{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-11", "generatedAt": "2026-09-11T16:55:27+00:00", "currentSnapshotAt": "2026-09-11T16:29:00+00:00", "comparisonCutoffAt": "2026-09-11T16:29:00+00:00", "headline": "Altcoin options show widest implied-versus-realised split between TRX and AVAX", "standfirst": "At the cutoff, Derivasys data show TRX and AVAX one-week options at a 10.36-volatility-point implied-versus-realised range. TRX one-week ATM implied volatility was 5.59 volatility points above TRX seven-day realised volatility, while AVAX one-week ATM implied volatility was 4.77 volatility points below AVAX seven-day realised volatility. The comparison is a level at the cutoff, not a measured daily widening.", "marketSummary": "TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, creating a 10.36-volatility-point cross-sectional range.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-11T16:29:00+00:00", "previousSnapshotAt": "2026-09-10T16:29:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.35, "previous": 53.93, "change": 3.42, "percentChange": 6.34 }, "rr25": { "current": 3.89, "previous": -1.95, "change": 5.84, "percentChange": 299.49 }, "bf25": { "current": 3.87, "previous": 3.05, "change": 0.82, "percentChange": 26.89 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 54.99, "previous": 52.34, "change": 2.65, "percentChange": 5.06 }, "rr25": { "current": 3.81, "previous": 1.4, "change": 2.41, "percentChange": 172.14 }, "bf25": { "current": 3.99, "previous": 3.54, "change": 0.45, "percentChange": 12.71 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.57, "previous": 52.39, "change": 1.18, "percentChange": 2.25 }, "rr25": { "current": 2.46, "previous": 1.6, "change": 0.86, "percentChange": 53.75 }, "bf25": { "current": 3.58, "previous": 3.32, "change": 0.26, "percentChange": 7.83 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 51.91, "previous": 51.73, "change": 0.18, "percentChange": 0.35 }, "rr25": { "current": 2.3, "previous": 1.75, "change": 0.55, "percentChange": 31.43 }, "bf25": { "current": 3.52, "previous": 3.19, "change": 0.33, "percentChange": 10.34 } }, { "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": 57.35, "previous": 53.93, "change": 3.42, "percentChange": 6.34 }, "rr25": { "current": 3.89, "previous": -1.95, "change": 5.84, "percentChange": 299.49 }, "bf25": { "current": 3.87, "previous": 3.05, "change": 0.82, "percentChange": 26.89 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 6.647, "forward": { "current": 1.38, "previous": 1.35, "change": 0.03, "percentChange": 2.22 } }, "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": "2026-09-11T16:29:00+00:00", "spotWindowStart": "2026-09-10T16:29:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": 2.2, "rv24hPercent": 78.02, "rv7dPercent": 55.18, "rv30dPercent": 89.64, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 57.35, "oneWeekIvMinus7dRvPoints": 2.17, "oneWeekIvMinus24hRvPoints": -20.67, "oneWeekIvMinus30dRvPoints": -32.29 }, "realisedVolatilityUnavailableReason": null }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-11T16:29:00+00:00", "previousSnapshotAt": "2026-09-10T16:29:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.65, "previous": 64.72, "change": -1.07, "percentChange": -1.65 }, "rr25": { "current": 2.29, "previous": -2.51, "change": 4.8, "percentChange": 191.24 }, "bf25": { "current": 3.31, "previous": 4.05, "change": -0.74, "percentChange": -18.27 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.28, "previous": 63.76, "change": -1.48, "percentChange": -2.32 }, "rr25": { "current": 1.82, "previous": 0.93, "change": 0.89, "percentChange": 95.7 }, "bf25": { "current": 4.8, "previous": 4.19, "change": 0.61, "percentChange": 14.56 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 61.76, "previous": 63.19, "change": -1.43, "percentChange": -2.26 }, "rr25": { "current": 