{ "schemaVersion": 1, "currency": "CROSS_ASSET", "cadence": "weekly", "reportDate": "2026-09-05", "weekStartDate": "2026-08-29", "weekEndDate": "2026-09-05", "generatedAt": "2026-09-05T19:48:47+00:00", "currentSnapshotAt": "2026-09-05T18:43:00+00:00", "previousSnapshotAt": "2026-08-29T18:43:00+00:00", "comparisonCutoffAt": "2026-09-05T18:43:00+00:00", "headline": "Crypto options reset as Solana drives the weekly divergence in one-week ATM IV", "standfirst": "Solana’s one-week ATM IV fell 20.89 volatility points, while Bitcoin’s one-week ATM IV rose 1.76 volatility points. Seven-market one-week ATM IV changes spanned 22.65 volatility points. HYPE’s one-week ATM IV was 62.25%.", "marketSummary": "Across the seven-market options complex, Solana’s one-week ATM IV decline was the largest move, while Bitcoin was the sole market with a rise.", "rows": [ { "asset": "BTC", "currentSnapshotId": 276761, "previousSnapshotId": 206364, "currentSnapshotAt": "2026-09-05T18:43:00+00:00", "previousSnapshotAt": "2026-08-29T18:43:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 12, "comparedListedExpiries": 8, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 34.95, "previous": 33.19, "change": 1.76, "percentChange": 5.3 }, "rr25": { "current": 1.62, "previous": -0.7, "change": 2.32, "percentChange": 331.43 }, "bf25": { "current": 1.76, "previous": 1.84, "change": -0.08, "percentChange": -4.35 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 36.73, "previous": 34.19, "change": 2.54, "percentChange": 7.43 }, "rr25": { "current": 1.61, "previous": -1.61, "change": 3.22, "percentChange": 200.0 }, "bf25": { "current": 1.81, "previous": 1.89, "change": -0.08, "percentChange": -4.23 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 36.98, "previous": 35.52, "change": 1.46, "percentChange": 4.11 }, "rr25": { "current": 0.89, "previous": -2.16, "change": 3.05, "percentChange": 141.2 }, "bf25": { "current": 2.13, "previous": 2.12, "change": 0.01, "percentChange": 0.47 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 38.93, "previous": 37.94, "change": 0.99, "percentChange": 2.61 }, "rr25": { "current": -0.04, "previous": -1.58, "change": 1.54, "percentChange": 97.47 }, "bf25": { "current": 2.42, "previous": 2.06, "change": 0.36, "percentChange": 17.48 } }, { "tenor": "6M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 40.15, "previous": 40.16, "change": -0.01, "percentChange": -0.02 }, "rr25": { "current": -0.09, "previous": -1.0, "change": 0.91, "percentChange": 91.0 }, "bf25": { "current": 2.53, "previous": 2.5, "change": 0.03, "percentChange": 1.2 } }, { "tenor": "9M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 41.4, "previous": 41.49, "change": -0.09, "percentChange": -0.22 }, "rr25": { "current": 0.1, "previous": -0.54, "change": 0.64, "percentChange": 118.52 }, "bf25": { "current": 2.78, "previous": 2.66, "change": 0.12, "percentChange": 4.51 } }, { "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": 34.95, "previous": 33.19, "change": 1.76, "percentChange": 5.3 }, "rr25": { "current": 1.62, "previous": -0.7, "change": 2.32, "percentChange": 331.43 }, "bf25": { "current": 1.76, "previous": 1.84, "change": -0.08, "percentChange": -4.35 } }, "nearestEligibleForward": { "label": "8SEP26", "daysToExpiry": 2.553, "forward": { "current": 79914.47, "previous": null, "change": null, "percentChange": null } }, "realisedVolatility": { "source": "canonical/BTC-USD-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 48, "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": "2026-09-05T18:43:00+00:00", "spotMove24hPercent": 0.4, "rv24hPercent": 16.9, "rv7dPercent": 36.54, "rv30dPercent": 37.65, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 34.95, "oneWeekIvMinus7dRvPoints": -1.59, "oneWeekIvMinus24hRvPoints": 18.05, "oneWeekIvMinus30dRvPoints": -2.7 }, "realisedVolatilityUnavailableReason": null }, { "asset": "ETH", "currentSnapshotId": 276758, "previousSnapshotId": 206368, "currentSnapshotAt": "2026-09-05T18:43:00+00:00", "previousSnapshotAt": "2026-08-29T18:43:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 12, "comparedListedExpiries": 8, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 43.37, "previous": 44.38, "change": -1.01, "percentChange": -2.28 }, "rr25": { "current": 1.36, "previous": -0.67, "change": 2.03, "percentChange": 302.99 }, "bf25": { "current": 2.42, "previous": 2.35, "change": 0.07, "percentChange": 2.98 } }, { "tenor": "2W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 47.46, "previous": 45.79, "change": 1.67, "percentChange": 3.65 }, "rr25": { "current": 2.09, "previous": -0.01, "change": 2.1, "percentChange": 21000.0 }, "bf25": { "current": 2.93, "previous": 2.75, "change": 0.18, "percentChange": 6.55 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 49.46, "previous": 49.01, "change": 0.45, "percentChange": 0.92 }, "rr25": { "current": 1.82, "previous": -0.71, "change": 2.53, "percentChange": 356.34 }, "bf25": { "current": 2.76, "previous": 2.63, "change": 0.13, "percentChange": 4.94 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.08, "previous": 52.29, "change": -0.21, "percentChange": -0.4 }, "rr25": { "current": 1.23, "previous": -0.27, "change": 1.5, "percentChange": 555.56 }, "bf25": { "current": 2.93, "previous": 2.85, "change": 0.08, "percentChange": 2.81 } }, { "tenor": "6M", 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"bf25": { "current": null, "previous": null, "change": null, "percentChange": null } } ], "oneWeek": { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 43.37, "previous": 44.38, "change": -1.01, "percentChange": -2.28 }, "rr25": { "current": 1.36, "previous": -0.67, "change": 2.03, "percentChange": 302.99 }, "bf25": { "current": 2.42, "previous": 2.35, "change": 0.07, "percentChange": 2.98 } }, "nearestEligibleForward": { "label": "8SEP26", "daysToExpiry": 2.553, "forward": { "current": 2476.91, "previous": null, "change": null, "percentChange": null } }, "realisedVolatility": { "source": "canonical/ETH-USD-INDEX (DERIBIT and OKX indexes)", "fallbackObservations": 48, "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": "2026-09-05T18:43:00+00:00", "spotMove24hPercent": 1.1, "rv24hPercent": 20.8, "rv7dPercent": 46.83, "rv30dPercent": 51.21, "observations": { "24h": 1440, "7d": 10080, "30d": 43200 }, "oneWeekAtmIvPercent": 43.37, "oneWeekIvMinus7dRvPoints": -3.46, "oneWeekIvMinus24hRvPoints": 22.57, "oneWeekIvMinus30dRvPoints": -7.84 }, "realisedVolatilityUnavailableReason": null }, { "asset": "SOL", "currentSnapshotId": 276757, "previousSnapshotId": 206370, "currentSnapshotAt": "2026-09-05T18:43:00+00:00", "previousSnapshotAt": "2026-08-29T18:43:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 7, "comparedListedExpiries": 3, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 50.62, "previous": 71.51, "change": -20.89, "percentChange": -29.21 }, "rr25": { "current": 2.25, "previous": 3.53, "change": -1.28, "percentChange": -36.26 }, "bf25": { "current": 3.49, "previous": 4.95, "change": -1.46, "percentChange": -29.49 } 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-0.23, "percentChange": -4.47 } }, { "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 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"percentChange": -35.18 } }, { "tenor": "1M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.65, "previous": 66.77, "change": -11.12, "percentChange": -16.65 }, "rr25": { "current": 2.6, "previous": 3.69, "change": -1.09, "percentChange": -29.54 }, "bf25": { "current": 3.34, "previous": 4.65, "change": -1.31, "percentChange": -28.17 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 55.36, "previous": 64.13, "change": -8.77, "percentChange": -13.68 }, "rr25": { "current": 