{ "schemaVersion": 1, "currency": "ALTS", "reportDate": "2026-09-22", "generatedAt": "2026-09-22T18:20:12+00:00", "currentSnapshotAt": "2026-09-22T18:18:00+00:00", "comparisonCutoffAt": "2026-09-22T18:18:00+00:00", "headline": "Altcoin options split as XRP call volatility pulls away from TRX", "standfirst": "Altcoin one-week RR25 dispersion widened 5.09 volatility points to 8.91 points, as XRP’s one-week call-minus-put RR25 reached 9.91% while TRX’s stood at 1.00%. The widening marks a sharper separation in relative call-side volatility across the complex, even as the one-week ATM IV level gap between AVAX and TRX narrowed 0.24 points to 61.64 points.", "marketSummary": "XRP and TRX defined the altcoin options split at the cutoff: XRP one-week RR25 was 9.91%, compared with TRX one-week RR25 of 1.00%. Both readings remained positive, meaning calls were richer than puts, but the 8.91-point gap widened from 3.82 points.", "rows": [ { "asset": "XRP", "currentSnapshotAt": "2026-09-22T18:18:00+00:00", "previousSnapshotAt": "2026-09-21T18:37:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 77.86, "previous": 70.95, "change": 6.91, "percentChange": 9.74 }, "rr25": { "current": 9.91, "previous": 6.38, "change": 3.53, "percentChange": 55.33 }, "bf25": { "current": 7.41, "previous": 6.18, "change": 1.23, "percentChange": 19.9 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 74.65, "previous": 68.96, "change": 5.69, "percentChange": 8.25 }, "rr25": { "current": 10.22, "previous": 6.0, "change": 4.22, "percentChange": 70.33 }, "bf25": { "current": 7.58, "previous": 6.2, "change": 1.38, "percentChange": 22.26 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 72.2, "previous": 66.86, "change": 5.34, "percentChange": 7.99 }, "rr25": { "current": 9.9, "previous": 5.7, "change": 4.2, "percentChange": 73.68 }, "bf25": { "current": 7.42, "previous": 5.88, "change": 1.54, "percentChange": 26.19 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 69.47, "previous": 65.17, "change": 4.3, "percentChange": 6.6 }, "rr25": { "current": 8.25, "previous": 6.71, "change": 1.54, "percentChange": 22.95 }, "bf25": { "current": 7.23, "previous": 5.65, "change": 1.58, "percentChange": 27.96 } }, { "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": 77.86, "previous": 70.95, "change": 6.91, "percentChange": 9.74 }, "rr25": { "current": 9.91, "previous": 6.38, "change": 3.53, "percentChange": 55.33 }, "bf25": { "current": 7.41, "previous": 6.18, "change": 1.23, "percentChange": 19.9 } }, "nearestEligibleForward": { "label": "25SEP26", "daysToExpiry": 2.571, "forward": { "current": 1.58, "previous": 1.51, "change": 0.07, "percentChange": 4.64 } }, "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": "2026-09-22T18:18:00+00:00", "spotWindowStart": "2026-09-21T18:18:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": null, "rv24hPercent": null, "rv7dPercent": null, "rv30dPercent": null, "observations": { "24h": 1420, "7d": 9849, "30d": 42931 }, "coverage": { "24h": { "status": "unavailable", "observedReturns": 1420, "expectedReturns": 1440, "coveragePercent": 98.6111, "largestMissingRunMinutes": 18, "unavailableReason": "24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.6111% with a largest gap of 18 minutes." }, "7d": { "status": "unavailable", "observedReturns": 9849, "expectedReturns": 10080, "coveragePercent": 97.7083, "largestMissingRunMinutes": 228, "unavailableReason": "7d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 97.7083% with a largest gap of 228 minutes." }, "30d": { "status": "unavailable", "observedReturns": 42931, "expectedReturns": 43200, "coveragePercent": 99.3773, "largestMissingRunMinutes": 228, "unavailableReason": "30d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 99.3773% with a largest gap of 228 minutes." } }, "coveragePolicy": { "version": "observed-minute-returns-v1", "minimumCoveragePercent": 99.5, "maximumMissingRunMinutes": 60, "methodology": "Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps." }, "spotUnavailableReason": "No exact 24-hour comparison index bar.", "oneWeekAtmIvPercent": 77.86, "oneWeekIvMinus7dRvPoints": null, "oneWeekIvMinus24hRvPoints": null, "oneWeekIvMinus30dRvPoints": null }, "realisedVolatilityUnavailableReason": null }, { "asset": "HYPE", "currentSnapshotAt": "2026-09-22T18:15:00+00:00", "previousSnapshotAt": "2026-09-21T18:37:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 65.2, "previous": 66.39, "change": -1.19, "percentChange": -1.79 }, "rr25": { "current": 4.56, "previous": 3.52, "change": 1.04, "percentChange": 29.55 }, "bf25": { "current": 4.18, "previous": 4.06, "change": 