{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-16", "generatedAt": "2026-09-16T16:31:39+00:00", "currentSnapshotAt": "2026-09-16T16:30:00+00:00", "comparisonCutoffAt": "2026-09-16T16:30:00+00:00", "headline": "Altcoin options split as XRP volatility rises against AVAX easing", "standfirst": "Altcoin one-week ATM IV split sharply at the 16:30 UTC cutoff: XRP one-week ATM IV rose 5.34 volatility points to 66.98%, while AVAX one-week ATM IV fell 3.63 volatility points to 58.81%. The resulting 8.97-point spread in daily ATM IV changes marks a clear cross-sectional divergence in Derivasys data, rather than a uniform repricing across the complex.", "marketSummary": "XRP one-week ATM IV rose 5.34 volatility points to 66.98% at the cutoff, while AVAX one-week ATM IV fell 3.63 volatility points to 58.81%, leaving an 8.97-point dispersion in daily changes across the altcoin complex.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-16T16:30:00+00:00", "previousSnapshotAt": "2026-09-15T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.98, "previous": 61.64, "change": 5.34, "percentChange": 8.66 }, "rr25": { "current": -1.46, "previous": 4.77, "change": -6.23, "percentChange": -130.61 }, "bf25": { "current": 5.14, "previous": 7.91, "change": -2.77, "percentChange": -35.02 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.83, "previous": 58.86, "change": 3.97, "percentChange": 6.74 }, "rr25": { "current": -0.05, "previous": 5.03, "change": -5.08, "percentChange": -100.99 }, "bf25": { "current": 5.47, "previous": 7.01, "change": -1.54, "percentChange": -21.97 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 59.57, "previous": 57.37, "change": 2.2, "percentChange": 3.83 }, "rr25": { "current": 1.06, "previous": 5.33, "change": -4.27, "percentChange": -80.11 }, "bf25": { "current": 5.8, "previous": 6.37, "change": -0.57, "percentChange": -8.95 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.52, "previous": 56.01, "change": 0.51, "percentChange": 0.91 }, "rr25": { "current": 3.7, "previous": 4.62, "change": -0.92, "percentChange": -19.91 }, "bf25": { "current": 5.44, "previous": 6.24, "change": -0.8, "percentChange": -12.82 } }, { "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": 66.98, "previous": 61.64, "change": 5.34, "percentChange": 8.66 }, "rr25": { "current": -1.46, "previous": 4.77, "change": -6.23, "percentChange": -130.61 }, "bf25": { "current": 5.14, "previous": 7.91, "change": -2.77, "percentChange": -35.02 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 8.646, "forward": { "current": 1.27, "previous": 1.39, "change": -0.12, "percentChange": -8.63 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical XRP index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded" }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-16T16:30:00+00:00", "previousSnapshotAt": "2026-09-15T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 70.05, "previous": 70.63, "change": -0.58, "percentChange": -0.82 }, "rr25": { "current": 2.14, "previous": 3.35, "change": -1.21, "percentChange": -36.12 }, "bf25": { "current": 3.6, "previous": 3.85, "change": -0.25, "percentChange": -6.49 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.96, "previous": 67.58, "change": -0.62, "percentChange": -0.92 }, "rr25": { "current": 2.22, "previous": 2.59, "change": -0.37, "percentChange": -14.29 }, "bf25": { "current": 3.74, "previous": 3.73, "change": 0.01, "percentChange": 0.27 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 64.86, "previous": 64.84, "change": 0.02, "percentChange": 0.03 }, "rr25": { "current": 2.33, "previous": 2.37, "change": -0.04, "percentChange": -1.69 }, "bf25": { "current": 3.81, "previous": 3.83, "change": -0.02, "percentChange": -0.52 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.54, "previous": 63.2, "change": -0.66, "percentChange": -1.04 }, "rr25": { "current": 3.55, "previous": 4.17, "change": -0.62, "percentChange": -14.87 }, "bf25": { "current": 4.33, "previous": 3.83, "change": 0.5, "percentChange": 