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Daily SOL options market report · 24-hour comparison

Solana options shift from put-rich to call-rich weekly skew

SOL spot rose 2.25%; 1W ATM IV fell 1.59 volatility points; Wing premium decreased (-0.20 vol points).

By Sean Gordon — Derivasys Research

Published

Snapshot data and comparison

Snapshot · 21 Oct 2026, 16:31 UTC

Generated timestamp:

Scheduled edition reference: 2026-10-21 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-20 16:31:00 UTC → 2026-10-21 16:31:00 UTC
Report native fit age at scheduled reference
0 minutes

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

  • SOLSpot-index 24h +2.25%1W ATM IV 52.96%1W RR25 +3.61 vol pts1W BF25 +3.65 vol pts1W IV − 7D RV -8.66 vol pts

Notable move: SOL 1W RR25 Δ +6.02 vol pts → +3.61 vol pts · percentile rank 100.0% by absolute move · 1-day moves · full history (n=40).

1W RR25 – selected tenor
Vol points

1W RR25 – selected tenor. Vol points. SOL: Current 3.61, Previous -2.41.CurrentPreviousSOL3.61-2.41-2.890.604.09

Current: 21 Oct 2026, 16:31 UTC
Previous: 20 Oct 2026, 16:31 UTC

Solana options shift from put-rich to call-rich weekly skew. RR25 term structure from Derivasys data.
Source: Derivasys options data. RR25; unsupported tenors remain blank. Cite this report.

View full-size chart

Plotted chart data
RR25, vol points · 2026-10-21T16:31:00+00:00
TenorSOL currentSOL previous
1W3.61-2.41
2W2.69-1.20
1M1.90-0.41
3MUnavailableUnavailable
6MUnavailableUnavailable
9MUnavailableUnavailable
1YUnavailableUnavailable
Chart download and reuse termsDownload 1280 × 720 chart · Reuse terms
Previous report, watch levels and methodology

Uses the stored headline’s selected tenor. Cutoffs 20 Oct, 16:31 UTC to 21 Oct, 16:31 UTC.

Previous publication · research context

2026-10-20: “Solana options see one-week implied volatility fall 3.72 points to 54.55%”

Previous publication cutoff 20 Oct, 16:31 UTC. Today’s market comparison starts at 20 Oct, 16:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 0f55456a817f3616f00afa014dca91990a2135624989424da22560ec9dce747f

Prior watch: measured outcome

Against the 2026-10-20 daily edition.

  • SOL 1W ATM IV: prior change -3.72 → current change -1.59 volatility points; same direction.
  • SOL spot-index return: prior change +1.39 → current change +2.25 percent; same direction.
  • SOL 1W RR25: prior change -2.20 → current change +6.02 volatility points; direction reversed.
  • SOL 1W BF25: prior change -0.04 → current change -0.20 volatility points; same direction.
  • SOL 1W ATM IV ≤ 54.55 percent (hold the observed endpoint) at 21 Oct, 16:31 UTC: met (observed 52.96 percent).
  • SOL 1W ATM IV ≥ 58.27 percent (full retrace to the prior endpoint) at 21 Oct, 16:31 UTC: not met (observed 52.96 percent).

Next daily cutoff: measurable checks

  • Hold the observed level: SOL 1W RR25 ≥ 3.61 volatility points at . Current level 3.61; threshold is the current observed endpoint.
  • Full retrace: SOL 1W RR25 ≤ -2.41 volatility points at . Current level 3.61; threshold is the previous observed endpoint.
Measurement basis and receipt

These are observed-level conditions for the next aligned cutoff, with no forecast or trade action. Spot uses exact index endpoints where available; ATM IV is quoted in percent and its change, RR25 and BF25 in volatility points. Stored editorial receipt independently reconstructed against native endpoints.

