{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-10", "generatedAt": "2026-09-10T16:33:55+00:00", "currentSnapshotAt": "2026-09-10T16:30:00+00:00", "comparisonCutoffAt": "2026-09-10T16:30:00+00:00", "headline": "Altcoin options: TRX leads XRP in implied-versus-realised volatility", "standfirst": "Altcoin options showed a pronounced one-week valuation split at the 16:30 UTC cutoff: TRX implied volatility stood 4.88 volatility points above seven-day realised volatility, while XRP sat 4.16 points below it. That 9.04-point gap leaves TRX relatively rich and XRP relatively cheap on this measure, according to DerivaSys data. The comparison is cross-sectional rather than a statement about a catalyst.", "marketSummary": "TRX held the highest one-week implied-versus-realised premium at 4.88 volatility points, while XRP registered the lowest reading at minus 4.16 points. The resulting 9.04-point range was the defining relative-value feature across the covered altcoin options complex.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-10T16:30:00+00:00", "previousSnapshotAt": "2026-09-09T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.89, "previous": 54.16, "change": -0.27, "percentChange": -0.5 }, "rr25": { "current": -1.94, "previous": 2.52, "change": -4.46, "percentChange": -176.98 }, "bf25": { "current": 3.04, "previous": 2.86, "change": 0.18, "percentChange": 6.29 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.77, "previous": 53.38, "change": -0.61, "percentChange": -1.14 }, "rr25": { "current": 1.36, "previous": 2.27, "change": -0.91, "percentChange": -40.09 }, "bf25": { "current": 3.56, "previous": 3.25, "change": 0.31, "percentChange": 9.54 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.43, "previous": 51.64, "change": 0.79, "percentChange": 1.53 }, "rr25": { "current": 1.58, "previous": 2.7, "change": -1.12, "percentChange": -41.48 }, "bf25": { "current": 3.32, "previous": 3.3, "change": 0.02, "percentChange": 0.61 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 51.55, "previous": 50.51, "change": 1.04, "percentChange": 2.06 }, "rr25": { "current": 1.84, "previous": 2.99, "change": -1.15, "percentChange": -38.46 }, "bf25": { "current": 3.16, "previous": 3.27, "change": -0.11, "percentChange": -3.36 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.89, "previous": 54.16, "change": -0.27, "percentChange": -0.5 }, "rr25": { "current": -1.94, "previous": 2.52, "change": -4.46, "percentChange": -176.98 }, "bf25": { "current": 3.04, "previous": 2.86, "change": 0.18, "percentChange": 6.29 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 7.646, "forward": { "current": 1.35, "previous": 1.42, "change": -0.07, "percentChange": -4.93 } }, "realisedVolatility": { "source": "canonical/XRP-USDC-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 35, "fallbackPolicy": "Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-10T16:30:00+00:00", "spotWindowStart": "2026-09-09T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -5.11, "rv24hPercent": 54.4, "rv7dPercent": 58.05, "rv30dPercent": 88.71, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 53.89, "oneWeekIvMinus7dRvPoints": -4.16, "oneWeekIvMinus24hRvPoints": -0.51, "oneWeekIvMinus30dRvPoints": -34.82 }, "realisedVolatilityUnavailableReason": null }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-10T16:30:00+00:00", "previousSnapshotAt": "2026-09-09T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 64.73, "previous": 63.1, "change": 1.63, "percentChange": 2.58 }, "rr25": { "current": -2.51, "previous": 2.67, "change": -5.18, "percentChange": -194.01 }, "bf25": { "current": 4.05, "previous": 4.51, "change": -0.46, "percentChange": -10.2 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.76, "previous": 63.49, "change": 0.27, "percentChange": 0.43 }, "rr25": { "current": 0.92, "previous": 3.51, "change": -2.59, "percentChange": -73.79 }, "bf25": { "current": 4.2, "previous": 4.95, "change": -0.75, "percentChange": -15.15 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.19, "previous": 63.05, "change": 0.14, "percentChange": 0.22 }, "rr25": { "current": 2.07, "previous": 6.18, "change": -4.11, "percentChange": -66.5 }, "bf25": { "current": 4.89, "previous": 5.44, "change": -0.55, "percentChange": -10.11 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.36, "previous": 64.15, "change": -1.79, "percentChange": -2.79 }, "rr25": { "current": 3.37, "previous": 6.54, "change": -3.17, "percentChange": -48.47 }, "bf25": { "current": 5.03, "previous": 5.1, "change": -0.07, "percentChange": -1.37 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 64.73, "previous": 63.1, "change": 1.63, "percentChange": 2.58 }, "rr25": { "current": -2.51, "previous": 