13.05 } }, { "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": 70.05, "previous": 70.63, "change": -0.58, "percentChange": -0.82 }, "rr25": { "current": 2.14, "previous": 3.35, "change": -1.21, "percentChange": -36.12 }, "bf25": { "current": 3.6, "previous": 3.85, "change": -0.25, "percentChange": -6.49 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 8.646, "forward": { "current": 79.03, "previous": 77.39, "change": 1.64, "percentChange": 2.12 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical HYPE index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10040 (99.6032% coverage); returns spanning missing minutes are excluded" }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-16T16:30:00+00:00", "previousSnapshotAt": "2026-09-15T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.81, "previous": 62.44, "change": -3.63, "percentChange": -5.81 }, "rr25": { "current": 1.1, "previous": 0.85, "change": 0.25, "percentChange": 29.41 }, "bf25": { "current": 3.6, "previous": 3.95, "change": -0.35, "percentChange": -8.86 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.02, "previous": 60.15, "change": -2.13, "percentChange": -3.54 }, "rr25": { "current": 1.39, "previous": 1.51, "change": -0.12, "percentChange": -7.95 }, "bf25": { "current": 3.95, "previous": 4.17, "change": -0.22, "percentChange": -5.28 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.57, "previous": 59.25, "change": -1.68, "percentChange": -2.84 }, "rr25": { "current": 1.57, "previous": 1.95, "change": -0.38, "percentChange": -19.49 }, "bf25": { "current": 4.19, "previous": 4.31, "change": -0.12, "percentChange": -2.78 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.85, "previous": 58.47, "change": -0.62, "percentChange": -1.06 }, "rr25": { "current": 1.55, "previous": 1.64, "change": -0.09, "percentChange": -5.49 }, "bf25": { "current": 4.33, "previous": 4.28, "change": 0.05, "percentChange": 1.17 } }, { "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": 58.81, "previous": 62.44, "change": -3.63, "percentChange": -5.81 }, "rr25": { "current": 1.1, "previous": 0.85, "change": 0.25, "percentChange": 29.41 }, "bf25": { "current": 3.6, "previous": 3.95, "change": -0.35, "percentChange": -8.86 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 8.646, "forward": { "current": 7.25, "previous": 7.47, "change": -0.22, "percentChange": -2.95 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical AVAX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded" }, { "asset": "TRX", "currentSnapshotAt": "2026-09-16T16:30:00+00:00", "previousSnapshotAt": "2026-09-15T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 5, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 18.82, "previous": 19.92, "change": -1.1, "percentChange": -5.52 }, "rr25": { "current": -3.26, "previous": -3.75, "change": 0.49, "percentChange": 13.07 }, "bf25": { "current": 1.44, "previous": 1.73, "change": -0.29, "percentChange": -16.76 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 18.0, "previous": 19.2, "change": -1.2, "percentChange": -6.25 }, "rr25": { "current": -1.26, "previous": -2.39, "change": 1.13, "percentChange": 47.28 }, "bf25": { "current": 1.74, "previous": 2.39, "change": -0.65, "percentChange": -27.2 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 17.56, "previous": 18.29, "change": -0.73, "percentChange": -3.99 }, "rr25": { "current": 0.15, "previous": -1.1, "change": 1.25, "percentChange": 113.64 }, "bf25": { "current": 1.99, "previous": 3.26, "change": -1.27, "percentChange": -38.96 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 18.16, "previous": 19.36, "change": -1.2, "percentChange": -6.2 }, "rr25": { "current": 1.72, "previous": 1.35, "change": 0.37, "percentChange": 27.41 }, "bf25": { "current": 3.16, "previous": 3.95, "change": -0.79, "percentChange": -20.0 } }, { "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": 18.82, "previous": 19.92, "change": -1.1, "percentChange": -5.52 }, "rr25": { "current": -3.26, "previous": -3.75, "change": 