Daily SOL options market report · 24-hour comparison

Solana options see one-week implied volatility rise 0.92 points to 55.35%

Name: SOL options surface changes for 2026-10-28
Creator: Derivasys
License: https://www.derivasys.com/research-artifact-license/v1

SOL spot fell 0.11%; Skew moved toward puts (-0.46 vol points); Wing premium decreased (-0.20 vol points).

By Sean Gordon — Derivasys Research

Published 28 Oct 2026, 18:53 UTC

Snapshot data and comparison

Snapshot · 28 Oct 2026, 17:31 UTC

Generated timestamp: 2026-10-28T17:34:51+00:00

Scheduled edition reference: 2026-10-28 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot: 2026-10-27 17:31:00 UTC → 2026-10-28 17:31:00 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 -0.11%1W ATM IV 55.35%1W RR25 +0.35 vol pts1W BF25 +3.31 vol pts1W IV − 7D RV +8.82 vol pts

Lead move: SOL 1W ATM IV Δ +0.92 vol pts → 55.35% · percentile rank 25.0% by absolute move · 1-day moves · 30-day window (n=28).

Solana options see one-week implied volatility rise 0.92 points to 55.35%. ATM implied-volatility term structure from Derivasys data. — Source: Derivasys options data. ATM implied-volatility; unsupported tenors remain blank. Cite this report.

Chart download and reuse terms

Download 1280 × 720 chart · Reuse terms

Previous report, watch levels and methodology

Uses the stored headline’s selected tenor. Cutoffs 27 Oct, 17:31 UTC to 28 Oct, 17:31 UTC.

Previous publication · research context

2026-10-27: “Solana options see two-week implied volatility fall 2.38 points to 53.74%”

Previous publication cutoff 27 Oct, 17:31 UTC. Today’s market comparison starts at 27 Oct, 17:31 UTC. Snapshot clocks align for the measured comparison below.

Previous publication JSON · SHA-256 94916ed0f29fc4d6dc00577d9f5277b2b7ba096e38d5d3c0e62020b10f0b11f7

Prior watch: measured outcome

Against the 2026-10-27 daily edition.

SOL 1W ATM IV: prior change -1.78 → current change +0.92 volatility points; direction reversed.
SOL spot-index return: prior change -0.21 → current change -0.11 percent; same direction.
SOL 1W RR25: prior change +1.48 → current change -0.46 volatility points; direction reversed.
SOL 1W BF25: prior change +0.12 → current change -0.20 volatility points; direction reversed.

SOL 2W ATM IV ≤ 53.74 percent (hold the observed endpoint) at 28 Oct, 17:31 UTC: met (observed 53.62 percent).
SOL 2W ATM IV ≥ 56.12 percent (full retrace to the prior endpoint) at 28 Oct, 17:31 UTC: not met (observed 53.62 percent).

Next daily cutoff: measurable checks

Hold the observed level: SOL 1W ATM IV ≥ 55.35 percent at 29 Oct, 17:31 UTC. Current level 55.35; threshold is the current observed endpoint.
Full retrace: SOL 1W ATM IV ≤ 54.43 percent at 29 Oct, 17:31 UTC. Current level 55.35; 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 18593c2d2c681d10edc8b23284710427070bea8e87d3422b26ce252191847944

Prior artifact: /v1/sol/daily/2026-10-27/94916ed0f29fc4d6dc00577d9f5277b2b7ba096e38d5d3c0e62020b10f0b11f7.json · SHA-256 94916ed0f29fc4d6dc00577d9f5277b2b7ba096e38d5d3c0e62020b10f0b11f7

Consumed endpoint proof: cc2f273e02d43bce73b937c5b1fdd1acdff7bcec4165c7f58a70d21a34982c00

SOL:atmIv:1W:observed-current-level: rows[asset=SOL].report.tenors[tenor=1W].atmIv.previous; rows[asset=SOL].report.tenors[tenor=1W].atmIv.current; rows[asset=SOL].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-10-28T17:31:00+00:00 to 2026-10-29T17:31:00+00:00.
SOL:atmIv:1W:observed-previous-level: rows[asset=SOL].report.tenors[tenor=1W].atmIv.previous; rows[asset=SOL].report.tenors[tenor=1W].atmIv.current; rows[asset=SOL].report.tenors[tenor=1W].atmIv.change; evaluation window 2026-10-28T17:31:00+00:00 to 2026-10-29T17:31:00+00:00.

Chart notes

Chart reading: SOL +0.92 vol points between the stored daily endpoints.
Relative-value reading: The reading measures ATM implied volatility at the chart’s stated tenor.
Combined surface read: ATM IV rose (SOL); RR25 moved toward puts (SOL); BF25 wing premium decreased (SOL); 1W IV was above 7D RV (SOL).

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.

