{
  "schemaVersion": 1,
  "currency": "ALTS",
  "reportDate": "2026-09-03",
  "generatedAt": "2026-09-03T16:59:38+00:00",
  "currentSnapshotAt": "2026-09-03T16:38:00+00:00",
  "comparisonCutoffAt": "2026-09-03T16:38:00+00:00",
  "headline": "Altcoin options value gap leaves AVAX richest versus realised volatility",
  "standfirst": "AVAX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility. One-week ATM IV level dispersion across the altcoin complex has compressed, with HYPE highest and TRX lowest.",
  "marketSummary": "Altcoin one-week ATM IV level dispersion narrowed by 7.34 volatility points to 42.57 volatility points between HYPE and TRX.",
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          "percentChange": 8.96
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      },
      "realisedVolatility": {
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      "realisedVolatilityUnavailableReason": null
    },
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      },
      "nearestEligibleForward": {
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      },
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        "oneWeekAtmIvPercent": 65.45,
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        "oneWeekIvMinus30dRvPoints": -18.91
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      "realisedVolatilityUnavailableReason": null
    },
    {
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      ],
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      },
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        "oneWeekAtmIvPercent": 54.05,
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      "realisedVolatilityUnavailableReason": null
    },
    {
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      },
      "realisedVolatility": {
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        "oneWeekIvMinus7dRvPoints": 6.1,
        "oneWeekIvMinus24hRvPoints": 8.13,
        "oneWeekIvMinus30dRvPoints": 5.16
      },
      "realisedVolatilityUnavailableReason": null
    }
  ],
  "crossAssetAnalysis": {
    "schemaVersion": 1,
    "purpose": "Identify what is unusual across the altcoin options complex, not produce four mini reports.",
    "assets": [
      "XRP",
      "HYPE",
      "AVAX",
      "TRX"
    ],
    "comparableAssets": [
      "XRP",
      "HYPE",
      "AVAX",
      "TRX"
    ],
    "oneWeek": {
      "atmIvLevel": {
        "leader": "HYPE",
        "laggard": "TRX",
        "highest": 65.45,
        "lowest": 22.88,
        "spread": 42.57,
        "highestToLowestRatio": 2.8606,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": 65.45,
        "values": [
          {
            "asset": "XRP",
            "value": 58.25
          },
          {
            "asset": "HYPE",
            "value": 65.45
          },
          {
            "asset": "AVAX",
            "value": 54.05
          },
          {
            "asset": "TRX",
            "value": 22.88
          }
        ],
        "previousSpread": 49.91,
        "spreadChange": -7.34,
        "dispersionDirection": "compressing"
      },
      "atmIvChange": {
        "leader": "TRX",
        "laggard": "HYPE",
        "highest": 3.66,
        "lowest": -3.68,
        "spread": 7.34,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": -3.68,
        "values": [
          {
            "asset": "XRP",
            "value": -1.0
          },
          {
            "asset": "HYPE",
            "value": -3.68
          },
          {
            "asset": "AVAX",
            "value": 0.63
          },
          {
            "asset": "TRX",
            "value": 3.66
          }
        ]
      },
      "rr25Level": {
        "leader": "XRP",
        "laggard": "AVAX",
        "highest": 4.37,
        "lowest": 0.16,
        "spread": 4.21,
        "highestToLowestRatio": 27.3125,
        "largestAbsoluteMoveAsset": "XRP",
        "largestAbsoluteMoveValue": 4.37,
        "values": [
          {
            "asset": "XRP",
            "value": 4.37
          },
          {
            "asset": "HYPE",
            "value": 3.89
          },
          {
            "asset": "AVAX",
            "value": 0.16
          },
          {
            "asset": "TRX",
            "value": 0.64
          }
        ],
        "previousSpread": 3.28,
        "spreadChange": 0.93,
        "dispersionDirection": "widening"
      },
      "rr25Change": {
        "leader": "XRP",
        "laggard": "TRX",
        "highest": 4.63,
        "lowest": -2.38,
        "spread": 7.01,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "XRP",
        "largestAbsoluteMoveValue": 4.63,
        "values": [
          {
            "asset": "XRP",
            "value": 4.63
          },
          {
            "asset": "HYPE",
            "value": 2.79
          },
          {