Canonical current report JSON · SHA-256 fd81d77e3b3df354b48cc3234a8e2862b9b5f60df9e595cc531181434928e34c

Prior artifact: /v1/sol/daily/2026-10-20/0f55456a817f3616f00afa014dca91990a2135624989424da22560ec9dce747f.json · SHA-256 0f55456a817f3616f00afa014dca91990a2135624989424da22560ec9dce747f

Consumed endpoint proof: 707f223f1f9f70a08653a4943937b969966a14c4373574a1410b1eca82b5bcae

  • SOL:rr25:1W:observed-current-level: rows[asset=SOL].report.tenors[tenor=1W].rr25.previous; rows[asset=SOL].report.tenors[tenor=1W].rr25.current; rows[asset=SOL].report.tenors[tenor=1W].rr25.change; evaluation window 2026-10-21T16:31:00+00:00 to 2026-10-22T16:31:00+00:00.
  • SOL:rr25:1W:observed-previous-level: rows[asset=SOL].report.tenors[tenor=1W].rr25.previous; rows[asset=SOL].report.tenors[tenor=1W].rr25.current; rows[asset=SOL].report.tenors[tenor=1W].rr25.change; evaluation window 2026-10-21T16:31:00+00:00 to 2026-10-22T16:31:00+00:00.
Chart notes

01 · Daily briefing

Macro · Crypto · Options

The day in markets.

Smile rotation is the fitted IV change at +0.15 log-moneyness minus the change at −0.15, in volatility points. A positive reading indicates a relative shift toward the call side.

Solana options shift from put-rich to call-rich weekly skew

Solana one-week RR25 increased 6.02 volatility points to +3.61 volatility points during the 24-hour window from October 20 to October 21, crossing into call-rich territory in Derivasys data.

Alongside that relative shift, Solana one-week ATM implied volatility fell 1.59 volatility points to 52.96%. ATM implied volatility describes volatility implied by options near the underlying price. Solana's spot-index return was +2.25% over the matching 24-hour window. At the cutoff, Solana one-week ATM implied volatility stood 8.66 volatility points below Solana seven-day realised volatility of 61.62%, measured from one-minute returns. Comparable long-dated ATM observations were unavailable at both snapshots, limiting assessment of the longer curve.

The Block's report, “Ethereum staking hits record as yields fall and Solana activity grows: Bitwise,” also described falling Ethereum staking yields. That wider staking backdrop complements its Solana ecosystem coverage, retained as context alongside the options reversal. The Block.

Macro

No qualifying macro event was retained for this report window.

Crypto

Selected canonical sources are retained below as context.

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 -1.59 volatility points, to 52.96%.

Derived directly from structured Derivasys surface data

03 · Catalyst check

20 Oct 2026, 16:31 UTC to 21 Oct 2026, 16:31 UTC

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 16:31 UTC cutoff, 1W ATM IV was 52.96%, 8.66 volatility points below seven-day realised volatility of 61.62%; 24-hour realised volatility was 52.10% and 30-day realised volatility was 56.98%.

Front end

Front-end ATM IV decreased, averaging -0.68 volatility points to 53.57% 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 calls, averaging +4.07 volatility points to 2.73 volatility points across the three available headline tenors.

Convexity

BF25 decreased, averaging -0.40 volatility points to 4.16 volatility points across the three available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was -1.59 volatility points at 1W, to 52.96%.

24h spot-index return

SOL spot-index return was +2.25% over 24 hours.

7d spot-index return

SOL spot-index return was +4.28% over seven days.

Two-day RR25 whipsaw

SOL 1W RR25 adjacent daily moves were -2.20 then +6.02 volatility points; gross movement 8.22 versus net +3.82. 1 strict zero crossings. Opposite moves meet the operational whipsaw inspection threshold.

