prior observations.
Equity co-movement
Return correlation with SPX was 0.198 over 30 aligned sessions and 0.447 over 60 sessions. VIX9D, VIX and VIX3M closed at 12.34, 14.92 and 17.53.
As of 31 Aug 2026, 20:00 UTC. Latest completed common session. Crypto realised volatility is annualised using sqrt(365); SPX realised volatility is annualised using sqrt(252).
13 · Methodology and provenance
Generated from measured Derivasys surface data.
Current snapshot
01 Sept 2026, 17:04 UTC
Comparison snapshot
31 Aug 2026, 17:04 UTC
Source
Derivasys proprietary historical SVI surface and canonical SOL index databases
Realised volatility
Annualised root-mean-square of one-minute canonical SOL-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 interpolated independently at 1W, 2W, 1M, 3M, 6M, 9M and 1Y; headline rankings prioritise 1W, 2W, 1M, 3M, 6M and 1Y.
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-SOL ATM-forward call, zero rate, fitted SVI IV
