{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-13", "generatedAt": "2026-09-13T16:31:38+00:00", "currentSnapshotAt": "2026-09-13T16:30:00+00:00", "comparisonCutoffAt": "2026-09-13T16:30:00+00:00", "headline": "Altcoin options split on implied-versus-realised value between TRX and AVAX", "standfirst": "At the 16:30 UTC cutoff, Derivasys data showed TRX one-week at-the-money implied volatility 4.82 volatility points above TRX seven-day realised volatility, while AVAX one-week at-the-money implied volatility was 1.96 points below AVAX seven-day realised volatility. The TRX-versus-AVAX one-week implied-versus-realised range was 6.78 volatility points.\n\nAVAX one-week at-the-money implied volatility rose 3.21 volatility points to 58.69%, while TRX one-week at-the-money implied volatility fell 1.68 volatility points to 20.02%. Implied volatility reflects the market's pricing of expected movement; realised volatility measures movement already observed. Over the 24 hours to the cutoff, AVAX spot-index return was -0.62% and TRX spot-index return was 0.29%.", "marketSummary": "Derivasys data place TRX at the rich end and AVAX at the cheap end of the one-week at-the-money implied-volatility-versus-seven-day-realised-volatility comparison. TRX one-week at-the-money implied volatility was 4.82 volatility points above TRX seven-day realised volatility, whereas AVAX one-week at-the-money implied volatility was 1.96 volatility points below AVAX seven-day realised volatility. The resulting 6.78-point range was the defining relative-value feature across the altcoin complex.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-13T16:30:00+00:00", "previousSnapshotAt": "2026-09-12T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 54.38, "previous": 51.24, "change": 3.14, "percentChange": 6.13 }, "rr25": { "current": 1.03, "previous": 2.59, "change": -1.56, "percentChange": -60.23 }, "bf25": { "current": 3.61, "previous": 2.85, "change": 0.76, "percentChange": 26.67 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.18, "previous": 51.99, "change": 1.19, "percentChange": 2.29 }, "rr25": { "current": 1.14, "previous": 3.11, "change": -1.97, "percentChange": -63.34 }, "bf25": { "current": 3.42, "previous": 3.47, "change": -0.05, "percentChange": -1.44 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.83, "previous": 52.18, "change": 0.65, "percentChange": 1.25 }, "rr25": { "current": 1.64, "previous": 2.9, "change": -1.26, "percentChange": -43.45 }, "bf25": { "current": 3.44, "previous": 3.62, "change": -0.18, "percentChange": -4.97 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.34, "previous": 51.89, "change": 0.45, "percentChange": 0.87 }, "rr25": { "current": 0.91, "previous": 1.46, "change": -0.55, "percentChange": -37.67 }, "bf25": { "current": 3.29, "previous": 3.24, "change": 0.05, "percentChange": 1.54 } }, { "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": 54.38, "previous": 51.24, "change": 3.14, "percentChange": 6.13 }, "rr25": { "current": 1.03, "previous": 2.59, "change": -1.56, "percentChange": -60.23 }, "bf25": { "current": 3.61, "previous": 2.85, "change": 0.76, "percentChange": 26.67 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 4.646, "forward": { "current": 1.35, "previous": 1.37, "change": -0.02, "percentChange": -1.46 } }, "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": "2026-09-13T16:30:00+00:00", "spotWindowStart": "2026-09-12T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -1.63, "rv24hPercent": 27.37, "rv7dPercent": 54.58, "rv30dPercent": 89.85, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 54.38, "oneWeekIvMinus7dRvPoints": -0.2, "oneWeekIvMinus24hRvPoints": 27.01, "oneWeekIvMinus30dRvPoints": -35.47 }, "realisedVolatilityUnavailableReason": null }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-13T16:30:00+00:00", "previousSnapshotAt": "2026-09-12T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.37, "previous": 63.93, "change": 2.44, "percentChange": 3.82 }, "rr25": { "current": 0.19, "previous": 1.48, "change": -1.29, "percentChange": -87.16 }, "bf25": { "current": 4.11, "previous": 5.2, "change": -1.09, "percentChange": -20.96 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 64.68, "previous": 62.59, "change": 2.09, "percentChange": 3.34 }, "rr25": { "current": 0.86, "previous": 2.57, "change": -1.71, "percentChange": -66.54 }, "bf25": { "current": 4.14, "previous": 