Daily SOL options market report · 24-hour comparison

Solana options: 1w BF25 butterfly rises 1.29 volatility points

Name: SOL options surface changes for 2026-10-14
Creator: Derivasys
License: https://www.derivasys.com/research-artifact-license/v1

SOL 1W BF25 rose 1.29 vol points to 4.57 vol points over the daily comparison.

By Sean Gordon — Derivasys Research

Published 14 Oct 2026, 16:33 UTC · Snapshot 14 Oct 2026, 16:30 UTC

Snapshot · 14 Oct 2026, 16:30 UTC

SOLSpot-index 24h -3.45%1W ATM IV 56.22%1W RR25 -3.33 vol pts1W BF25 +4.57 vol pts1W IV − 7D RV -1.05 vol pts

SOL1W ATM IV 56.22%1W BF25 Δ +1.29 vol pts

Full snapshot readings

SOLSpot-index 24h -3.45%1W ATM IV 56.22%1W RR25 -3.33 vol pts1W BF25 +4.57 vol pts1W IV − 7D RV -1.05 vol pts

Notable move: SOL 1W BF25 Δ +1.29 vol pts → +4.57 vol pts · percentile rank 97.1% by absolute move · full history (n=34); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-13.

Solana options: 1w BF25 butterfly rises 1.29 volatility points. BF25 term structure from Derivasys data. — Source: Derivasys options data. BF25; unsupported tenors remain blank. Cite this report.

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Chart reading: SOL +1.29 vol points between the stored daily endpoints.
Relative-value reading: Positive BF25 places average wing IV above ATM IV; negative BF25 places it below.
Next watch: Watch whether 1W BF25 extends or reverses this move at the next daily comparison.
Combined surface read: ATM IV rose (SOL); RR25 moved toward puts (SOL); BF25 wing premium increased (SOL); 1W IV was below 7D RV (SOL).

Measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 19bbca31bfaf85f7666531caab7198ab664c220ccb1042b908ad8be5fefec028.