2.78, "previous": 2.07, "change": 0.71, "percentChange": 34.3 }, "bf25": { "current": 4.54, "previous": 4.89, "change": -0.35, "percentChange": -7.16 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 61.35, "previous": 62.36, "change": -1.01, "percentChange": -1.62 }, "rr25": { "current": 4.06, "previous": 3.37, "change": 0.69, "percentChange": 20.47 }, "bf25": { "current": 3.78, "previous": 5.03, "change": -1.25, "percentChange": -24.85 } }, { "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": 63.65, "previous": 64.72, "change": -1.07, "percentChange": -1.65 }, "rr25": { "current": 2.29, "previous": -2.51, "change": 4.8, "percentChange": 191.24 }, "bf25": { "current": 3.31, "previous": 4.05, "change": -0.74, "percentChange": -18.27 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 6.647, "forward": { "current": 81.8, "previous": 79.37, "change": 2.43, "percentChange": 3.06 } }, "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": "2026-09-11T16:29:00+00:00", "spotWindowStart": "2026-09-10T16:29:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": 3.1, "rv24hPercent": 86.98, "rv7dPercent": 63.51, "rv30dPercent": 87.7, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 63.65, "oneWeekIvMinus7dRvPoints": 0.14, "oneWeekIvMinus24hRvPoints": -23.33, "oneWeekIvMinus30dRvPoints": -24.05 }, "realisedVolatilityUnavailableReason": null }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-11T16:29:00+00:00", "previousSnapshotAt": "2026-09-10T16:29:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.53, "previous": 58.44, "change": -2.91, "percentChange": -4.98 }, "rr25": { "current": 4.51, "previous": 2.02, "change": 2.49, "percentChange": 123.27 }, "bf25": { "current": 3.73, "previous": 3.58, "change": 0.15, "percentChange": 4.19 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.31, "previous": 57.81, "change": -2.5, "percentChange": -4.32 }, "rr25": { "current": 2.02, "previous": 0.41, "change": 1.61, "percentChange": 392.68 }, "bf25": { "current": 3.28, "previous": 3.27, "change": 0.01, "percentChange": 0.31 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.27, "previous": 56.41, "change": -0.14, "percentChange": -0.25 }, "rr25": { "current": 2.3, "previous": 1.23, "change": 1.07, "percentChange": 86.99 }, "bf25": { "current": 3.9, "previous": 3.77, "change": 0.13, "percentChange": 3.45 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.52, "previous": 55.18, "change": 0.34, "percentChange": 0.62 }, "rr25": { "current": 2.3, "previous": 1.33, "change": 0.97, "percentChange": 72.93 }, "bf25": { "current": 3.96, "previous": 3.85, "change": 0.11, "percentChange": 2.86 } }, { "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": 55.53, "previous": 58.44, "change": -2.91, "percentChange": -4.98 }, "rr25": { "current": 4.51, "previous": 2.02, "change": 2.49, "percentChange": 123.27 }, "bf25": { "current": 3.73, "previous": 3.58, "change": 0.15, "percentChange": 4.19 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 6.647, "forward": { "current": 7.59, "previous": 7.54, "change": 0.05, "percentChange": 0.66 } }, "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": "2026-09-11T16:29:00+00:00", "spotWindowStart": "2026-09-10T16:29:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": 0.33, "rv24hPercent": 80.13, "rv7dPercent": 60.3, "rv30dPercent": 66.51, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 55.53, "oneWeekIvMinus7dRvPoints": -4.77, "oneWeekIvMinus24hRvPoints": -24.6, "oneWeekIvMinus30dRvPoints": -10.98 }, "realisedVolatilityUnavailableReason": null }, { "asset": "TRX", "currentSnapshotAt": "2026-09-11T16:29:00+00:00", "previousSnapshotAt": "2026-09-10T16:29:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.85, "previous": 19.1, "change": 0.75, "percentChange": 3.93 }, "rr25": { "current": -5.51, "previous": -1.01, "change": -4.5, "percentChange": -445.54 }, "bf25": { "current": 