Universe roll: no additions; removed 21OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

01

Largest eligible smile rotation

30OCT26, +10.19 vol pts
02

Largest standard-tenor RR25 move

1W, +6.02 vol pts
03

Largest standard-tenor ATM IV move

1W, -1.59 vol pts
04

Largest standard-tenor BF25 move

1M, -0.69 vol pts
05

Largest eligible SVI sigma move

25DEC26, -0.1792 param
06

Largest eligible SVI rho move

30OCT26, -0.0840 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

TenorCurrent (vol %)Comparison snapshot (vol %)Change (vol pts)Relative change
1W52.9654.55-1.59 vol pts-2.91%
2W53.5754.25-0.68 vol pts-1.25%
1M54.1753.94+0.23 vol pts+0.43%
3MUnavailableUnavailableUnavailableUnavailable
6MUnavailableUnavailableUnavailableUnavailable
9MUnavailableUnavailableUnavailableUnavailable
1YUnavailableUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

07 · Risk reversals

RR25 skew moved most at 1W.

RR25 moved towards calls, averaging +4.07 volatility points to 2.73 volatility points across the three available headline tenors. Negative RR25 denotes a richer 25-delta put wing under the call-minus-put convention.

-3.1 vol pts-1.3 vol pts0.6 vol pts2.5 vol pts4.3 vol pts1W2W1M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W3.61-2.41+6.02 vol pts
2W2.69-1.20+3.89 vol pts
1M1.90-0.41+2.31 vol pts
3MUnavailableUnavailableUnavailable
6MUnavailableUnavailableUnavailable
9MUnavailableUnavailableUnavailable
1YUnavailableUnavailableUnavailable

Source: Derivasys Research — structured data

08 · Butterflies

BF25 convexity changed most at 1M.

BF25 decreased, averaging -0.40 volatility points to 4.16 volatility points across the three available headline tenors. BF25 measures the average 25-delta wing premium over ATM IV.

3.4 vol pts4.0 vol pts4.5 vol pts5.0 vol pts5.5 vol pts1W2W1M
TenorCurrent (vol pts)Comparison snapshot (vol pts)Change (vol pts)
1W3.653.85-0.20 vol pts
2W4.214.52-0.31 vol pts
1M4.625.31-0.69 vol pts
3MUnavailableUnavailableUnavailable
6MUnavailableUnavailableUnavailable
9MUnavailableUnavailableUnavailable
1YUnavailableUnavailableUnavailable

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

22OCT26, +30.97 vol pts
1.6d

Smile rotation

23OCT26, +27.80 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.

52.8%53.3%53.8%54.3%54.8%1W2W1M

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

ExpiryTime leftForward now (USD)Forward change (USD)ATM IV nowATM IV changeRR25 changeBF25 change
22OCT26Expiry effect0.6 days108.42+2.57 USD56.33%+4.60 vol pts+7.62 vol pts-1.70 vol pts
23OCT26Expiry effect1.6 days108.45+2.59 USD54.47%-0.39 vol pts+8.80 vol pts-0.96 vol pts
30OCT268.6 days108.48+2.56 USD52.87%-1.63 vol pts+5.50 vol pts-0.16 vol pts
27NOV2636.6 days108.76+2.56 USD54.26%+0.37 vol pts+2.05 vol pts-0.75 vol pts
25DEC2664.6 days109.04+2.51 USD54.29%-0.10 vol pts-0.42 vol pts-0.04 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.

22OCT26rotation towards calls · wing flattening
-0.30k0.00k+0.30k
23OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
30OCT26rotation towards calls · wing steepening
-0.30k0.00k+0.30k
27NOV26rotation towards calls
-0.30k0.00k+0.30k
25DEC26limited movement
-0.30k0.00k+0.30k

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.

Completed-session cross-asset context

Crypto volatility against US equity risk.

SOL 30-day implied volatility was 3.1 times VIX, while its 30-session return correlation with SPX was mixed at 0.57.

Implied-volatility premium

SOL 30-day ATM IV was 54.45%, against VIX at 17.31: a 37.14-point spread and 3.15× ratio.

Daily-close realised-volatility regime

SOL reported crypto realised volatility was 44.05%, versus SPX reported realised volatility of 9.12%. The spread ranked at percentile rank 24.9% of 253 prior observations.

