{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-18", "generatedAt": "2026-09-18T16:31:48+00:00", "currentSnapshotAt": "2026-09-18T16:30:00+00:00", "comparisonCutoffAt": "2026-09-18T16:30:00+00:00", "headline": "Altcoin options skew gap widens as HYPE and TRX diverge", "standfirst": "Altcoin one-week RR25 dispersion widened 5.94 volatility points to 11.68 points between HYPE and TRX at the cutoff. HYPE’s one-week RR25 was 11.31%, leaving calls markedly richer than puts, while TRX’s one-week RR25 was -0.37%, close to neutral but tilted toward puts. Derivasys data show a sharper split in relative skew even as the one-week ATM IV level gap narrowed.", "marketSummary": "The altcoin complex split decisively on one-week relative skew: HYPE remained strongly call-rich while TRX shifted toward puts. That contrast, rather than a uniform volatility move, defined the options market at the cutoff.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-18T16:30:00+00:00", "previousSnapshotAt": "2026-09-17T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.97, "previous": 62.53, "change": 1.44, "percentChange": 2.3 }, "rr25": { "current": 4.17, "previous": 0.4, "change": 3.77, "percentChange": 942.5 }, "bf25": { "current": 5.05, "previous": 5.24, "change": -0.19, "percentChange": -3.63 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 61.09, "previous": 60.51, "change": 0.58, "percentChange": 0.96 }, "rr25": { "current": 1.07, "previous": -0.78, "change": 1.85, "percentChange": 237.18 }, "bf25": { "current": 4.99, "previous": 5.7, "change": -0.71, "percentChange": -12.46 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 58.33, "previous": 58.66, "change": -0.33, "percentChange": -0.56 }, "rr25": { "current": 1.76, "previous": 1.58, "change": 0.18, "percentChange": 11.39 }, "bf25": { "current": 5.08, "previous": 4.66, "change": 0.42, "percentChange": 9.01 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.53, "previous": 56.17, "change": 0.36, "percentChange": 0.64 }, "rr25": { "current": 2.72, "previous": 1.89, "change": 0.83, "percentChange": 43.92 }, "bf25": { "current": 5.2, "previous": 5.17, "change": 0.03, "percentChange": 0.58 } }, { "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": 63.97, "previous": 62.53, "change": 1.44, "percentChange": 2.3 }, "rr25": { "current": 4.17, "previous": 0.4, "change": 3.77, "percentChange": 942.5 }, "bf25": { "current": 5.05, "previous": 5.24, "change": -0.19, "percentChange": -3.63 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 6.646, "forward": { "current": 1.39, "previous": 1.31, "change": 0.08, "percentChange": 6.11 } }, "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": "2026-09-18T16:30:00+00:00", "previousSnapshotAt": "2026-09-17T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.89, "previous": 65.74, "change": 1.15, "percentChange": 1.75 }, "rr25": { "current": 11.31, "previous": 6.14, "change": 5.17, "percentChange": 84.2 }, "bf25": { "current": 4.25, "previous": 4.28, "change": -0.03, "percentChange": -0.7 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 65.66, "previous": 65.6, "change": 0.06, "percentChange": 0.09 }, "rr25": { "current": 5.39, "previous": 4.58, "change": 0.81, "percentChange": 17.69 }, "bf25": { "current": 3.33, "previous": 4.52, "change": -1.19, "percentChange": -26.33 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.91, "previous": 64.57, "change": -0.66, "percentChange": -1.02 }, "rr25": { "current": 5.1, "previous": 3.32, "change": 1.78, "percentChange": 53.61 }, "bf25": { "current": 3.52, "previous": 3.92, "change": -0.4, "percentChange": -10.2 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 62.3, "previous": 63.3, "change": -1.0, "percentChange": -1.58 }, "rr25": { "current": 4.47, "previous": 4.44, "change": 0.03, "percentChange": 0.68 }, "bf25": { "current": 3.11, "previous": 3.64, "change": -0.53, "percentChange": -14.56 } }, { "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": 66.89, "previous": 65.74, "change": 1.15, "percentChange": 1.75 }, "rr25": { "current": 11.31, "previous": 6.14, "change": 5.17, "percentChange": 84.2 }, "bf25": { "current": 4.25, "previous": 4.28, "change": -0.03, "percentChange": -0.7 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 6.646, "forward": { "current": 91.68, "previous": 82.32, "change": 9.36, "percentChange": 11.37 } }, "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": "2026-09-18T16:30:00+00:00", "previousSnapshotAt": "2026-09-17T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.12, "previous": 56.75, "change": -0.63, "percentChange": -1.11 }, "rr25": { "current": 1.65, "previous": 1.47, "change": 0.18, "percentChange": 12.24 }, "bf25": { "current": 3.63, "previous": 4.17, "change": -0.54, "percentChange": -12.95 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.55, "previous": 57.29, "change": -0.74, "percentChange": -1.29 }, "rr25": { "current": 1.93, "previous": 1.02, "change": 0.91, "percentChange": 89.22 }, "bf25": { "current": 3.85, "previous": 4.2, "change": -0.35, "percentChange": -8.33 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 56.3, "previous": 57.79, "change": -1.49, "percentChange": -2.58 }, "rr25": { "current": 2.22, "previous": 2.01, "change": 0.21, "percentChange": 10.45 }, "bf25": { "current": 4.18, "previous": 4.37, "change": -0.19, "percentChange": -4.35 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 57.01, "previous": 58.15, "change": -1.14, "percentChange": -1.96 }, "rr25": { "current": 1.72, "previous": 1.75, "change": -0.03, "percentChange": -1.71 }, "bf25": { "current": 4.32, "previous": 4.33, "change": -0.01, "percentChange": -0.23 } }, { "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": 56.12, "previous": 56.75, "change": -0.63, "percentChange": -1.11 }, "rr25": { "current": 1.65, "previous": 1.47, "change": 0.18, "percentChange": 12.24 }, "bf25": { "current": 3.63, "previous": 4.17, "change": -0.54, "percentChange": -12.95 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 6.646, "forward": { "current": 8.1, "previous": 7.61, "change": 0.49, "percentChange": 6.44 } }, "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": "2026-09-18T16:30:00+00:00", "previousSnapshotAt": "2026-09-17T16:30:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 19.25, "previous": 15.88, "change": 3.37, "percentChange": 21.22 }, "rr25": { "current": -0.37, "previous": 3.08, "change": -3.45, "percentChange": -112.01 }, "bf25": { "current": 1.83, "previous": 2.38, "change": -0.55, "percentChange": -23.11 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 18.99, "previous": 15.82, "change": 3.17, "percentChange": 20.04 }, "rr25": { "current": -0.86, "previous": 1.71, "change": -2.57, "percentChange": -150.29 }, "bf25": { "current": 1.9, "previous": 2.63, "change": -0.73, "percentChange": -27.76 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 20.33, "previous": 16.74, "change": 3.59, "percentChange": 21.45 }, "rr25": { "current": 0.01, "previous": 0.54, "change": -0.53, "percentChange": -98.15 }, "bf25": { "current": 2.01, "previous": 3.3, "change": -1.29, "percentChange": -39.09 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 21.15, "previous": 17.81, "change": 3.34, "percentChange": 18.75 }, "rr25": { "current": 0.27, "previous": -1.47, "change": 1.74, "percentChange": 118.37 }, "bf25": { "current": 2.29, "previous": 3.95, "change": -1.66, "percentChange": -42.03 } }, { "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": 19.25, "previous": 15.88, "change": 3.37, "percentChange": 21.22 }, "rr25": { "current": -0.37, "previous": 3.08, "change": -3.45, "percentChange": -112.01 }, "bf25": { "current": 1.83, "previous": 2.38, "change": -0.55, "percentChange": -23.11 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 6.646, "forward": { "current": 0.34, "previous": 0.33, "change": 0.01, "percentChange": 3.03 } }, "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": 66.89, "lowest": 19.25, "spread": 47.64, "highestToLowestRatio": 3.4748, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 66.89, "values": [ { "asset": "XRP", "value": 63.97 }, { "asset": "HYPE", "value": 66.89 }, { "asset": "AVAX", "value": 56.12 }, { "asset": "TRX", "value": 19.25 } ], "previousSpread": 49.86, "spreadChange": -2.22, "dispersionDirection": "compressing" }, "atmIvChange": { "leader": "TRX", "laggard": "AVAX", "highest": 3.37, "lowest": -0.63, "spread": 4.0, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 3.37, "values": [ { "asset": "XRP", "value": 1.44 }, { "asset": "HYPE", "value": 1.15 }, { "asset": "AVAX", "value": -0.63 }, { "asset": "TRX", "value": 3.37 } ] }, "rr25Level": { "leader": "HYPE", "laggard": "TRX", "highest": 11.31, "lowest": -0.37, "spread": 11.68, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 11.31, "values": [ { "asset": "XRP", "value": 4.17 }, { "asset": "HYPE", "value": 11.31 }, { "asset": "AVAX", "value": 1.65 }, { "asset": "TRX", "value": -0.37 } ], "previousSpread": 5.74, "spreadChange": 5.94, "dispersionDirection": "widening" }, "rr25Change": { "leader": "HYPE", "laggard": "TRX", "highest": 5.17, "lowest": -3.45, "spread": 8.62, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "HYPE", "largestAbsoluteMoveValue": 5.17, "values": [ { "asset": "XRP", "value": 3.77 }, { "asset": "HYPE", "value": 5.17 }, { "asset": "AVAX", "value": 0.18 }, { "asset": "TRX", "value": -3.45 } ] } }, "relativeVolatilityLeader": { "asset": "TRX", "metric": "absolute 1W ATM IV change", "value": 3.37 }, "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": 66.89, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": 63.97, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "AVAX", "value": 56.12, "previousRank": 3, "rankChange": 0 }, { "rank": 4, "asset": "TRX", "value": 19.25, "previousRank": 4, "rankChange": 0 } ], "oneWeekAtmIvChange": [ { "rank": 1, "asset": "TRX", "value": 3.37, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "XRP", "value": 1.44, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "HYPE", "value": 1.15, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "AVAX", "value": -0.63, "previousRank": null, "rankChange": null } ], "oneWeekAtmIvAbsoluteMove": [ { "rank": 1, "asset": "TRX", "value": 3.37, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "XRP", "value": 1.44, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "HYPE", "value": 1.15, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "AVAX", "value": -0.63, "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": 11.31, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": 4.17, "previousRank": 4, "rankChange": 2 }, { "rank": 3, "asset": "AVAX", "value": 1.65, "previousRank": 3, "rankChange": 0 }, { "rank": 4, "asset": "TRX", "value": -0.37, "previousRank": 2, "rankChange": -2 } ], "oneWeekRr25PutRichness": [ { "rank": 1, "asset": "TRX", "value": -0.37, "previousRank": 3, "rankChange": 2 }, { "rank": 2, "asset": "AVAX", "value": 1.65, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "XRP", "value": 4.17, "previousRank": 1, "rankChange": -2 }, { "rank": 4, "asset": "HYPE", "value": 11.31, "previousRank": 4, "rankChange": 0 } ], "termStructureSlope": [ { "rank": null, "asset": "XRP", "value": null, "previousRank": null, "rankChange": null 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