            "asset": "AVAX",
            "value": 0.07
          },
          {
            "asset": "TRX",
            "value": -2.38
          }
        ]
      }
    },
    "relativeVolatilityLeader": {
      "asset": "HYPE",
      "metric": "absolute 1W ATM IV change",
      "value": -3.68
    },
    "termStructure": {
      "definition": "1Y minus 1W ATM IV, in volatility points",
      "currentSlope": {
        "leader": "AVAX",
        "laggard": "TRX",
        "highest": 0.62,
        "lowest": -1.67,
        "spread": 2.29,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "TRX",
        "largestAbsoluteMoveValue": -1.67,
        "values": [
          {
            "asset": "XRP",
            "value": -0.96
          },
          {
            "asset": "HYPE",
            "value": -0.03
          },
          {
            "asset": "AVAX",
            "value": 0.62
          },
          {
            "asset": "TRX",
            "value": -1.67
          }
        ],
        "previousSpread": 2.79,
        "spreadChange": -0.5,
        "dispersionDirection": "compressing"
      },
      "slopeChange": {
        "leader": "HYPE",
        "laggard": "XRP",
        "highest": 1.83,
        "lowest": -1.07,
        "spread": 2.9,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": 1.83,
        "values": [
          {
            "asset": "XRP",
            "value": -1.07
          },
          {
            "asset": "HYPE",
            "value": 1.83
          },
          {
            "asset": "AVAX",
            "value": -0.31
          },
          {
            "asset": "TRX",
            "value": -1.02
          }
        ]
      }
    },
    "relativeValue": {
      "ivMinusRealised7d": {
        "leader": "AVAX",
        "laggard": "XRP",
        "highest": 6.38,
        "lowest": -5.43,
        "spread": 11.81,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "AVAX",
        "largestAbsoluteMoveValue": 6.38,
        "values": [
          {
            "asset": "XRP",
            "value": -5.43
          },
          {
            "asset": "HYPE",
            "value": -3.69
          },
          {
            "asset": "AVAX",
            "value": 6.38
          },
          {
            "asset": "TRX",
            "value": 6.1
          }
        ]
      },
      "spotPerformance24h": {
        "leader": "XRP",
        "laggard": "TRX",
        "highest": 9.39,
        "lowest": 2.51,
        "spread": 6.88,
        "highestToLowestRatio": 3.741,
        "largestAbsoluteMoveAsset": "XRP",
        "largestAbsoluteMoveValue": 9.39,
        "values": [
          {
            "asset": "XRP",
            "value": 9.39
          },
          {
            "asset": "HYPE",
            "value": 2.58
          },
          {
            "asset": "AVAX",
            "value": 5.16
          },
          {
            "asset": "TRX",
            "value": 2.51
          }
        ]
      }
    },
    "rankings": {
      "oneWeekAtmIvLevel": [
        {
          "rank": 1,
          "asset": "HYPE",
          "value": 65.45,
          "previousRank": 1,
          "rankChange": 0
        },
        {
          "rank": 2,
          "asset": "XRP",
          "value": 58.25,
          "previousRank": 2,
          "rankChange": 0
        },
        {
          "rank": 3,
          "asset": "AVAX",
          "value": 54.05,
          "previousRank": 3,
          "rankChange": 0
        },
        {
          "rank": 4,
          "asset": "TRX",
          "value": 22.88,
          "previousRank": 4,
          "rankChange": 0
        }
      ],
      "oneWeekAtmIvChange": [
        {
          "rank": 1,
          "asset": "TRX",
          "value": 3.66,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 2,
          "asset": "AVAX",
          "value": 0.63,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 3,
          "asset": "XRP",
          "value": -1.0,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 4,
          "asset": "HYPE",
          "value": -3.68,
          "previousRank": null,
          "rankChange": null
        }
      ],
      "oneWeekAtmIvAbsoluteMove": [
        {
          "rank": 1,
          "asset": "HYPE",
          "value": -3.68,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 2,
          "asset": "TRX",
          "value": 3.66,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 3,
          "asset": "XRP",
          "value": -1.0,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 4,
          "asset": "AVAX",
          "value": 0.63,
          "previousRank": null,
          "rankChange": null
        }
      ],
      "ivMinusRealised7d": [
        {
          "rank": 1,
          "asset": "AVAX",
          "value": 6.38,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 2,
          "asset": "TRX",
          "value": 6.1,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 3,