5.19, "change": -1.05, "percentChange": -20.23 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.95, "previous": 62.19, "change": 0.76, "percentChange": 1.22 }, "rr25": { "current": 1.71, "previous": 2.41, "change": -0.7, "percentChange": -29.05 }, "bf25": { "current": 4.19, "previous": 4.47, "change": -0.28, "percentChange": -6.26 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 59.13, "previous": 61.71, "change": -2.58, "percentChange": -4.18 }, "rr25": { "current": 3.3, "previous": 3.3, "change": 0.0, "percentChange": 0.0 }, "bf25": { "current": 6.74, "previous": 3.84, "change": 2.9, "percentChange": 75.52 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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": 66.37, "previous": 63.93, "change": 2.44, "percentChange": 3.82 }, "rr25": { "current": 0.19, "previous": 1.48, "change": -1.29, "percentChange": -87.16 }, "bf25": { "current": 4.11, "previous": 5.2, "change": -1.09, "percentChange": -20.96 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 4.646, "forward": { "current": 78.47, "previous": 80.25, "change": -1.78, "percentChange": -2.22 } }, "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": "2026-09-13T16:30:00+00:00", "spotWindowStart": "2026-09-12T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -2.24, "rv24hPercent": 47.07, "rv7dPercent": 63.31, "rv30dPercent": 88.0, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 66.37, "oneWeekIvMinus7dRvPoints": 3.06, "oneWeekIvMinus24hRvPoints": 19.3, "oneWeekIvMinus30dRvPoints": -21.63 }, "realisedVolatilityUnavailableReason": null }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-13T16:30:00+00:00", "previousSnapshotAt": "2026-09-12T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.69, "previous": 55.48, "change": 3.21, "percentChange": 5.79 }, "rr25": { "current": 2.98, "previous": 3.09, "change": -0.11, "percentChange": -3.56 }, "bf25": { "current": 3.92, "previous": 3.55, "change": 0.37, "percentChange": 10.42 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.53, "previous": 56.05, "change": 1.48, "percentChange": 2.64 }, "rr25": { "current": 1.94, "previous": 1.71, "change": 0.23, "percentChange": 13.45 }, "bf25": { "current": 3.68, "previous": 3.65, "change": 0.03, "percentChange": 0.82 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.88, "previous": 56.02, "change": 0.86, "percentChange": 1.54 }, "rr25": { "current": 2.39, "previous": 1.74, "change": 0.65, "percentChange": 37.36 }, "bf25": { "current": 3.87, "previous": 3.78, "change": 0.09, "percentChange": 2.38 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.32, "previous": 55.75, "change": 0.57, "percentChange": 1.02 }, "rr25": { "current": 2.09, "previous": 1.86, "change": 0.23, "percentChange": 12.37 }, "bf25": { "current": 3.77, "previous": 4.06, "change": -0.29, "percentChange": -7.14 } }, { "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": 58.69, "previous": 55.48, "change": 3.21, "percentChange": 5.79 }, "rr25": { "current": 2.98, "previous": 3.09, "change": -0.11, "percentChange": -3.56 }, "bf25": { "current": 3.92, "previous": 3.55, "change": 0.37, "percentChange": 10.42 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 4.646, "forward": { "current": 7.38, "previous": 7.43, "change": -0.05, "percentChange": -0.67 } }, "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": "2026-09-13T16:30:00+00:00", "spotWindowStart": "2026-09-12T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": -0.62, "rv24hPercent": 36.12, "rv7dPercent": 60.65, "rv30dPercent": 66.77, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 58.69, "oneWeekIvMinus7dRvPoints": -1.96, "oneWeekIvMinus24hRvPoints": 22.57, "oneWeekIvMinus30dRvPoints": -8.08 }, "realisedVolatilityUnavailableReason": null }, { "asset": "TRX", "currentSnapshotAt": "2026-09-13T16:30:00+00:00", "previousSnapshotAt": "2026-09-12T16:30:00+00:00", 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-3.01 }, "rr25": { "current": -0.77, "previous": -0.73, "change": -0.04, "percentChange": -5.48 }, "bf25": { "current": 2.01, "previous": 2.05, "change": -0.04, "percentChange": -1.95 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 22.25, "previous": 22.52, "change": -0.27, "percentChange": -1.2 }, "rr25": { "current": -0.17, "previous": -0.36, "change": 0.19, "percentChange": 52.78 }, "bf25": { "current": 2.55, "previous": 2.56, "change": -0.01, "percentChange": -0.39 } }, { "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": 20.02, "previous": 21.7, "change": -1.68, "percentChange": -7.74 }, "rr25": { "current": 0.34, "previous": -0.83, "change": 1.17, "percentChange": 140.96 }, "bf25": { "current": 1.68, "previous": 1.87, "change": -0.19, "percentChange": -10.16 } }, "nearestEligibleForward": { "label": "18SEP26", "daysToExpiry": 4.646, "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": "2026-09-13T16:30:00+00:00", "spotWindowStart": "2026-09-12T16:30:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": 0.29, "rv24hPercent": 9.92, "rv7dPercent": 15.2, "rv30dPercent": 17.97, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 20.02, "oneWeekIvMinus7dRvPoints": 4.82, "oneWeekIvMinus24hRvPoints": 10.1, "oneWeekIvMinus30dRvPoints": 2.05 }, "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": 66.37, "lowest": 20.02, "spread": 46.35, "highestToLowestRatio": 3.3152, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 66.37, "values": [ { "asset": "XRP", "value": 54.38 }, { "asset": "HYPE", "value": 66.37 }, { "asset": "AVAX", "value": 58.69 }, { "asset": "TRX", "value": 20.02 } ], "previousSpread": 42.23, "spreadChange": 4.12, "dispersionDirection": "widening" }, "atmIvChange": { "leader": "AVAX", "laggard": "TRX", "highest": 3.21, "lowest": -1.68, "spread": 4.89, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "AVAX", "largestAbsoluteMoveValue": 3.21, "values": [ { "asset": "XRP", "value": 3.14 }, { "asset": "HYPE", "value": 2.44 }, { "asset": "AVAX", "value": 3.21 }, { "asset": "TRX", "value": -1.68 } ] }, "rr25Level": { "leader": "AVAX", "laggard": "HYPE", "highest": 2.98, "lowest": 0.19, "spread": 2.79, "highestToLowestRatio": 15.6842, "largestAbsoluteMoveAsset": "AVAX", "largestAbsoluteMoveValue": 2.98, "values": [ { "asset": "XRP", "value": 1.03 }, { "asset": "HYPE", "value": 0.19 }, { "asset": "AVAX", "value": 2.98 }, { "asset": "TRX", "value": 0.34 } ], "previousSpread": 3.92, "spreadChange": -1.13, "dispersionDirection": "compressing" }, "rr25Change": { "leader": "TRX", "laggard": "XRP", "highest": 1.17, "lowest": -1.56, "spread": 2.73, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -1.56, "values": [ { "asset": "XRP", "value": -1.56 }, { "asset": "HYPE", "value": -1.29 }, { "asset": "AVAX", "value": -0.11 }, { "asset": "TRX", "value": 1.17 } ] } }, "relativeVolatilityLeader": { "asset": "AVAX", "metric": "absolute 1W ATM IV change", "value": 3.21 }, "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": 4.82, "lowest": -1.96, "spread": 6.78, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 4.82, "values": [ { "asset": "XRP", "value": -0.2 }, { "asset": "HYPE", "value": 3.06 }, { "asset": "AVAX", "value": -1.96 }, { "asset": "TRX", "value": 4.82 } ] }, "spotPerformance24h": { "leader": "TRX", "laggard": "HYPE", "highest": 0.29, "lowest": -2.24, "spread": 2.53, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -2.24, "values": [ { "asset": "XRP", "value": -1.63 }, { "asset": "HYPE", "value": -2.24 }, { "asset": "AVAX", "value": -0.62 }, { "asset": "TRX", "value": 0.29 } ] } }, "rankings": { "oneWeekAtmIvLevel": [ { "rank": 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7D realised volatility", "interpretation": "TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, with a 6.78-point cross-sectional range." }, "historicalContext": { "minimumObservations": 20, "observations": 15, "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": 8 }, { "assets": [ "XRP", "AVAX" ], "value": null, "observations": 8 }, { "assets": [ "XRP", "TRX" ], "value": null, "observations": 8 }, { "assets": [ "HYPE", "AVAX" ], "value": null, "observations": 8 }, { "assets": [ "HYPE", "TRX" ], 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"highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": -2.24, "values": [ { "asset": "XRP", "value": -1.63 }, { "asset": "HYPE", "value": -2.24 }, { "asset": "AVAX", "value": -0.62 }, { "asset": "TRX", "value": 0.29 } ] }, { "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": 1.78, "rr25Change": -0.45, "bf25Change": -0.04 }, "commentary": { "source": "codex", "model": "gpt-5.6-terra", "headline": "Altcoin options show a sharp one-week value divide", "executiveSummary": "Derivasys data place TRX at the rich end and AVAX at the cheap end of the one-week at-the-money implied-volatility-versus-seven-day-realised-volatility comparison. 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