Equity co-movement

Return correlation with SPX was 0.567 over 30 aligned sessions and 0.394 over 60 sessions. VIX9D, VIX and VIX3M closed at 16.27, 17.31 and 18.99.

RV comparison basis unverified: this edition does not record the recognised provider methodology for both horizons and annualisation conventions. The displayed spread rank does not establish matched-horizon comparability.

As of 20 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

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

Scheduled edition reference: 2026-10-21 16:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot
2026-10-20 16:31:00 UTC → 2026-10-21 16:31:00 UTC
Report native fit age at scheduled reference
0 minutes

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

Lead signal · 21 Oct 2026, 16:31 UTC

The measurement behind the lead chart

SOL 1W RR25 3.61 vol pts · Δ +6.02 vol pts

SOL percentile rank 100.0% by absolute move · full history (n=40); 1-day moves sampled daily UTC; 2026-09-02 to 2026-10-20

Original report summary

Solana one-week call-minus-put RR25 rose 6.02 volatility points to +3.61 volatility points over the 24-hour observation window from October 20 to October 21, according to Derivasys data. Solana one-week RR25 stood at -2.41 volatility points at the opening snapshot. The sign crossing leaves call-side implied volatility above put-side implied volatility at the measured delta. RR25 compares those sides of the options market; it does not establish an absolute increase in call volatility. The absolute Solana one-week RR25 move reached the 100th percentile against 22 matching daily observations spanning September 22 to October 20. That comparison bounds the historical significance to this sample, while the accompanying decline in near-term ATM implied volatility distinguishes the skew reversal from a general rise in volatility.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: SOL 1W ATM IV 52.96% · Δ -1.59 vol pts

Skew: SOL 1W RR25 3.61 vol pts · Δ +6.02 vol pts

Relative value: SOL 1W IV 52.96% / 7D RV 61.62% · spread -8.66 vol pts

Vol

SOL 1W ATM IV 52.96% · Δ -1.59 vol ptspercentile rank 36.4% by absolute move · 30-day window (n=22); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

Skew

SOL 1W RR25 3.61 vol pts · Δ +6.02 vol ptspercentile rank 100.0% by absolute move · full history (n=40); 1-day moves sampled daily UTC; 2026-09-02 to 2026-10-20

Wings

SOL 1W BF25 3.65 vol pts · Δ -0.20 vol ptspercentile rank 17.5% by absolute move · full history (n=40); 1-day moves sampled daily UTC; 2026-09-02 to 2026-10-20

IV versus RV

SOL 1W IV 52.96% / 7D RV 61.62% · spread -8.66 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 36.4% by absolute move · 30-day window (n=22); 1-day moves sampled daily UTC; 2026-09-22 to 2026-10-20

SOL 1W RR25: percentile rank 100.0% by absolute move · full history (n=40); 1-day moves sampled daily UTC; 2026-09-02 to 2026-10-20

SOL 1W BF25: percentile rank 17.5% by absolute move · full history (n=40); 1-day moves sampled daily UTC; 2026-09-02 to 2026-10-20

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: fd81d77e3b3df354b48cc3234a8e2862b9b5f60df9e595cc531181434928e34c.

Daily options-surface context: active. Quiet describes only daily options-surface movements under the stored operational policy; it makes no weekly stabilization claim.