          "asset": "HYPE",
          "value": -3.69,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 4,
          "asset": "XRP",
          "value": -5.43,
          "previousRank": null,
          "rankChange": null
        }
      ],
      "oneWeekRr25CallRichness": [
        {
          "rank": 1,
          "asset": "XRP",
          "value": 4.37,
          "previousRank": 4,
          "rankChange": 3
        },
        {
          "rank": 2,
          "asset": "HYPE",
          "value": 3.89,
          "previousRank": 2,
          "rankChange": 0
        },
        {
          "rank": 3,
          "asset": "TRX",
          "value": 0.64,
          "previousRank": 1,
          "rankChange": -2
        },
        {
          "rank": 4,
          "asset": "AVAX",
          "value": 0.16,
          "previousRank": 3,
          "rankChange": -1
        }
      ],
      "oneWeekRr25PutRichness": [
        {
          "rank": 1,
          "asset": "AVAX",
          "value": 0.16,
          "previousRank": 2,
          "rankChange": 1
        },
        {
          "rank": 2,
          "asset": "TRX",
          "value": 0.64,
          "previousRank": 4,
          "rankChange": 2
        },
        {
          "rank": 3,
          "asset": "HYPE",
          "value": 3.89,
          "previousRank": 3,
          "rankChange": 0
        },
        {
          "rank": 4,
          "asset": "XRP",
          "value": 4.37,
          "previousRank": 1,
          "rankChange": -3
        }
      ],
      "termStructureSlope": [
        {
          "rank": 1,
          "asset": "AVAX",
          "value": 0.62,
          "previousRank": 1,
          "rankChange": 0
        },
        {
          "rank": 2,
          "asset": "HYPE",
          "value": -0.03,
          "previousRank": 4,
          "rankChange": 2
        },
        {
          "rank": 3,
          "asset": "XRP",
          "value": -0.96,
          "previousRank": 2,
          "rankChange": -1
        },
        {
          "rank": 4,
          "asset": "TRX",
          "value": -1.67,
          "previousRank": 3,
          "rankChange": -1
        }
      ],
      "termStructureSlopeChange": [
        {
          "rank": 1,
          "asset": "HYPE",
          "value": 1.83,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 2,
          "asset": "XRP",
          "value": -1.07,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 3,
          "asset": "TRX",
          "value": -1.02,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 4,
          "asset": "AVAX",
          "value": -0.31,
          "previousRank": null,
          "rankChange": null
        }
      ],
      "spotPerformance24h": [
        {
          "rank": 1,
          "asset": "XRP",
          "value": 9.39,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 2,
          "asset": "AVAX",
          "value": 5.16,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 3,
          "asset": "HYPE",
          "value": 2.58,
          "previousRank": null,
          "rankChange": null
        },
        {
          "rank": 4,
          "asset": "TRX",
          "value": 2.51,
          "previousRank": null,
          "rankChange": null
        }
      ]
    },
    "outliers": [
      {
        "metric": "1W ATM IV change",
        "asset": "TRX",
        "value": 3.66,
        "groupMedian": -0.18,
        "distanceFromMedian": 3.85
      },
      {
        "metric": "1W ATM IV level",
        "asset": "TRX",
        "value": 22.88,
        "groupMedian": 56.15,
        "distanceFromMedian": -33.27
      },
      {
        "metric": "1W RR25 level",
        "asset": "XRP",
        "value": 4.37,
        "groupMedian": 2.27,
        "distanceFromMedian": 2.1
      },
      {
        "metric": "1Y minus 1W ATM IV slope",
        "asset": "TRX",
        "value": -1.67,
        "groupMedian": -0.5,
        "distanceFromMedian": -1.17
      },
      {
        "metric": "1W IV minus 7D realised volatility",
        "asset": "XRP",
        "value": -5.43,
        "groupMedian": 1.2,
        "distanceFromMedian": -6.63
      }
    ],
    "relativeValueObservation": {
      "richestAsset": "AVAX",
      "cheapestAsset": "XRP",
      "spread": 11.81,
      "metric": "1W ATM IV minus 7D realised volatility",
      "interpretation": "AVAX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 11.81-point cross-sectional range."
    },
    "historicalContext": {
      "minimumObservations": 20,
      "observations": 5,
      "oneWeekAtmIvLevelDispersionPercentile": null,
      "oneWeekAtmIvChangeDispersionPercentile": null,
      "oneWeekRr25LevelDispersionPercentile": null,
      "termStructureDispersionPercentile": null,
      "ivMinusRealisedDispersionPercentile": null,
      "availabilityNote": "Cross-sectional percentiles require 20 prior aligned reports."