Wednesday 28 October

Solana options see one-week implied volatility rise 0.92 points to 55.35%

The 1W ATM IV change for SOL was +0.92 volatility points over the stored comparison.

Cointelegraph reported: “Mirae Asset Securities issues tokenized notes on Solana”. This is background reporting; a direct link to the options observation is not established.

Macro

No qualifying macro event was retained for this report window.

Crypto

Selected canonical sources are retained below as context.

Mirae Asset Securities issues tokenized notes on SolanaCointelegraph · 11:05 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 +0.92 volatility points, to 55.35%.

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 17:31 UTC cutoff, 1W ATM IV was 55.35%, 8.82 volatility points above seven-day realised volatility of 46.53%; 24-hour realised volatility was 40.11% and 30-day realised volatility was 53.62%.

Front end

Front-end ATM IV increased, averaging +0.21 volatility points to 53.73% 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 -0.40 volatility points to 0.79 volatility points across the three available headline tenors.

Convexity

BF25 was broadly unchanged, averaging +0.02 volatility points to 3.58 volatility points across the three available headline tenors.

Largest standard-tenor move

The largest standard-tenor ATM IV move was +0.92 volatility points at 1W, to 55.35%.

24h spot-index return

SOL spot-index return was -0.11% over 24 hours.

7d spot-index return

SOL spot-index return was -6.91% over seven days.

Universe roll: no additions; removed 28OCT26. Comparisons use common expiries only.

05 · Standard-tenor ranking

Largest surface events

Largest eligible smile rotation

6NOV26, -1.72 vol pts

Largest standard-tenor ATM IV move

1W, +0.92 vol pts

Largest standard-tenor RR25 move

1W, -0.46 vol pts

Largest standard-tenor BF25 move

1M, +0.23 vol pts

Largest eligible SVI sigma move

27NOV26, -0.1128 param

Largest eligible SVI rho move

6NOV26, -0.0717 param

06 · ATM volatility

Standard-tenor ATM implied volatility.

Tenor	Current (vol %)	Comparison snapshot (vol %)	Change (vol pts)	Relative change
1W	55.35	54.43	+0.92 vol pts	+1.69%
2W	53.62	53.74	-0.12 vol pts	-0.22%
1M	52.21	52.37	-0.16 vol pts	-0.31%
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 1W.

RR25 moved towards puts, averaging -0.40 volatility points to 0.79 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	0.35	0.81	-0.46 vol pts
2W	0.85	1.31	-0.46 vol pts
1M	1.18	1.45	-0.27 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 1M.

BF25 was broadly unchanged, averaging +0.02 volatility points to 3.58 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	3.31	3.51	-0.20 vol pts
2W	3.59	3.55	+0.04 vol pts
1M	3.84	3.61	+0.23 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

29OCT26, -21.45 vol pts

1.6d

ATM IV change

30OCT26, +4.99 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
29OCT26Expiry effect	0.6 days	100.92	-0.19 USD	60.01%	+7.42 vol pts	-3.70 vol pts	-0.34 vol pts
30OCT26Expiry effect	1.6 days	101.01	-0.09 USD	56.51%	+4.99 vol pts	-0.19 vol pts	-0.45 vol pts
6NOV26	8.6 days	101.02	-0.14 USD	55.28%	+0.40 vol pts	-0.72 vol pts	-0.18 vol pts
27NOV26	29.6 days	101.3	-0.16 USD	52.19%	-0.16 vol pts	-0.27 vol pts	+0.21 vol pts
25DEC26	57.6 days	101.6	-0.09 USD	52.98%	+0.90 vol pts	-0.33 vol pts	+0.01 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.

29OCT26rotation towards puts · wing steepening

30OCT26rotation towards puts · wing steepening

6NOV26rotation towards puts

27NOV26mixed reshaping

25DEC26parallel shift higher

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.

29OCT26

30OCT26

6NOV26

27NOV26

25DEC26

-0.30kATM+0.30k

Completed-session cross-asset context

Crypto volatility against US equity risk.

SOL 30-day implied volatility was 3.0 times VIX, while its 30-session return correlation with SPX was mixed at 0.54.

Implied-volatility premium

SOL 30-day ATM IV was 52.60%, against VIX at 17.52: a 35.08-point spread and 3.00× ratio.

Daily-close realised-volatility regime

SOL reported crypto realised volatility was 45.02%, versus SPX reported realised volatility of 10.12%. The spread ranked at percentile rank 24.0% of 258 prior observations.

Equity co-movement

Return correlation with SPX was 0.537 over 30 aligned sessions and 0.418 over 60 sessions. VIX9D, VIX and VIX3M closed at 16.65, 17.52 and 19.57.

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 27 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: 2026-10-28 17:31:00 UTC. Native observations below retain their actual fit times.