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 / metricCohortCount / horizonActual boundsOverlap / provenance
SOL 1W atmIvmove30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ee00a06fdf09df14032f5e5b5d313de5ba894ab08ccd7b9bb9f251c3302139cd
SOL 1W atmIvmoveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c34d8c745c30ec9a7fb14b3bd0c817bec1fa7a2bf91c99f82048a83cf97f81b2
SOL 1W atmIvlevelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:9d62b08af281e5f113ad7979f59c8fcf6ba1956a1f93f5ae817a1c17c6d68f90
SOL 1W bf25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:38d9f1ff9f08e351c25288d61f517ca5d5e07a99862d3649e52859a0445dc3d6
SOL 1W bf25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b0ce0b94a6336ed6271e4b34ae604e1042af0e2b73c721ea48f3b238b18a427a
SOL 1W bf25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:0e51a5bd19baeec7bacbda52fd31233aa8713becc159f8f5412ed2721f604ac6
SOL 1W rr25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a9a9eeb324c9190fe735b59cf6e4e427f476e0669c43cebe481d23008a7b5fb7
SOL 1W rr25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d3934438cf4f910d4489f688300ae2d5b44228b804186e82a107e3b51f7e4a92
SOL 1W rr25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c27e741b41d2bf5cca825bb4d9ee62484ada55ff028a2970432a63589a4ef291
SOL 2W atmIvmove30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:daee1760510fbc987e0dc6026478212c16ce51141fb1f879f30b85d2590c2c0f
SOL 2W atmIvmoveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:29923d3e07bff0750381e9573320eaea930d361c64612471433479fe36148149
SOL 2W atmIvlevelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:ab3de46e142fa0988fb0322a93d100d76c7d6bd8f648669d27158311238bc05a
SOL 2W bf25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d86d3799e4db80d66421da0045ca3782f669793171a2cade7be6612c130f2d5d
SOL 2W bf25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:e92daea48155355155a747a7d6a911d6df0d67977f5858576294efd41dc9e568
SOL 2W bf25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d19b30c174b75e690dea4d367913a5308d7137c32289f60746cccc02eed11c5c
SOL 2W rr25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8826cb308a99ae1764b5d8ea3f907a07d74eeac98ab6df2b73d7f0cf80e59bf3
SOL 2W rr25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c3cfc5b7055f65f805086c28d5f2dc3e93922ee4bef7c8445ee84c9450a65126
SOL 2W rr25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:491fefc3e5d4666fe97076faf55b209340646e655db0559c750f490e8634b3ab
SOL 1M atmIvmove30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c390e50b23dd7ad103439cff9973fc7959fcca3e16e81df333494cdb5b43ae58
SOL 1M atmIvmoveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:70c719e1866b187b10ccf33119c2258cf18d13cf2c3cbf6cb4fcb46d07e1d02a
SOL 1M atmIvlevelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d4eb0d99d906e847d1a4a5d8571039b48aa039420a323da8c9b02d6c2026023a
SOL 1M bf25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:83f736c0a9c50e1766d8ea0704054ac9d0ac9cef7c32fec78d24f10d7101775e
SOL 1M bf25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:2288189fa6f7697350ff8b0bf14e77282f858b00f541a210371b0f5b07f8a67b
SOL 1M bf25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:8f3cd2390decd306bf6231d559efe379da2c174b0b7ff854f8177fb3a0df04c5
SOL 1M rr25move30d22 samples; 1 days; daily UTC observations2026-09-22 → 2026-10-20
2026-09-22T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5d63e63addb6a236086a28df08a409573af5c4313140e81356f2477186ee1bed
SOL 1M rr25moveFullHistory40 samples; 1 days; daily UTC observations2026-09-02 → 2026-10-20
2026-09-02T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:7c2846aae6fc43509af97c80926bbdcb80a67cd7a2c26fb06967cad8db46bd11
SOL 1M rr25levelFullHistory47 samples; 0 days; daily UTC observations2026-08-29 → 2026-10-20
2026-08-29T16:31:00+00:00 → 2026-10-20T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:016ce9175e2a02c9ec19df42fa7af91a108ae6fd4c307006c6dfc0705d89c30d
SOL 3M atmIvmove30d2 samples; 1 days; daily UTC observations2026-09-22 → 2026-09-24
2026-09-22T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:21ed67d943f102cd4cc80792c45b14b50e8eccfdefca430eab5ec8cbc082d779
SOL 3M atmIvmoveFullHistory20 samples; 1 days; daily UTC observations2026-09-02 → 2026-09-24
2026-09-02T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c6923fa6d799e72cb6d788a5e302095bc5fecf92d1b62abd6bac153ba2218d19
SOL 3M atmIvlevelFullHistory24 samples; 0 days; daily UTC observations2026-08-29 → 2026-09-24