2.65, "previous": 1.63, "change": 1.02, "percentChange": 62.58 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 17.28, "previous": 20.53, "change": -3.25, "percentChange": -15.83 }, "rr25": { "current": -4.02, "previous": -0.52, "change": -3.5, "percentChange": -673.08 }, "bf25": { "current": 3.06, "previous": 1.84, "change": 1.22, "percentChange": 66.3 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 17.55, "previous": 21.35, "change": -3.8, "percentChange": -17.8 }, "rr25": { "current": -0.25, "previous": -0.14, "change": -0.11, "percentChange": -78.57 }, "bf25": { "current": 3.53, "previous": 1.94, "change": 1.59, "percentChange": 81.96 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.0, "previous": 22.12, "change": -3.12, "percentChange": -14.1 }, "rr25": { "current": 2.0, "previous": -0.53, "change": 2.53, "percentChange": 477.36 }, "bf25": { "current": 3.76, "previous": 2.01, "change": 1.75, "percentChange": 87.06 } }, { "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": 19.85, "previous": 19.1, "change": 0.75, "percentChange": 3.93 }, "rr25": { "current": -5.51, "previous": -1.01, "change": -4.5, "percentChange": -445.54 }, "bf25": { "current": 2.65, "previous": 1.63, "change": 1.02, "percentChange": 62.58 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 6.647, "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": "2026-09-11T16:29:00+00:00", "spotWindowStart": "2026-09-10T16:29:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -0.81, "rv24hPercent": 16.24, "rv7dPercent": 14.26, "rv30dPercent": 17.91, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 19.85, "oneWeekIvMinus7dRvPoints": 5.59, "oneWeekIvMinus24hRvPoints": 3.61, "oneWeekIvMinus30dRvPoints": 1.94 }, "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": 63.65, "lowest": 19.85, "spread": 43.8, "highestToLowestRatio": 3.2065, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 63.65, "values": [ { "asset": "XRP", "value": 57.35 }, { "asset": "HYPE", "value": 63.65 }, { "asset": "AVAX", "value": 55.53 }, { "asset": "TRX", "value": 19.85 } ], "previousSpread": 45.62, "spreadChange": -1.82, "dispersionDirection": "compressing" }, "atmIvChange": { "leader": "XRP", "laggard": "AVAX", "highest": 3.42, "lowest": -2.91, "spread": 6.33, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": 3.42, "values": [ { "asset": "XRP", "value": 3.42 }, { "asset": "HYPE", "value": -1.07 }, { "asset": "AVAX", "value": -2.91 }, { "asset": "TRX", "value": 0.75 } ] }, "rr25Level": { "leader": "AVAX", "laggard": "TRX", "highest": 4.51, "lowest": -5.51, "spread": 10.02, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": -5.51, "values": [ { "asset": "XRP", "value": 3.89 }, { "asset": "HYPE", "value": 2.29 }, { "asset": "AVAX", "value": 4.51 }, { "asset": "TRX", "value": -5.51 } ], "previousSpread": 4.53, "spreadChange": 5.49, "dispersionDirection": "widening" }, "rr25Change": { "leader": "XRP", "laggard": "TRX", "highest": 5.84, "lowest": -4.5, "spread": 10.34, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": 5.84, "values": [ { "asset": "XRP", "value": 5.84 }, { "asset": "HYPE", "value": 4.8 }, { "asset": "AVAX", "value": 2.49 }, { "asset": "TRX", "value": -4.5 } ] } }, "relativeVolatilityLeader": { "asset": "XRP", "metric": "absolute 1W ATM IV change", "value": 3.42 }, "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": "AVAX", "highest": 5.59, "lowest": -4.77, "spread": 10.36, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 5.59, "values": [ { "asset": "XRP", "value": 2.17 }, { "asset": "HYPE", "value": 0.14 }, { "asset": "AVAX", "value": -4.77 }, { "asset": "TRX", "value": 5.59 } ] }, "spotPerformance24h": { "leader": "HYPE", "laggard": "TRX", "highest": 3.1, "lowest": -0.81, "spread": 3.91, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 3.1, "values": [ { "asset": "XRP", 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