0.12, "percentChange": 2.96 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 63.3, "previous": 64.32, "change": -1.02, "percentChange": -1.59 }, "rr25": { "current": 4.4, "previous": 3.62, "change": 0.78, "percentChange": 21.55 }, "bf25": { "current": 3.96, "previous": 4.32, "change": -0.36, "percentChange": -8.33 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 61.92, "previous": 63.58, "change": -1.66, "percentChange": -2.61 }, "rr25": { "current": 3.95, "previous": 4.34, "change": -0.39, "percentChange": -8.99 }, "bf25": { "current": 3.61, "previous": 3.94, "change": -0.33, "percentChange": -8.38 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 60.05, "previous": 61.54, "change": -1.49, "percentChange": -2.42 }, "rr25": { "current": 3.67, "previous": 5.03, "change": -1.36, "percentChange": -27.04 }, "bf25": { "current": 3.87, "previous": 3.69, "change": 0.18, "percentChange": 4.88 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; 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canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-22T18:15:00+00:00", "spotWindowStart": "2026-09-21T18:15:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": null, "rv24hPercent": null, "rv7dPercent": null, "rv30dPercent": null, "observations": { "24h": 1417, "7d": 9849, "30d": 42929 }, "coverage": { "24h": { "status": "unavailable", "observedReturns": 1417, "expectedReturns": 1440, "coveragePercent": 98.4028, "largestMissingRunMinutes": 21, "unavailableReason": "24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.4028% with a largest gap of 21 minutes." }, "7d": { "status": "unavailable", "observedReturns": 9849, "expectedReturns": 10080, "coveragePercent": 97.7083, "largestMissingRunMinutes": 228, "unavailableReason": "7d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 97.7083% with a largest gap of 228 minutes." }, "30d": { "status": "unavailable", "observedReturns": 42929, "expectedReturns": 43200, "coveragePercent": 99.3727, "largestMissingRunMinutes": 228, "unavailableReason": "30d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 99.3727% with a largest gap of 228 minutes." } }, "coveragePolicy": { "version": "observed-minute-returns-v1", "minimumCoveragePercent": 99.5, "maximumMissingRunMinutes": 60, "methodology": "Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps." }, "spotUnavailableReason": "No exact 24-hour comparison index bar.", "oneWeekAtmIvPercent": 65.2, "oneWeekIvMinus7dRvPoints": null, "oneWeekIvMinus24hRvPoints": null, "oneWeekIvMinus30dRvPoints": null }, "realisedVolatilityUnavailableReason": null }, { "asset": "AVAX", "currentSnapshotAt": "2026-09-22T18:18:00+00:00", "previousSnapshotAt": "2026-09-21T18:37:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 82.27, "previous": 81.02, "change": 1.25, "percentChange": 1.54 }, "rr25": { "current": 7.52, "previous": 6.6, "change": 0.92, "percentChange": 13.94 }, "bf25": { "current": 6.68, "previous": 6.42, "change": 0.26, "percentChange": 4.05 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 77.24, "previous": 74.16, "change": 3.08, "percentChange": 4.15 }, "rr25": { "current": 6.86, "previous": 6.07, "change": 0.79, "percentChange": 13.01 }, "bf25": { "current": 6.44, "previous": 6.15, "change": 0.29, "percentChange": 4.72 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 73.03, "previous": 69.22, "change": 3.81, "percentChange": 5.5 }, "rr25": { "current": 5.92, "previous": 5.04, "change": 0.88, "percentChange": 17.46 }, "bf25": { "current": 5.7, "previous": 5.28, "change": 0.42, "percentChange": 7.95 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 70.67, "previous": 65.05, "change": 5.62, "percentChange": 8.64 }, "rr25": { "current": 6.34, "previous": 4.55, "change": 1.79, "percentChange": 39.34 }, "bf25": { "current": 5.32, "previous": 5.07, "change": 0.25, "percentChange": 4.93 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; 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canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-22T18:18:00+00:00", "spotWindowStart": "2026-09-21T18:18:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": null, "rv24hPercent": null, "rv7dPercent": null, "rv30dPercent": null, "observations": { "24h": 1420, "7d": 9849, "30d": 42931 }, "coverage": { "24h": { "status": "unavailable", "observedReturns": 1420, "expectedReturns": 1440, "coveragePercent": 98.6111, "largestMissingRunMinutes": 18, "unavailableReason": "24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.6111% with a largest gap of 18 minutes." }, "7d": { "status": "unavailable", "observedReturns": 9849, "expectedReturns": 