0.49, "percentChange": 13.07 }, "bf25": { "current": 1.44, "previous": 1.73, "change": -0.29, "percentChange": -16.76 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 8.646, "forward": { "current": 0.34, "previous": 0.34, "change": 0.0, "percentChange": 0.0 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical TRX index coverage for 7d is incomplete: expected 10080 one-minute returns, found 10042 (99.6230% coverage); returns spanning missing minutes are excluded" } ], "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": 70.05, "lowest": 18.82, "spread": 51.23, "highestToLowestRatio": 3.7221, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 70.05, "values": [ { "asset": "XRP", "value": 66.98 }, { "asset": "HYPE", "value": 70.05 }, { "asset": "AVAX", "value": 58.81 }, { "asset": "TRX", "value": 18.82 } ], "previousSpread": 50.71, "spreadChange": 0.52, "dispersionDirection": "widening" }, "atmIvChange": { "leader": "XRP", "laggard": "AVAX", "highest": 5.34, "lowest": -3.63, "spread": 8.97, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": 5.34, "values": [ { "asset": "XRP", "value": 5.34 }, { "asset": "HYPE", "value": -0.58 }, { "asset": "AVAX", "value": -3.63 }, { "asset": "TRX", "value": -1.1 } ] }, "rr25Level": { "leader": "HYPE", "laggard": "TRX", "highest": 2.14, "lowest": -3.26, "spread": 5.4, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": -3.26, "values": [ { "asset": "XRP", "value": -1.46 }, { "asset": "HYPE", "value": 2.14 }, { "asset": "AVAX", "value": 1.1 }, { "asset": "TRX", "value": -3.26 } ], "previousSpread": 8.52, "spreadChange": -3.12, "dispersionDirection": "compressing" }, "rr25Change": { "leader": "TRX", "laggard": "XRP", "highest": 0.49, "lowest": -6.23, "spread": 6.72, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "XRP", "largestAbsoluteMoveValue": -6.23, "values": [ { "asset": "XRP", "value": -6.23 }, { "asset": "HYPE", "value": -1.21 }, { "asset": "AVAX", "value": 0.25 }, { "asset": "TRX", "value": 0.49 } ] } }, "relativeVolatilityLeader": { "asset": "XRP", "metric": "absolute 1W ATM IV change", "value": 5.34 }, "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": 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 } ] }, "spotPerformance24h": { "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 } ] } }, "rankings": { "oneWeekAtmIvLevel": [ { "rank": 1, "asset": "HYPE", "value": 70.05, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": 66.98, "previousRank": 3, "rankChange": 1 }, { "rank": 3, "asset": "AVAX", "value": 58.81, "previousRank": 2, "rankChange": -1 }, { "rank": 4, "asset": "TRX", "value": 18.82, "previousRank": 4, "rankChange": 0 } ], "oneWeekAtmIvChange": [ { "rank": 1, "asset": "XRP", "value": 5.34, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "HYPE", "value": -0.58, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "TRX", "value": -1.1, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "AVAX", "value": -3.63, "previousRank": null, "rankChange": null } ], "oneWeekAtmIvAbsoluteMove": [ { "rank": 1, "asset": "XRP", "value": 5.34, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "AVAX", "value": -3.63, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "TRX", "value": -1.1, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "HYPE", "value": -0.58, "previousRank": null, "rankChange": null } ], "ivMinusRealised7d": [ { "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 } ], "oneWeekRr25CallRichness": [ { "rank": 1, "asset": "HYPE", "value": 2.14, "previousRank": 2, "rankChange": 1 }, { "rank": 2, "asset": "AVAX", "value": 1.1, "previousRank": 3, "rankChange": 1 }, { "rank": 3, "asset": "XRP", "value": -1.46, "previousRank": 1, "rankChange": -2 }, { "rank": 4, "asset": "TRX", "value": -3.26, "previousRank": 4, "rankChange": 0 } ], "oneWeekRr25PutRichness": [ { "rank": 1, "asset": "TRX", "value": -3.26, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": -1.46, "previousRank": 4, "rankChange": 2 }, { 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