Report comparison baseline → current snapshot: 2026-10-27 17:31:00 UTC → 2026-10-28 17:31:00 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 · 28 Oct 2026, 17:31 UTC

The measurement behind the lead chart

SOL 1W ATM IV 55.35% · Δ +0.92 vol pts

SOL percentile rank 25.0% by absolute move · 30-day window (n=28); 1-day moves sampled daily UTC; 2026-09-29 to 2026-10-27

Original report summary

SOL 1W ATM IV is 55.35 percent, compared with 54.43 percent at the prior cutoff. The diary separates sourced context from measured market changes; the timing of an event alone does not establish a causal link.

At report cutoff · Levels and stored endpoint changes

What matters now

Vol: SOL 1W ATM IV 55.35% · Δ +0.92 vol pts

Skew: SOL 1W RR25 0.35 vol pts · Δ -0.46 vol pts

Relative value: SOL 1W IV 55.35% / 7D RV 46.53% · spread +8.82 vol pts

Vol

SOL 1W ATM IV 55.35% · Δ +0.92 vol ptspercentile rank 25.0% by absolute move · 30-day window (n=28); 1-day moves sampled daily UTC; 2026-09-29 to 2026-10-27

Skew

SOL 1W RR25 0.35 vol pts · Δ -0.46 vol ptspercentile rank 28.6% by absolute move · 30-day window (n=28); 1-day moves sampled daily UTC; 2026-09-29 to 2026-10-27

Wings

SOL 1W BF25 3.31 vol pts · Δ -0.20 vol ptspercentile rank 25.9% by absolute move · full history (n=54); 1-day moves sampled daily UTC; 2026-08-28 to 2026-10-27

IV versus RV

SOL 1W IV 55.35% / 7D RV 46.53% · spread +8.82 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 25.0% by absolute move · 30-day window (n=28); 1-day moves sampled daily UTC; 2026-09-29 to 2026-10-27

SOL 1W RR25: percentile rank 28.6% by absolute move · 30-day window (n=28); 1-day moves sampled daily UTC; 2026-09-29 to 2026-10-27

SOL 1W BF25: percentile rank 25.9% by absolute move · full history (n=54); 1-day moves sampled daily UTC; 2026-08-28 to 2026-10-27

Technical appendix: measurement and history provenance

Download the full canonical report and evidence receipts (JSON). Artifact SHA-256: 18593c2d2c681d10edc8b23284710427070bea8e87d3422b26ce252191847944.