    },
    "correlations": {
      "metric": "nearestEligibleForwardPercentChange",
      "minimumObservations": 10,
      "lookbackObservations": 30,
      "pairs": [
        {
          "assets": [
            "XRP",
            "HYPE"
          ],
          "value": null,
          "observations": 5
        },
        {
          "assets": [
            "XRP",
            "AVAX"
          ],
          "value": null,
          "observations": 5
        },
        {
          "assets": [
            "XRP",
            "TRX"
          ],
          "value": null,
          "observations": 5
        },
        {
          "assets": [
            "HYPE",
            "AVAX"
          ],
          "value": null,
          "observations": 5
        },
        {
          "assets": [
            "HYPE",
            "TRX"
          ],
          "value": null,
          "observations": 5
        },
        {
          "assets": [
            "AVAX",
            "TRX"
          ],
          "value": null,
          "observations": 5
        }
      ],
      "availabilityNote": "Pair correlations require 10 aligned prior reports."
    },
    "evidence": [
      {
        "id": "alts-cross-1w-atm-change-dispersion",
        "metric": "1W ATM IV change dispersion",
        "unit": "volatility points",
        "leader": "TRX",
        "laggard": "HYPE",
        "highest": 3.66,
        "lowest": -3.68,
        "spread": 7.34,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": -3.68,
        "values": [
          {
            "asset": "XRP",
            "value": -1.0
          },
          {
            "asset": "HYPE",
            "value": -3.68
          },
          {
            "asset": "AVAX",
            "value": 0.63
          },
          {
            "asset": "TRX",
            "value": 3.66
          }
        ]
      },
      {
        "id": "alts-cross-1w-atm-level-dispersion",
        "metric": "1W ATM IV level dispersion",
        "unit": "volatility points",
        "leader": "HYPE",
        "laggard": "TRX",
        "highest": 65.45,
        "lowest": 22.88,
        "spread": 42.57,
        "highestToLowestRatio": 2.8606,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": 65.45,
        "values": [
          {
            "asset": "XRP",
            "value": 58.25
          },
          {
            "asset": "HYPE",
            "value": 65.45
          },
          {
            "asset": "AVAX",
            "value": 54.05
          },
          {
            "asset": "TRX",
            "value": 22.88
          }
        ],
        "previousSpread": 49.91,
        "spreadChange": -7.34,
        "dispersionDirection": "compressing"
      },
      {
        "id": "alts-cross-1w-rr25-dispersion",
        "metric": "1W RR25 level dispersion",
        "unit": "volatility points",
        "leader": "XRP",
        "laggard": "AVAX",
        "highest": 4.37,
        "lowest": 0.16,
        "spread": 4.21,
        "highestToLowestRatio": 27.3125,
        "largestAbsoluteMoveAsset": "XRP",
        "largestAbsoluteMoveValue": 4.37,
        "values": [
          {
            "asset": "XRP",
            "value": 4.37
          },
          {
            "asset": "HYPE",
            "value": 3.89
          },
          {
            "asset": "AVAX",
            "value": 0.16
          },
          {
            "asset": "TRX",
            "value": 0.64
          }
        ],
        "previousSpread": 3.28,
        "spreadChange": 0.93,
        "dispersionDirection": "widening"
      },
      {
        "id": "alts-cross-term-structure-divergence",
        "metric": "1Y minus 1W ATM IV slope dispersion",
        "unit": "volatility points",
        "leader": "AVAX",
        "laggard": "TRX",
        "highest": 0.62,
        "lowest": -1.67,
        "spread": 2.29,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "TRX",
        "largestAbsoluteMoveValue": -1.67,
        "values": [
          {
            "asset": "XRP",
            "value": -0.96
          },
          {
            "asset": "HYPE",
            "value": -0.03
          },
          {
            "asset": "AVAX",
            "value": 0.62
          },
          {
            "asset": "TRX",
            "value": -1.67
          }
        ],
        "previousSpread": 2.79,
        "spreadChange": -0.5,
        "dispersionDirection": "compressing"
      },
      {
        "id": "alts-cross-iv-minus-realised-dispersion",
        "metric": "1W IV minus 7D realised volatility dispersion",
        "unit": "volatility points",
        "leader": "AVAX",
        "laggard": "XRP",
        "highest": 6.38,
        "lowest": -5.43,
        "spread": 11.81,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "AVAX",