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 / metric	Cohort	Count / horizon	Actual bounds	Overlap / provenance
SOL 1W atmIv	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d4789e475a3b0dcd477ab9739b70ff6636a26b79001f909302b299a45c0e1f2a`
SOL 1W atmIv	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d0d59ab54798fd393d78c10ce8298088d4e745fef4a16f22fb2a7e41ac60e937`
SOL 1W atmIv	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:6678982395e3eed9d10707540ee42d0a74a92ebdaa105f59bd3ac1e9180606f9`
SOL 1W bf25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:80628caab5541afe93b5fe0374f035c24101cd37ae3612ce75e957235e52a302`
SOL 1W bf25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:bc50b6e19b4befaac563a1662d4ffdbe9fa68c6fdc017b3cbef6e7edd963026a`
SOL 1W bf25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c8a1587089bc905ba6ffedf3eb7c9ce8b8c752ffd0d6583eab6d99b64d415340`
SOL 1W rr25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b65e30fbe0fdadd86770720833d1698d207dfcccb9fe5e8f7626dc6bc198e870`
SOL 1W rr25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:155c018baf3617a0f0141a7f8a5992cfe94c2818c4c83dba93d2e038bf8ad63a`
SOL 1W rr25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:4872aa6cd67fc87bc9fd862c25fe1cc73e4720999ee039dbbadc93e048f03b32`
SOL 2W atmIv	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3c0217995fd3fd99a81ab77872bd6f1cbdb5961b2ca80db5d03550fc73a7f4f4`
SOL 2W atmIv	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:831ec7f6698617eee451bb8cedf2670f2ddc6b619a4e652e3a7ef0b0bdcd05a1`
SOL 2W atmIv	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ac65eca6e677fe71fcaf7c090080d038c0d5043d138d2c4d8517ca2cd0c8c6e8`
SOL 2W bf25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:46dfe4bd4360d7e82110fb3c0f7bdbdedc83a193624a9b326292125ce6bc8b54`
SOL 2W bf25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ef6a19e52b33c2e1d09805f336fce7e860df8fb3832afb42fcb3995e42d563be`
SOL 2W bf25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:008b1f32c54202d97c66b0b0334f0ab13062a54b0fb0c48ed9710f9dee4d5be6`
SOL 2W rr25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:79360543b092ee1821ce6b7b2e6d23a2a5ed06c899ed61f0f95866108d1c0b94`
SOL 2W rr25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:f3d219898baba66352c6f69c22414e2e4713af37ffa00912745465a346171cdb`
SOL 2W rr25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:fd4be4f3e4ee270518a9ea9dceed148520f9715b5aec123a24dd66e624c90382`
SOL 1M atmIv	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:9a6dee6ac740e78e83cdcde391b01455bdbc662f2fe9dc730fed265dca8147b1`
SOL 1M atmIv	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3f0423afc5221fbdf55fafd240d45363e1d75923f3c6673e9c5461ef2a743e1a`
SOL 1M atmIv	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:f19b5bcd492b9f36e04b4820106a00f2f576b6a8cf762c8db7707639741d8f19`
SOL 1M bf25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:91ce38df611ea59a84c3a431fd6fce8c46257b6208a044c737094517601eb502`
SOL 1M bf25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c35ea2aa15187e0d4c3adc1651ee65abf40c25c72b76e108dd0fda33b0d8f3f8`
SOL 1M bf25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:78c2408a4532162cfbe1240da984e61206e3a5ae0877a344408dbfca648b59af`
SOL 1M rr25	move30d	21 samples; 1 days; daily UTC observations	2026-09-13 → 2026-10-13 2026-09-13T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e18e080429123f8a957e35e4e93bea74f3535dc2a4b33353b8bc2d8379149398`
SOL 1M rr25	moveFullHistory	34 samples; 1 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:38d1397779ae19e13d25dac9157195bee4d6703acb459c26ebd984307ece66b6`
SOL 1M rr25	levelFullHistory	40 samples; 0 days; daily UTC observations	2026-08-29 → 2026-10-13 2026-08-29T16:30:00+00:00 → 2026-10-13T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5f6972faf3b9f549b89e20f9b23a43db7382ac56e32ebd3a112fda2672ad04c3`
SOL 3M atmIv	move30d	9 samples; 1 days; daily UTC observations	2026-09-13 → 2026-09-24 2026-09-13T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a41d035b8639b422e2137d4bd3dba5bd7db2e7a6df357fbcf6d5ede61c9911d4`
SOL 3M atmIv	moveFullHistory	22 samples; 1 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5f59d30535099e9f50f0928e6081fbac2f27a1fd0f6fe19baba46fb4257e07ca`
SOL 3M atmIv	levelFullHistory	25 samples; 0 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:1feb7fd59543d80ec2bf238bb0ea838169a54c462bb213587a505300685648a1`
SOL 3M bf25	move30d	9 samples; 1 days; daily UTC observations	2026-09-13 → 2026-09-24 2026-09-13T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5c2cf0ea967c34b39c8fb3b5d577f325082cad4746fd6fd8a09643bbe7fe7504`
SOL 3M bf25	moveFullHistory	22 samples; 1 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5126d2507ebf0f99371a97857f04654ed8982056c603662bf6789edd121c43ca`
SOL 3M bf25	levelFullHistory	25 samples; 0 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:5e7f650d24c6228a9d11cbb44e49373e00d5d894244f30ac9a421a82caea90d8`
SOL 3M rr25	move30d	9 samples; 1 days; daily UTC observations	2026-09-13 → 2026-09-24 2026-09-13T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:df79f6926ee448c784ef5d527d1e61853beea71b1ace387128b517632a311b30`
SOL 3M rr25	moveFullHistory	22 samples; 1 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ed565a6d3bd432d828820e03e2c387535d21c10cd2999e267d071cac82fc1092`
SOL 3M rr25	levelFullHistory	25 samples; 0 days; daily UTC observations	2026-08-29 → 2026-09-24 2026-08-29T16:30:00+00:00 → 2026-09-24T16:30:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:9bd4ca8d15d2cfe95bdcb1a90509f99aafa3d9281a75b84ef5b9834ef9ffeca3`
SOL 6M atmIv	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M atmIv	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M atmIv	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M bf25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M bf25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M bf25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M rr25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M rr25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 6M rr25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M atmIv	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M atmIv	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M atmIv	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M bf25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M bf25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M bf25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M rr25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M rr25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 9M rr25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y atmIv	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y atmIv	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y atmIv	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y bf25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y bf25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y bf25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y rr25	move30d	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y rr25	moveFullHistory	0 samples; 1 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`
SOL 1Y rr25	levelFullHistory	0 samples; 0 days; daily UTC observations	Unavailable → Unavailable Exact start unavailable → Exact end unavailable	No period overlap in this cohort; source revision unknown; `sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945`

The day in markets.