2.67, "change": -5.18, "percentChange": -194.01 }, "bf25": { "current": 4.05, "previous": 4.51, "change": -0.46, "percentChange": -10.2 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 7.646, "forward": { "current": 79.34, "previous": 85.09, "change": -5.75, "percentChange": -6.76 } }, "realisedVolatility": { "source": "canonical/HYPE-USDC-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 35, "fallbackPolicy": "Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-10T16:30:00+00:00", "spotWindowStart": "2026-09-09T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -7.08, "rv24hPercent": 73.26, "rv7dPercent": 63.19, "rv30dPercent": 86.7, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 64.73, "oneWeekIvMinus7dRvPoints": 1.54, "oneWeekIvMinus24hRvPoints": -8.53, "oneWeekIvMinus30dRvPoints": -21.97 }, "realisedVolatilityUnavailableReason": null }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-10T16:30:00+00:00", "previousSnapshotAt": "2026-09-09T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.45, "previous": 56.5, "change": 1.95, "percentChange": 3.45 }, "rr25": { "current": 2.02, "previous": 2.69, "change": -0.67, "percentChange": -24.91 }, "bf25": { "current": 3.58, "previous": 3.57, "change": 0.01, "percentChange": 0.28 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.81, "previous": 57.0, "change": 0.81, "percentChange": 1.42 }, "rr25": { "current": 0.42, "previous": 0.43, "change": -0.01, "percentChange": -2.33 }, "bf25": { "current": 3.28, "previous": 3.09, "change": 0.19, "percentChange": 6.15 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.41, "previous": 55.96, "change": 0.45, "percentChange": 0.8 }, "rr25": { "current": 1.23, "previous": 1.36, "change": -0.13, "percentChange": -9.56 }, "bf25": { "current": 3.77, "previous": 3.68, "change": 0.09, "percentChange": 2.45 } }, { "tenor": "3M", 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"rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.45, "previous": 56.5, "change": 1.95, "percentChange": 3.45 }, "rr25": { "current": 2.02, "previous": 2.69, "change": -0.67, "percentChange": -24.91 }, "bf25": { "current": 3.58, "previous": 3.57, "change": 0.01, "percentChange": 0.28 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 7.646, "forward": { "current": 7.54, "previous": 7.92, "change": -0.38, "percentChange": -4.8 } }, "realisedVolatility": { "source": "canonical/AVAX-USDC-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 35, "fallbackPolicy": "Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-10T16:30:00+00:00", "spotWindowStart": "2026-09-09T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -5.05, "rv24hPercent": 61.15, "rv7dPercent": 57.03, "rv30dPercent": 65.66, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 58.45, "oneWeekIvMinus7dRvPoints": 1.42, "oneWeekIvMinus24hRvPoints": -2.7, "oneWeekIvMinus30dRvPoints": -7.21 }, "realisedVolatilityUnavailableReason": null }, { "asset": "TRX", "currentSnapshotAt": "2026-09-10T16:30:00+00:00", "previousSnapshotAt": "2026-09-09T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.1, "previous": 21.75, "change": -2.65, "percentChange": -12.18 }, "rr25": { "current": -1.01, "previous": -0.41, "change": -0.6, "percentChange": -146.34 }, "bf25": { "current": 1.63, "previous": 1.87, "change": -0.24, "percentChange": -12.83 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 20.53, "previous": 21.72, "change": -1.19, "percentChange": -5.48 }, "rr25": { "current": -0.52, "previous": -0.13, "change": -0.39, "percentChange": -300.0 }, "bf25": { "current": 1.84, "previous": 1.81, "change": 0.03, "percentChange": 1.66 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 21.35, "previous": 22.12, "change": -0.77, "percentChange": -3.48 }, "rr25": { "current": -0.14, "previous": 0.26, "change": -0.4, "percentChange": -153.85 }, "bf25": { "current": 1.94, "previous": 1.94, "change": 0.0, "percentChange": 0.0 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 22.12, "previous": 22.56, "change": -0.44, "percentChange": -1.95 }, "rr25": { "current": -0.53, "previous": -0.23, "change": -0.3, "percentChange": -130.43 }, "bf25": { "current": 2.01, "previous": 2.05, "change": -0.04, "percentChange": -1.95 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "1Y", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.1, "previous": 21.75, "change": -2.65, "percentChange": -12.18 }, "rr25": { "current": -1.01, "previous": -0.41, "change": -0.6, "percentChange": -146.34 }, "bf25": { "current": 1.63, "previous": 1.87, "change": -0.24, "percentChange": -12.83 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 7.646, "forward": { "current": 0.34, "previous": 0.34, "change": 