        "largestAbsoluteMoveValue": 6.38,
        "values": [
          {
            "asset": "XRP",
            "value": -5.43
          },
          {
            "asset": "HYPE",
            "value": -3.69
          },
          {
            "asset": "AVAX",
            "value": 6.38
          },
          {
            "asset": "TRX",
            "value": 6.1
          }
        ]
      },
      {
        "id": "alts-cross-spot-performance",
        "metric": "24H spot performance dispersion",
        "unit": "percentage points",
        "leader": "XRP",
        "laggard": "TRX",
        "highest": 9.39,
        "lowest": 2.51,
        "spread": 6.88,
        "highestToLowestRatio": 3.741,
        "largestAbsoluteMoveAsset": "XRP",
        "largestAbsoluteMoveValue": 9.39,
        "values": [
          {
            "asset": "XRP",
            "value": 9.39
          },
          {
            "asset": "HYPE",
            "value": 2.58
          },
          {
            "asset": "AVAX",
            "value": 5.16
          },
          {
            "asset": "TRX",
            "value": 2.51
          }
        ]
      },
      {
        "id": "alts-cross-term-structure-change",
        "metric": "1Y minus 1W ATM IV slope change dispersion",
        "unit": "volatility points",
        "leader": "HYPE",
        "laggard": "XRP",
        "highest": 1.83,
        "lowest": -1.07,
        "spread": 2.9,
        "highestToLowestRatio": null,
        "largestAbsoluteMoveAsset": "HYPE",
        "largestAbsoluteMoveValue": 1.83,
        "values": [
          {
            "asset": "XRP",
            "value": -1.07
          },
          {
            "asset": "HYPE",
            "value": 1.83
          },
          {
            "asset": "AVAX",
            "value": -0.31
          },
          {
            "asset": "TRX",
            "value": -1.02
          }
        ]
      }
    ]
  },
  "newsContext": {
    "outcome": "No sufficiently relevant altcoin-specific context identified",
    "summary": "No canonical XRP, HYPE, AVAX or TRX event qualified inside the comparison window.",
    "events": []
  },
  "methodology": {
    "source": "Stored Derivasys SVI surfaces",
    "comparison": "Latest successful snapshot at or before the common cutoff versus the nearest successful snapshot 24 hours earlier, within a three-hour tolerance.",
    "availability": "Current levels remain visible when a 24-hour baseline does not yet exist; changes stay null rather than being inferred from a shorter window."
  },
  "comparedListedExpiries": 16,
  "summaryMetrics": {
    "basis": "Equal-weight average across assets with a valid 24-hour baseline",
    "unit": "volatility points",
    "atmIvChange": -0.1,
    "rr25Change": 1.28,
    "bf25Change": -0.32
  },
  "commentary": {
    "source": "codex",
    "model": "gpt-5.6-terra",
    "headline": "AVAX leads the altcoin options value comparison",
    "executiveSummary": "Altcoin one-week ATM IV level dispersion narrowed by 7.34 volatility points to 42.57 volatility points between HYPE and TRX.",
    "evidenceIds": [
      "alts-cross-iv-minus-realised-dispersion",
      "alts-cross-1w-atm-level-dispersion"
    ],
    "newsSummary": "News Check: no qualifying event materially clarified the cross-sectional options move.",
    "marketContextSummary": "No retained news provides a direct assessment of the options repricing.",
    "marketContext": [],
    "newsEvidenceIds": []
  },
  "newsEvidence": {
    "schemaVersion": 1,
    "source": "local-news-mcp",
    "generatedAt": "2026-09-03T16:38:00+00:00",
    "window": {
      "startAt": "2026-09-02T16:38:00+00:00",
      "endAt": "2026-09-03T16:38:00+00:00",
      "endExclusive": true
    },
    "coverage": {
      "configuredSources": 1,
      "successfulSources": 1,
      "failedSources": 0
    },
    "provenance": {
      "collectionArchitecture": "central-canonical-event-store",
      "mcpServersQueried": 1,
      "assetScopedQueries": 4,
      "macroQueries": 1,
      "canonicalEventsConsidered": 0,
      "publishersRepresented": 0,
      "upstreamFeedCount": null,
      "coverageNote": "The local news MCP exposes canonical events, not its upstream feed inventory; legacy feed-count fields below describe the single MCP endpoint and are not comparable with the former RSS collector."
    },
    "selection": {
      "feedsQueried": 1,
      "publishersQueried": 0,
      "feedEntriesScanned": 8,
      "articlesPassingTimeFilter": 0,
      "articlesPassingSourceRelevanceRules": 0,
      "articlesPassingSelectionThreshold": 0,
      "storiesSelected": 0,
      "selectedPublishers": 0,
      "maximumStories": 3,
      "maximumStoriesPerPublisher": 2,
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