Solana options see one-week implied volatility rise 0.92 points to 55.35% 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 / metric	Cohort	Count / horizon	Actual bounds	Overlap / provenance
SOL 1W atmIv	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d03fc70b0d5d5960d08523ed9eeac2b906cfa2ec1d340a8788ec7a6c5a223f06`
SOL 1W atmIv	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c8af354a3a1a3d2a412f6d4dc2e47756bb983d621cdd6ddb780cc0a22499c75a`
SOL 1W atmIv	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a22779f6f5746ff22ba2e25bfdc168a791f7ca15749cdde51a63a0b63bca3fc8`
SOL 1W bf25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:85dc7925a212261ab1ed2ecbfbd6c0fad3eb5f0e64a0fdb80df6a252d308a0a9`
SOL 1W bf25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8a5fccd09d07d348dab5031cec259153aae108eab7e7718f3af7570d3fa9630d`
SOL 1W bf25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:89458a4836fd62fcebb459ed2819c762b676c8ec5661fe5824efd9c6eedb81cd`
SOL 1W rr25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:32b960ba13b0e6b63e2dc438934e129498068203740198f720355f54b3b7dc40`
SOL 1W rr25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:c07096ed87af3741042f00e882f4e96b94bbb90dedad127643e83a3233905cf5`
SOL 1W rr25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:2003a8484543831d0058e4492e27af44de7a7afc771f5cbfc5906bde1909edf7`
SOL 2W atmIv	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e561e4bc2ff8c4cb2ee872652b95b0943f08808ba8cc105aac4079abbb874740`
SOL 2W atmIv	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e7d4afd428ddeba1960ec24ca5b7e1f57e48acca38c5a56bc33ee08e6155a2b1`
SOL 2W atmIv	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:6cd331f30fb7fa60cc50a134723197108e6cb8a7f0210341436fc5e022cfbe8f`
SOL 2W bf25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:b7a5909f0eea0a944269949d9bbbd8d78c24cd2437c9e441bbbef27e58f8afeb`
SOL 2W bf25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:57198e370d010f14c430162b11ea375ad361f14bfb2c715e54e3524139986eab`
SOL 2W bf25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:0d6e447aaf6edd539ef6f7acdc5d97ae34fb6b271a90a7868e55156dae162262`
SOL 2W rr25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:58b8d651cde77a861cfea151235b4b0431eb3174cf17ba202f9d9312930ed0a4`
SOL 2W rr25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:a11ba94de14105d62837599146c76d361e0970a7e64d04b1a53f56e8c5c14493`
SOL 2W rr25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:70255088164afed72c2d8f1461049d7a59a7ace22e4bc709fed0aec9e68eae61`
SOL 1M atmIv	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:87092eb5cd01463840ce98928b3a00b857e313635dc043c455e1bb56ffc9b82d`
SOL 1M atmIv	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8b1bc08a82685e0c492a0e831a8100cac7e9e934fc962f79980c629a58ddc2c4`
SOL 1M atmIv	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:e3939f30d3a2d6f62c8da3baa5c1cfb2cde50934a5175f43688b8715482d605c`
SOL 1M bf25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:4cdce1f85ddfb280a4296ee990123411daa35afb7d27e4cf9c795d86f2543924`
SOL 1M bf25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:83e9004f3c958391d43097ada88e8337071d891c2a7e536a2b6d12dd74f591f4`
SOL 1M bf25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:3f499f31bf0cd6be98ce949ada1f79059ddbd2f7f36a309c8959229c501c2bda`
SOL 1M rr25	move30d	28 samples; 1 days; daily UTC observations	2026-09-29 → 2026-10-27 2026-09-29T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:78c9af8f43f8bec2edd41a04fb4ebad33bbd466c231e7a066cb755e294a739fb`
SOL 1M rr25	moveFullHistory	54 samples; 1 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:047302a745450f12a2fe4db0d5bb200936ed644ee31f209345076c7b5dc5cff2`
SOL 1M rr25	levelFullHistory	58 samples; 0 days; daily UTC observations	2026-08-28 → 2026-10-27 2026-08-28T17:31:00+00:00 → 2026-10-27T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:25405757e5905fc1ea1c714252d673604a18b6eea5bf38c891aec21db81e9af9`
SOL 3M 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 3M atmIv	moveFullHistory	23 samples; 1 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:eabe301979cbc75ac14f996456138b35e52b3339205922334d83da2d8b578bf7`
SOL 3M atmIv	levelFullHistory	26 samples; 0 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d2d1554ad6103fa2fa9840ad60ad067033fad288080832c8f0e2375af6ae0efe`
SOL 3M 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 3M bf25	moveFullHistory	23 samples; 1 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:d824c6eb95ea332596ba282ac58ef9bb99c411c776686c25577708d0873efcfc`
SOL 3M bf25	levelFullHistory	26 samples; 0 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:ea37ef03fcb7df37c2fe4e32d3168e94ebb6aa4fe437f630879d49b9be2ca7aa`
SOL 3M 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 3M rr25	moveFullHistory	23 samples; 1 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:8f4f205339259ade2bf7e4ef18c57f629f40725caa126c49cf9da870c28b287f`
SOL 3M rr25	levelFullHistory	26 samples; 0 days; daily UTC observations	2026-08-28 → 2026-09-24 2026-08-28T17:31:00+00:00 → 2026-09-24T17:31:00+00:00	No period overlap in this cohort; source revision unknown; `sha256:6b60fa16d9b1581c5fba1cf1e8f1286994f07cb66e87496db52b01fa430ebf88`
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`

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 6NOV26; the largest sigma change occurred at 27NOV26.

Expiry	Δ a	Δ b	Δ rho	Δ m	Δ sigma	Smile classification
29OCT26	+0.11670	-0.09570	-0.05300	+0.02780	-0.46080	rotation towards puts, wing steepening
30OCT26	+0.01470	-0.02950	-0.00710	-0.00350	+0.00120	rotation towards puts, wing steepening
6NOV26	+0.02280	-0.02260	-0.07170	-0.02390	-0.07320	rotation towards puts
27NOV26	+0.02910	-0.02580	+0.00240	+0.02090	-0.11280	mixed reshaping
25DEC26	+0.02400	-0.02690	-0.00570	+0.01210	-0.07490	parallel shift higher

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 Gamma29OCT26, 0.161992 1 / USD

Highest Theta Decay29OCT26, -0.8139 USD / day

Highest Vanna25DEC26, 0.000788 delta / vol pt

Highest Vega25DEC26, 0.160132 USD / vol pt

Highest Volga25DEC26, -0.000033 USD / vol pt²

7D realised volatility · data quality

Asset	Recorded RV	Status	Coverage / required	Longest gap / maximum
SOL	46.53%	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 28 Oct 2026, 17:31:00 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: 28 Oct 2026, 17:31 UTC
Comparison snapshot: 27 Oct 2026, 17:31 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.

Continue through Derivasys

From today’s report to the underlying methods.

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Previous publication · research context

Prior watch: measured outcome

Next daily cutoff: measurable checks

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 1W.

BF25 convexity changed most at 1M.

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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