2.74, "previous": 3.39, "change": -0.65, "percentChange": -19.17 }, "bf25": { "current": 3.14, "previous": 4.79, "change": -1.65, "percentChange": -34.45 } }, { "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 } } ], 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"change": 1.02, "percentChange": 29.23 } }, { "tenor": "3M", "availability": "available", "unavailableReason": null, "atmIv": { "current": 66.07, "previous": 68.52, "change": -2.45, "percentChange": -3.58 }, "rr25": { "current": 4.9, "previous": 4.89, "change": 0.01, "percentChange": 0.2 }, "bf25": { "current": 4.74, "previous": 3.29, "change": 1.45, "percentChange": 44.07 } }, { "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": 62.25, "previous": 74.2, "change": -11.95, "percentChange": -16.11 }, "rr25": { "current": 3.27, "previous": -0.36, "change": 3.63, "percentChange": 1008.33 }, "bf25": { "current": 3.93, "previous": 3.28, "change": 0.65, "percentChange": 19.82 } }, "nearestEligibleForward": { "label": "11SEP26", "daysToExpiry": 5.553, "forward": { "current": 85.52, "previous": 83.05, "change": 2.47, "percentChange": 2.97 } }, "realisedVolatility": null, "realisedVolatilityUnavailableReason": "Canonical HYPE index coverage for 24h is incomplete: expected 1440 returns, found 1405" }, { "asset": "AVAX", "currentSnapshotId": 276759, "previousSnapshotId": 206369, "currentSnapshotAt": "2026-09-05T18:43:00+00:00", "previousSnapshotAt": "2026-08-29T18:43:00+00:00", "comparisonStatus": "available", "comparisonNote": null, "rejectedPreviousSnapshotAt": null, "currentListedExpiries": 7, "comparedListedExpiries": 3, "tenors": [ { "tenor": "1W", "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.39, "previous": 62.83, "change": -9.44, "percentChange": -15.02 }, "rr25": { "current": 3.41, "previous": 2.45, "change": 0.96, "percentChange": 39.18 }, "bf25": { "current": 4.55, "previous": 3.93, "change": 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"value": 3.63 }, { "asset": "AVAX", "value": 0.96 }, { "asset": "TRX", "value": 3.45 } ] } }, "relativeVolatilityLeader": { "asset": "SOL", "metric": "absolute 1W ATM IV change", "value": -20.89 }, "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": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": null }, { "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": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": null }, { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } }, "relativeValue": { "ivMinusRealised7d": { "leader": "BTC", "laggard": "ETH", "highest": -1.59, "lowest": -3.46, "spread": 1.87, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "ETH", "largestAbsoluteMoveValue": -3.46, "values": [ { "asset": "BTC", "value": -1.59 }, { "asset": "ETH", "value": -3.46 }, { "asset": "SOL", "value": null }, { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] }, "spotPerformance7d": { "leader": "AVAX", "laggard": "TRX", "highest": 3.96, "lowest": -2.94, "spread": 6.9, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "AVAX", "largestAbsoluteMoveValue": 3.96, "values": [ { "asset": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": -1.15 }, { "asset": "XRP", "value": 2.16 }, { "asset": "HYPE", "value": 2.97 }, { "asset": "AVAX", "value": 3.96 }, { "asset": "TRX", "value": -2.94 } ] } }, "rankings": { "oneWeekAtmIvLevel": [ { "rank": 1, "asset": "HYPE", "value": 62.25, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "XRP", "value": 54.5, "previousRank": 3, "rankChange": 1 }, { "rank": 3, "asset": "AVAX", "value": 53.39, "previousRank": 4, "rankChange": 1 }, { "rank": 4, "asset": "SOL", "value": 50.62, "previousRank": 2, "rankChange": -2 }, { "rank": 5, "asset": "ETH", "value": 43.37, "previousRank": 5, "rankChange": 0 }, { "rank": 6, "asset": "BTC", "value": 34.95, "previousRank": 6, "rankChange": 0 }, { "rank": 7, "asset": "TRX", "value": 