Wednesday 14 October

Solana options: 1W BF25 butterfly rises 1.29 volatility points

Solana 1W BF25 increased from 3.28 to 4.57 volatility points, a daily rise of 1.29 points against the October 13 16:30 UTC baseline, according to Derivasys data. The absolute daily butterfly change stood at the 97.1 percentile among 34 matching daily changes from August 29 through October 13, 2026. BF25 measures average 25-delta wing IV minus ATM forward IV; the percentile concerns the change, rather than the current level.

Macro

No qualifying macro event was retained for this report window.

Crypto

In ecosystem news, [Cointelegraph](https://cointelegraph.com/news/tokenized-stocks-after-hours-trading-solana-bnb-chain) reported that most tokenized-stock trading on Solana and BNB Chain occurs outside US market hours. The October 13 report supplies provisional single-source context on trading activity, with no clear link established to the butterfly or skew changes.

Most tokenized stock trading on Solana, BNB Chain occurs outside US market hoursCointelegraph · 19:48 UTC

Links identify the underlying reporting for retained events; entries without a retained link are marked.

02 · Options market read

What the volatility surface did.

3 of 6 headline tenors were comparable at both endpoints. The largest ATM IV move was 1W at +2.18 volatility points, to 56.22%.

Derived directly from structured Derivasys surface data

Relevant context found; no confirmed catalyst

Relevant market event

1 relevant event was retained for the comparison window.

Confidencelow causal confidence

News is presented as contextual association unless the structured evidence supports a stronger relationship.

04 · Detailed analysis

What changed across the SOL volatility surface.

Implied versus realised

At the 16:30 UTC cutoff, 1W ATM IV was 56.22%, 1.05 volatility points below seven-day realised volatility of 57.27%; 24-hour realised volatility was 67.95% and 30-day realised volatility was 57.38%.

Front end

Front-end ATM IV increased, averaging +1.62 volatility points to 55.73% across 1W, 2W and 1M.

Long end

Long-dated ATM IV is unavailable because comparable observations were not present at both snapshots.

Skew

RR25 moved towards puts, averaging -1.96 volatility points to -1.51 volatility points across the three available headline tenors.

Convexity

BF25 increased, averaging +0.87 volatility points to 4.43 volatility points across the three available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was +2.18 volatility points at 1W, to 56.22%.

24h spot-index return

SOL spot-index return was -3.45% over 24 hours.

7d spot-index return

SOL spot-index return was -11.15% over seven days.

Universe roll: no additions; removed 14OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

Largest eligible smile rotation

30OCT26, -4.53 vol pts

Largest standard-tenor ATM IV move

1W, +2.18 vol pts

Largest standard-tenor RR25 move

2W, -2.16 vol pts

Largest standard-tenor BF25 move

1W, +1.29 vol pts

Largest eligible SVI sigma move

30OCT26, -0.2045 param

Largest eligible SVI rho move

25DEC26, +0.0710 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

Tenor	Current (vol %)	Comparison snapshot (vol %)	Change (vol pts)	Relative change
1W	56.22	54.04	+2.18 vol pts	+4.03%
2W	55.84	54.29	+1.55 vol pts	+2.86%
1M	55.13	54.01	+1.12 vol pts	+2.07%
3M	Unavailable	Unavailable	Unavailable	Unavailable
6M	Unavailable	Unavailable	Unavailable	Unavailable
9M	Unavailable	Unavailable	Unavailable	Unavailable
1Y	Unavailable	Unavailable	Unavailable	Unavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 2W.

RR25 moved towards puts, averaging -1.96 volatility points to -1.51 volatility points across the three available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

Tenor	Current (vol pts)	Comparison snapshot (vol pts)	Change (vol pts)
1W	-3.33	-1.32	-2.01 vol pts
2W	-1.40	0.76	-2.16 vol pts
1M	0.21	1.92	-1.71 vol pts
3M	Unavailable	Unavailable	Unavailable
6M	Unavailable	Unavailable	Unavailable
9M	Unavailable	Unavailable	Unavailable
1Y	Unavailable	Unavailable	Unavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1W.

BF25 increased, averaging +0.87 volatility points to 4.43 volatility points across the three available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

Tenor	Current (vol pts)	Comparison snapshot (vol pts)	Change (vol pts)
1W	4.57	3.28	+1.29 vol pts
2W	4.32	3.22	+1.10 vol pts
1M	4.39	4.18	+0.21 vol pts
3M	Unavailable	Unavailable	Unavailable
6M	Unavailable	Unavailable	Unavailable
9M	Unavailable	Unavailable	Unavailable
1Y	Unavailable	Unavailable	Unavailable

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

15OCT26, -56.37 vol pts

1.6d

Smile rotation

16OCT26, -21.97 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.