2026-08-29T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b73b08d17a8c99c0db83f96fff3fb5814623e36ebdc59c7582ead8cf3f9b0f12
SOL 3M bf25move30d2 samples; 1 days; daily UTC observations2026-09-22 → 2026-09-24
2026-09-22T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:c3592668b7306bbbec40e5611c4eee519bbf092f12d29e26e787f2a18bffbfd0
SOL 3M bf25moveFullHistory20 samples; 1 days; daily UTC observations2026-09-02 → 2026-09-24
2026-09-02T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:766db46f15514776c82e68095c81f494632afedcf09d175502fc893aa7ff5f67
SOL 3M bf25levelFullHistory24 samples; 0 days; daily UTC observations2026-08-29 → 2026-09-24
2026-08-29T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:a58f5d7936b1a7fb58c4c250c1ec110e7dc9e3503552999b375c71e78fa569a2
SOL 3M rr25move30d2 samples; 1 days; daily UTC observations2026-09-22 → 2026-09-24
2026-09-22T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:d6d2524b60ffc66b6cf7576ab730150a608eb9fec65b756977c5997f76fff803
SOL 3M rr25moveFullHistory20 samples; 1 days; daily UTC observations2026-09-02 → 2026-09-24
2026-09-02T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:b4e0333e6119be464de81a48e0ec819b79dee9d671a1928d151a0cb5e399f7da
SOL 3M rr25levelFullHistory24 samples; 0 days; daily UTC observations2026-08-29 → 2026-09-24
2026-08-29T16:31:00+00:00 → 2026-09-24T16:31:00+00:00		No period overlap in this cohort; source revision unknown; sha256:5a85db8358ac373ec47f8363ec6540371b860d60d8a3d49d9fa9899619e61a49
SOL 6M atmIvmove30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M atmIvmoveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M atmIvlevelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M bf25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M bf25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M bf25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M rr25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M rr25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 6M rr25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M atmIvmove30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M atmIvmoveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M atmIvlevelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M bf25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M bf25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M bf25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M rr25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M rr25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 9M rr25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y atmIvmove30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y atmIvmoveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y atmIvlevelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y bf25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y bf25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y bf25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y rr25move30d0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y rr25moveFullHistory0 samples; 1 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945
SOL 1Y rr25levelFullHistory0 samples; 0 days; daily UTC observationsUnavailable → Unavailable
Exact start unavailable → Exact end unavailable		No period overlap in this cohort; source revision unknown; sha256:4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945

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

ExpiryΔ aΔ bΔ rhoΔ mΔ sigmaSmile classification
22OCT26+0.02440-0.05860+0.04750-0.01960+0.02440rotation towards calls, wing flattening
23OCT26+0.01180-0.03010+0.09150+0.00330+0.00720rotation towards calls, wing steepening
30OCT26+0.02410-0.02770-0.08400-0.06700-0.10420rotation towards calls, wing steepening
27NOV26+0.01240-0.02710-0.04840-0.04080-0.02850rotation towards calls
25DEC26+0.07140-0.05770-0.06470-0.00890-0.17920limited movement

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 Gamma22OCT26, 0.155363 1 / USD
Highest Theta Decay22OCT26, -0.793822 USD / day
Highest Vanna25DEC26, 0.000834 delta / vol pt
Highest Vega25DEC26, 0.181879 USD / vol pt
Highest Volga25DEC26, -0.000044 USD / vol pt²

7D realised volatility · data quality

AssetRecorded RVStatusCoverage / requiredLongest gap / maximum
SOL61.62%Available100% / 99.5% required0 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 21 Oct 2026, 16:31:00 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
21 Oct 2026, 16:31 UTC
Comparison snapshot
20 Oct 2026, 16:31 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.

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