0.0, "percentChange": 0.0 } }, "realisedVolatility": { "source": "canonical/TRX-USDC-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 35, "fallbackPolicy": "Missing canonical minutes use the stored Deribit index first, then the stored OKX index; canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-10T16:30:00+00:00", "spotWindowStart": "2026-09-09T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -0.41, "rv24hPercent": 15.92, "rv7dPercent": 14.22, "rv30dPercent": 17.87, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 19.1, "oneWeekIvMinus7dRvPoints": 4.88, "oneWeekIvMinus24hRvPoints": 3.18, "oneWeekIvMinus30dRvPoints": 1.23 }, "realisedVolatilityUnavailableReason": null } ], "crossAssetAnalysis": { "schemaVersion": 1, "purpose": "Identify what is unusual across the altcoin options complex, not produce four mini reports.", "returnMetric": { "key": "spotPerformance24h", "source": "spotMove24hPercent", "label": "24h spot-index return", "unit": "percent" }, "assets": [ "XRP", "HYPE", "AVAX", "TRX" ], "comparableAssets": [ "XRP", "HYPE", "AVAX", "TRX" ], "oneWeek": { "atmIvLevel": { "leader": "HYPE", "laggard": "TRX", "highest": 64.73, "lowest": 19.1, "spread": 45.63, "highestToLowestRatio": 3.389, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 64.73, "values": [ { "asset": "XRP", "value": 53.89 }, { "asset": "HYPE", "value": 64.73 }, { "asset": "AVAX", "value": 58.45 }, { "asset": "TRX", "value": 19.1 } ], "previousSpread": 41.35, "spreadChange": 4.28, "dispersionDirection": "widening" }, "atmIvChange": { "leader": "AVAX", "laggard": "TRX", "highest": 1.95, "lowest": -2.65, "spread": 4.6, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": -2.65, "values": [ { "asset": "XRP", "value": -0.27 }, { "asset": "HYPE", "value": 1.63 }, { "asset": "AVAX", "value": 1.95 }, { "asset": "TRX", "value": -2.65 } ] }, "rr25Level": { "leader": "AVAX", "laggard": "HYPE", "highest": 2.02, "lowest": -2.51, "spread": 4.53, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -2.51, "values": [ { "asset": "XRP", "value": -1.94 }, { "asset": "HYPE", "value": -2.51 }, { "asset": "AVAX", "value": 2.02 }, { "asset": "TRX", "value": -1.01 } ], "previousSpread": 3.1, "spreadChange": 1.43, "dispersionDirection": "widening" }, "rr25Change": { "leader": "TRX", "laggard": "HYPE", "highest": -0.6, "lowest": -5.18, "spread": 4.58, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -5.18, "values": [ { "asset": "XRP", "value": -4.46 }, { "asset": "HYPE", "value": -5.18 }, { "asset": "AVAX", "value": -0.67 }, { "asset": "TRX", "value": -0.6 } ] } }, "relativeVolatilityLeader": { "asset": "TRX", "metric": "absolute 1W ATM IV change", "value": -2.65 }, "termStructure": { "definition": "1Y minus 1W ATM IV, in volatility points", "currentSlope": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ], "previousSpread": null, "spreadChange": null, "dispersionDirection": "unavailable" }, "slopeChange": { "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } }, "relativeValue": { "ivMinusRealised7d": { "leader": "TRX", "laggard": "XRP", "highest": 4.88, "lowest": -4.16, "spread": 9.04, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 4.88, "values": [ { "asset": "XRP", "value": -4.16 }, { "asset": "HYPE", "value": 1.54 }, { "asset": "AVAX", "value": 1.42 }, { "asset": "TRX", "value": 4.88 } ] }, "spotPerformance24h": { "leader": "TRX", "laggard": "HYPE", "highest": -0.41, "lowest": -7.08, "spread": 6.67, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -7.08, "values": [ { "asset": "XRP", "value": -5.11 }, { "asset": "HYPE", "value": -7.08 }, { "asset": "AVAX", "value": -5.05 }, { "asset": "TRX", "value": -0.41 } ] } }, "rankings": { "oneWeekAtmIvLevel": [ { "rank": 1, "asset": "HYPE", "value": 64.73, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "AVAX", "value": 58.45, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "XRP", "value": 53.89, "previousRank": 3, "rankChange": 0 }, { "rank": 4, "asset": "TRX", "value": 19.1, "previousRank": 4, "rankChange": 0 } ], "oneWeekAtmIvChange": [ { "rank": 1, "asset": "AVAX", "value": 1.95, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "HYPE", "value": 1.63, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "XRP", "value": -0.27, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "TRX", "value": -2.65, "previousRank": null, "rankChange": null } ], "oneWeekAtmIvAbsoluteMove": [ { "rank": 1, "asset": "TRX", "value": -2.65, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "AVAX", "value": 1.95, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "HYPE", "value": 1.63, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "XRP", "value": -0.27, "previousRank": null, "rankChange": null } ], "ivMinusRealised7d": [ { "rank": 1, "asset": "TRX", "value": 4.88, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "HYPE", "value": 1.54, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "AVAX", "value": 1.42, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "XRP", "value": -4.16, "previousRank": null, "rankChange": null } ], "oneWeekRr25CallRichness": [ { "rank": 1, "asset": "AVAX", "value": 2.02, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "TRX", "value": -1.01, "previousRank": 4, "rankChange": 2 }, { "rank": 3, "asset": "XRP", "value": -1.94, "previousRank": 3, "rankChange": 0 }, { "rank": 4, "asset": "HYPE", "value": -2.51, "previousRank": 2, "rankChange": -2 } ], "oneWeekRr25PutRichness": [ { "rank": 1, "asset": "HYPE", "value": -2.51, "previousRank": 3, "rankChange": 2 }, { "rank": 2, "asset": "XRP", "value": -1.94, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "TRX", "value": -1.01, "previousRank": 1, "rankChange": -2 }, { "rank": 4, "asset": "AVAX", "value": 2.02, "previousRank": 4, "rankChange": 0 } ], "termStructureSlope": [ { "rank": null, "asset": "XRP", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "HYPE", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "AVAX", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "TRX", "value": null, "previousRank": null, "rankChange": null } ], "termStructureSlopeChange": [ { "rank": null, "asset": "XRP", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "HYPE", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "AVAX", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "TRX", "value": null, "previousRank": null, "rankChange": null } ], "spotPerformance24h": [ { "rank": 1, "asset": "TRX", "value": -0.41, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "AVAX", "value": -5.05, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "XRP", "value": -5.11, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "HYPE", "value": -7.08, "previousRank": null, "rankChange": null } ] }, "outliers": [ { "metric": "1W ATM IV change", "asset": "TRX", "value": -2.65, "groupMedian": 0.68, "distanceFromMedian": -3.33 }, { "metric": "1W ATM IV level", "asset": "TRX", "value": 19.1, "groupMedian": 56.17, "distanceFromMedian": -37.07 }, { "metric": "1W RR25 level", "asset": "AVAX", "value": 2.02, "groupMedian": -1.48, "distanceFromMedian": 3.5 }, { "metric": "1W IV minus 7D realised volatility", "asset": "XRP", "value": -4.16, "groupMedian": 1.48, "distanceFromMedian": -5.64 } ], "relativeValueObservation": { "richestAsset": "TRX", "cheapestAsset": "XRP", "spread": 9.04, "metric": "1W ATM IV minus 7D realised volatility", "interpretation": "TRX screens richest and XRP cheapest on one-week implied volatility versus seven-day realised volatility, with a 9.04-point cross-sectional range." }, "historicalContext": { "minimumObservations": 20, "observations": 12, "oneWeekAtmIvLevelDispersionPercentile": null, "oneWeekAtmIvChangeDispersionPercentile": null, "oneWeekRr25LevelDispersionPercentile": null, "termStructureDispersionPercentile": null, "ivMinusRealisedDispersionPercentile": null, "availabilityNote": "Cross-sectional percentiles require 20 prior aligned reports." }, "correlations": { "metric": "spotMove24hPercent", "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": [ 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"leader": "TRX", "laggard": "HYPE", "highest": -0.41, "lowest": -7.08, "spread": 6.67, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -7.08, "values": [ { "asset": "XRP", "value": -5.11 }, { "asset": "HYPE", "value": -7.08 }, { "asset": "AVAX", "value": -5.05 }, { "asset": "TRX", "value": -0.41 } ] }, { "id": "alts-cross-term-structure-change", "metric": "1Y minus 1W ATM IV slope change dispersion", "unit": "volatility points", "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } ] }, "newsContext": { "outcome": "No sufficiently relevant context identified", "summary": "No qualifying context was found in the monitored news sources for this reporting window.", "events": [], "coverage_status": "healthy", "coverage_basis": "monitored-source-search", "section_heading": "No sufficiently relevant context identified" }, "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": 20, "summaryMetrics": { "basis": "Equal-weight average across assets with a valid 24-hour baseline", "unit": "volatility points", "atmIvChange": 0.16, "rr25Change": -2.73, "bf25Change": -0.13 }, "commentary": { "source": "codex", "model": "gpt-5.6-terra", "headline": "TRX and XRP define the altcoin volatility valuation divide", "executiveSummary": "TRX held the highest one-week implied-versus-realised premium at 4.88 volatility 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