10080, "coveragePercent": 97.7083, "largestMissingRunMinutes": 228, "unavailableReason": "7d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 97.7083% with a largest gap of 228 minutes." }, "30d": { "status": "unavailable", "observedReturns": 42931, "expectedReturns": 43200, "coveragePercent": 99.3773, "largestMissingRunMinutes": 228, "unavailableReason": "30d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 99.3773% with a largest gap of 228 minutes." } }, "coveragePolicy": { "version": "observed-minute-returns-v1", "minimumCoveragePercent": 99.5, "maximumMissingRunMinutes": 60, "methodology": "Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps." }, "spotUnavailableReason": "No exact 24-hour comparison index bar.", "oneWeekAtmIvPercent": 82.27, "oneWeekIvMinus7dRvPoints": null, "oneWeekIvMinus24hRvPoints": null, "oneWeekIvMinus30dRvPoints": null }, "realisedVolatilityUnavailableReason": null }, { "asset": "TRX", "currentSnapshotAt": "2026-09-22T18:18:00+00:00", "previousSnapshotAt": "2026-09-21T18:37:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 6, "comparedListedExpiries": 5, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 20.63, "previous": 19.14, "change": 1.49, "percentChange": 7.78 }, "rr25": { "current": 1.0, "previous": 2.78, "change": -1.78, "percentChange": -64.03 }, "bf25": { "current": 1.82, "previous": 2.36, "change": -0.54, "percentChange": -22.88 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 20.8, "previous": 19.09, "change": 1.71, "percentChange": 8.96 }, "rr25": { "current": 0.6, "previous": 2.67, "change": -2.07, "percentChange": -77.53 }, "bf25": { "current": 1.94, "previous": 2.63, "change": -0.69, "percentChange": -26.24 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 21.06, "previous": 19.63, "change": 1.43, "percentChange": 7.28 }, "rr25": { "current": 0.28, "previous": 2.86, "change": -2.58, "percentChange": -90.21 }, "bf25": { "current": 2.0, "previous": 2.82, "change": -0.82, "percentChange": -29.08 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 21.88, "previous": 19.14, "change": 2.74, "percentChange": 14.32 }, "rr25": { "current": -0.71, "previous": -1.02, "change": 0.31, "percentChange": 30.39 }, "bf25": { "current": 2.21, "previous": 3.18, "change": -0.97, "percentChange": -30.5 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; 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canonical bars always take precedence.", "samplingInterval": "1 minute", "annualizationBasis": "365 days", "windowEnd": "2026-09-22T18:18:00+00:00", "spotWindowStart": "2026-09-21T18:18:00+00:00", "spotMetric": "spot-index return", "spotUnit": "percent", "spotMove24hPercent": null, "rv24hPercent": null, "rv7dPercent": null, "rv30dPercent": null, "observations": { "24h": 1420, "7d": 9849, "30d": 42931 }, "coverage": { "24h": { "status": "unavailable", "observedReturns": 1420, "expectedReturns": 1440, "coveragePercent": 98.6111, "largestMissingRunMinutes": 18, "unavailableReason": "24h RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 98.6111% with a largest gap of 18 minutes." }, "7d": { "status": "unavailable", "observedReturns": 9849, "expectedReturns": 10080, "coveragePercent": 97.7083, "largestMissingRunMinutes": 228, "unavailableReason": "7d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 97.7083% with a largest gap of 228 minutes." }, "30d": { "status": "unavailable", "observedReturns": 42931, "expectedReturns": 43200, "coveragePercent": 99.3773, "largestMissingRunMinutes": 228, "unavailableReason": "30d RV requires at least 99.5% valid one-minute returns and no price gap over 60 minutes; coverage is 99.3773% with a largest gap of 228 minutes." } }, "coveragePolicy": { "version": "observed-minute-returns-v1", "minimumCoveragePercent": 99.5, "maximumMissingRunMinutes": 60, "methodology": "Each RV window qualifies independently. RV annualises the mean squared observed one-minute log return; returns spanning gaps are excluded, not interpolated or zero-filled. Partial estimates assume observed minutes are representative and may miss volatility during gaps." }, "spotUnavailableReason": "No exact 24-hour comparison index bar.", "oneWeekAtmIvPercent": 20.63, "oneWeekIvMinus7dRvPoints": null, "oneWeekIvMinus24hRvPoints": null, "oneWeekIvMinus30dRvPoints": null }, "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": "AVAX", "laggard": "TRX", "highest": 82.27, "lowest": 20.63, "spread": 61.64, "highestToLowestRatio": 3.9879, "largestAbsoluteMoveAsset": "AVAX", "largestAbsoluteMoveValue": 82.27, "values": [ { "asset": "XRP", "value": 77.86 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