Suppressed outside the observable listed-expiry range: 3M, 6M, 9M, 1Y.

Expiry	Time left	Forward now (USD)	Forward change (USD)	ATM IV now	ATM IV change	RR25 change	BF25 change
15OCT26Expiry effect	0.6 days	103.94	-3.84 USD	74.21%	+15.04 vol pts	-12.66 vol pts	+1.94 vol pts
16OCT26Expiry effect	1.6 days	103.98	-3.84 USD	67.98%	+10.95 vol pts	-6.98 vol pts	+1.38 vol pts
23OCT26	8.6 days	104.04	-3.81 USD	55.46%	+1.93 vol pts	-1.62 vol pts	+1.30 vol pts
30OCT26	15.6 days	104.18	-3.74 USD	55.91%	+1.35 vol pts	-2.64 vol pts	+1.08 vol pts
27NOV26	43.6 days	104.39	-3.72 USD	54.86%	+1.08 vol pts	-1.42 vol pts	-0.16 vol pts
25DEC26	71.6 days	104.72	-3.57 USD	54.46%	+1.08 vol pts	-1.74 vol pts	+0.06 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.

15OCT26rotation towards puts · wing steepening

16OCT26rotation towards puts · wing steepening

23OCT26rotation towards puts · wing steepening

30OCT26rotation towards puts · wing steepening

27NOV26rotation towards puts

25DEC26rotation towards puts

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.

15OCT26

16OCT26

23OCT26

30OCT26

27NOV26

25DEC26

-0.30kATM+0.30k

Completed-session cross-asset context

Crypto volatility against US equity risk.

SOL 30-day implied volatility was 3.6 times VIX, while its 30-session return correlation with SPX was mixed at 0.57.

Implied-volatility premium

SOL 30-day ATM IV was 55.40%, against VIX at 15.27: a 40.13-point spread and 3.63× ratio.

Daily-close realised-volatility regime

SOL 20-calendar-day realised volatility was 45.29%, versus SPX 20-session realised volatility of 9.49%. The spread ranked at percentile rank 25.4% of 248 prior observations.

This separate RV estimate uses 20 daily close-to-close log returns, sampled at 16:00 New York time, ending at the completed-session timestamp shown below. It requires a valid close for each day, rather than every intervening minute. Crypto RV is annualised with √365; SPX uses 20 trading-session returns and √252. It does not replace the intraday IV–RV comparison.

Equity co-movement

Return correlation with SPX was 0.571 over 30 aligned sessions and 0.369 over 60 sessions. VIX9D, VIX and VIX3M closed at 11.99, 15.27 and 17.96.

As of 13 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; Derivasys persisted 30-calendar-day fixed-tenor ATM IV near the US close and Yahoo Finance SPX/VIX-family completed-session observations. All displayed metric observation timestamps: 2026-10-13T20:00:00Z; ingestedAt: 2026-10-13T22:30:51.625618Z; freshness evaluatedAt: 2026-10-14T16:30:00Z, fresh, ageSeconds 73800. Volatility levels and differences use volatility_points; ratios use ratio; correlations use correlation_coefficient; percentiles use percentile_rank. Crypto RV uses 20 calendar-day close-to-close log returns and sqrt(365); SPX RV uses 20 US trading-session close-to-close log returns and sqrt(252). Alignment tolerance: 600 seconds. IV spread/ratio percentiles are null, with sampleCount 30. Percentiles use prior valid persisted observations only.

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

Report comparison baseline → current snapshot: 2026-10-13 16:30:00 UTC → 2026-10-14 16:30:00 UTC

Changes use these stored market-snapshot baselines. The comparison baseline may differ from the snapshot used in the previous published edition.

Lead signal · 14 Oct 2026, 16:30 UTC

The measurement behind the lead chart

SOL 1W BF25 4.57 vol pts · Δ +1.29 vol pts

SOL percentile rank 97.1% by absolute move · full history (n=34); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-13

Original report summary

Solana 1W BF25 rose 1.29 volatility points from 3.28 to 4.57 between the October 13 and October 14 16:30 UTC snapshots. This butterfly increase widened the average 25-delta wing-IV premium over ATM IV. A separate 2W RR25 sign crossing shifted the call-versus-put volatility relationship towards puts.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: SOL 1W ATM IV 56.22% · Δ +2.18 vol pts

Skew: SOL 1W RR25 -3.33 vol pts · Δ -2.01 vol pts

Relative value: SOL 1W IV 56.22% / 7D RV 57.27% · spread -1.05 vol pts

Vol

SOL 1W ATM IV 56.22% · Δ +2.18 vol ptspercentile rank 52.4% by absolute move · 30-day window (n=21); 1-day moves sampled daily UTC; 2026-09-13 to 2026-10-13

Skew

SOL 1W RR25 -3.33 vol pts · Δ -2.01 vol ptspercentile rank 76.2% by absolute move · 30-day window (n=21); 1-day moves sampled daily UTC; 2026-09-13 to 2026-10-13

Wings

SOL 1W BF25 4.57 vol pts · Δ +1.29 vol ptspercentile rank 97.1% by absolute move · full history (n=34); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-13

IV versus RV

SOL 1W IV 56.22% / 7D RV 57.27% · spread -1.05 vol pts

Δ compares the report’s stored surface endpoints. IV versus RV is a level comparison, not a daily change.

Historical move evidence

SOL 1W ATM IV: percentile rank 52.4% by absolute move · 30-day window (n=21); 1-day moves sampled daily UTC; 2026-09-13 to 2026-10-13

SOL 1W RR25: percentile rank 76.2% by absolute move · 30-day window (n=21); 1-day moves sampled daily UTC; 2026-09-13 to 2026-10-13

SOL 1W BF25: percentile rank 97.1% by absolute move · full history (n=34); 1-day moves sampled daily UTC; 2026-08-29 to 2026-10-13

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 25DEC26; the largest sigma change occurred at 30OCT26.

Expiry	Δ a	Δ b	Δ rho	Δ m	Δ sigma	Smile classification
15OCT26	+0.04780	-0.02140	-0.29850	-0.10030	-0.28520	rotation towards puts, wing steepening
16OCT26	+0.04240	-0.02270	-0.09450	-0.01590	-0.16970	rotation towards puts, wing steepening
23OCT26	+0.03440	-0.00500	+0.01190	+0.02720	-0.18390	rotation towards puts, wing steepening
30OCT26	+0.04640	-0.01580	+0.06130	+0.09560	-0.20450	rotation towards puts, wing steepening
27NOV26	+0.00320	-0.01070	+0.03200	+0.03520	+0.01310	rotation towards puts
25DEC26	+0.02300	-0.02500	+0.07100	+0.07790	-0.03710	rotation towards puts

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.

Highest Gamma15OCT26, 0.122939 1 / USD

Highest Theta Decay15OCT26, -1.001979 USD / day

Highest Vanna25DEC26, 0.000877 delta / vol pt

Highest Vega25DEC26, 0.18375 USD / vol pt

Highest Volga25DEC26, -0.000049 USD / vol pt²

7D realised volatility · data quality

Asset	Recorded RV	Status	Coverage / required	Longest gap / maximum
SOL	57.27%	Available	100% / 99.5% required	0 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

SOL · Available · Surface cutoff 14 Oct 2026, 16:30:00 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: 14 Oct 2026, 16:30 UTC
Comparison snapshot: 13 Oct 2026, 16:30 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 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-SOL ATM-forward call, zero rate, fitted SVI IV
Catalyst policy: Only sufficiently relevant, reliably sourced events are shown; otherwise no catalyst is assigned.

Continue through Derivasys

From today’s report to the underlying methods.

Live dashboard All reports Daily metrics data Latest SOL daily Latest weekly API Volatility surface guide What is SVI? Risk reversals Butterflies Local volatility Variance swaps

The day in markets.

Macro

Crypto

What the volatility surface did.

Relevant market event

What changed across the SOL volatility surface.

Largest surface events

Standard-tenor ATM implied volatility.

RR25 skew moved most at 2W.

BF25 convexity changed most at 1W.

Near-settlement moves, shown with context.

Today against the previous 24-hour snapshot.

Reconstructed SVI smiles for every common expiry.

Surface movement heatmap

Crypto volatility against US equity risk.

The measurement behind the lead chart

What matters now

Vol

Skew

Wings

IV versus RV

Model parameters and normalized Greeks.

Daily movement in a, b, rho, m and sigma.

Where normalized model Greek intensity is highest.

7D realised volatility · data quality

Generated from measured Derivasys surface data.

From today’s report to the underlying methods.

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