21.28, "previousRank": 7, "rankChange": 0 } ], "oneWeekAtmIvChange": [ { "rank": 1, "asset": "BTC", "value": 1.76, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "TRX", "value": -0.88, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "ETH", "value": -1.01, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "AVAX", "value": -9.44, "previousRank": null, "rankChange": null }, { "rank": 5, "asset": "HYPE", "value": -11.95, "previousRank": null, "rankChange": null }, { "rank": 6, "asset": "XRP", "value": -15.53, "previousRank": null, "rankChange": null }, { "rank": 7, "asset": "SOL", "value": -20.89, "previousRank": null, "rankChange": null } ], "oneWeekAtmIvAbsoluteMove": [ { "rank": 1, "asset": "SOL", "value": -20.89, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "XRP", "value": -15.53, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "HYPE", "value": -11.95, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "AVAX", "value": -9.44, "previousRank": null, "rankChange": null }, { "rank": 5, "asset": "BTC", "value": 1.76, "previousRank": null, "rankChange": null }, { "rank": 6, "asset": "ETH", "value": -1.01, "previousRank": null, "rankChange": null }, { "rank": 7, "asset": "TRX", "value": -0.88, "previousRank": null, "rankChange": null } ], "ivMinusRealised7d": [ { "rank": 1, "asset": "BTC", "value": -1.59, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "ETH", "value": -3.46, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "SOL", "value": null, "previousRank": null, "rankChange": null }, { "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": "TRX", "value": 3.47, "previousRank": 4, "rankChange": 3 }, { "rank": 2, "asset": "AVAX", "value": 3.41, "previousRank": 2, "rankChange": 0 }, { "rank": 3, "asset": "HYPE", "value": 3.27, "previousRank": 5, "rankChange": 2 }, { "rank": 4, "asset": "XRP", "value": 2.91, "previousRank": 3, "rankChange": -1 }, { "rank": 5, "asset": "SOL", "value": 2.25, "previousRank": 1, "rankChange": -4 }, { "rank": 6, "asset": "BTC", "value": 1.62, "previousRank": 7, "rankChange": 1 }, { "rank": 7, "asset": "ETH", "value": 1.36, "previousRank": 6, "rankChange": -1 } ], "oneWeekRr25PutRichness": [ { "rank": 1, "asset": "ETH", "value": 1.36, "previousRank": 2, "rankChange": 1 }, { "rank": 2, "asset": "BTC", "value": 1.62, "previousRank": 1, "rankChange": -1 }, { "rank": 3, "asset": "SOL", "value": 2.25, "previousRank": 7, "rankChange": 4 }, { "rank": 4, "asset": "XRP", "value": 2.91, "previousRank": 5, "rankChange": 1 }, { "rank": 5, "asset": "HYPE", "value": 3.27, "previousRank": 3, "rankChange": -2 }, { "rank": 6, "asset": "AVAX", "value": 3.41, "previousRank": 6, "rankChange": 0 }, { "rank": 7, "asset": "TRX", "value": 3.47, "previousRank": 4, "rankChange": -3 } ], "termStructureSlope": [ { "rank": null, "asset": "BTC", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "ETH", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "SOL", "value": null, "previousRank": null, "rankChange": null }, { "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 } ], "termStructureSlopeChange": [ { "rank": null, "asset": "BTC", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "ETH", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "SOL", "value": null, "previousRank": null, "rankChange": null }, { "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 } ], "spotPerformance7d": [ { "rank": 1, "asset": "AVAX", "value": 3.96, "previousRank": null, "rankChange": null }, { "rank": 2, "asset": "HYPE", "value": 2.97, "previousRank": null, "rankChange": null }, { "rank": 3, "asset": "XRP", "value": 2.16, "previousRank": null, "rankChange": null }, { "rank": 4, "asset": "SOL", "value": -1.15, "previousRank": null, "rankChange": null }, { "rank": 5, "asset": "TRX", "value": -2.94, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "BTC", "value": null, "previousRank": null, "rankChange": null }, { "rank": null, "asset": "ETH", "value": null, "previousRank": null, "rankChange": null } ] }, "outliers": [ { "metric": "1W ATM IV change", "asset": "SOL", "value": -20.89, "groupMedian": -9.44, "distanceFromMedian": -11.45 }, { "metric": "1W ATM IV level", "asset": "TRX", "value": 21.28, "groupMedian": 50.62, "distanceFromMedian": -29.34 }, { "metric": "1W RR25 level", "asset": "ETH", "value": 1.36, "groupMedian": 2.91, "distanceFromMedian": -1.55 } ], "relativeValueObservation": { "richestAsset": "BTC", "cheapestAsset": "ETH", "spread": 1.87, "metric": "1W ATM IV minus 7D realised volatility", "interpretation": "BTC screens richest and ETH cheapest on one-week implied volatility versus seven-day realised volatility, with a 1.87-point cross-sectional range." }, "historicalContext": { "minimumObservations": 20, "observations": 0, "oneWeekAtmIvLevelDispersionPercentile": null, "oneWeekAtmIvChangeDispersionPercentile": null, "oneWeekRr25LevelDispersionPercentile": null, 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"spreadChange": -11.07, "dispersionDirection": "compressing" }, { "id": "cross-asset-cross-1w-rr25-dispersion", "metric": "1W RR25 level dispersion", "unit": "volatility points", "leader": "TRX", "laggard": "ETH", "highest": 3.47, "lowest": 1.36, "spread": 2.11, "highestToLowestRatio": 2.5515, "largestAbsoluteMoveAsset": "TRX", "largestAbsoluteMoveValue": 3.47, "values": [ { "asset": "BTC", "value": 1.62 }, { "asset": "ETH", "value": 1.36 }, { "asset": "SOL", "value": 2.25 }, { "asset": "XRP", "value": 2.91 }, { "asset": "HYPE", "value": 3.27 }, { "asset": "AVAX", "value": 3.41 }, { "asset": "TRX", "value": 3.47 } ], "previousSpread": 4.23, "spreadChange": -2.12, "dispersionDirection": "compressing" }, { "id": "cross-asset-cross-term-structure-divergence", "metric": "1Y minus 1W ATM IV slope dispersion", "unit": "volatility points", "leader": null, "laggard": null, "highest": null, "lowest": null, "spread": null, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": null, "largestAbsoluteMoveValue": null, "values": [ { "asset": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": null }, { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ], "previousSpread": null, "spreadChange": null, "dispersionDirection": "unavailable" }, { "id": "cross-asset-cross-iv-minus-realised-dispersion", "metric": "1W IV minus 7D realised volatility dispersion", "unit": "volatility points", "leader": "BTC", "laggard": "ETH", "highest": -1.59, "lowest": -3.46, "spread": 1.87, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "ETH", "largestAbsoluteMoveValue": -3.46, "values": [ { "asset": "BTC", "value": -1.59 }, { "asset": "ETH", "value": -3.46 }, { "asset": "SOL", "value": null }, { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] }, { "id": "cross-asset-cross-spot-performance", "metric": "7D spot/forward performance dispersion", "unit": "percentage points", "leader": "AVAX", "laggard": "TRX", "highest": 3.96, "lowest": -2.94, "spread": 6.9, "highestToLowestRatio": null, "largestAbsoluteMoveAsset": "AVAX", "largestAbsoluteMoveValue": 3.96, "values": [ { "asset": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": -1.15 }, { "asset": "XRP", "value": 2.16 }, { "asset": "HYPE", "value": 2.97 }, { "asset": "AVAX", "value": 3.96 }, { "asset": "TRX", "value": -2.94 } ] }, { "id": "cross-asset-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": "BTC", "value": null }, { "asset": "ETH", "value": null }, { "asset": "SOL", "value": null }, { "asset": "XRP", "value": null }, { "asset": "HYPE", "value": null }, { "asset": "AVAX", "value": null }, { "asset": "TRX", "value": null } ] } ] }, "newsContext": { "outcome": "No sufficiently relevant market context identified", "summary": "No sufficiently relevant, reliably sourced event met the inclusion threshold during the comparison window.", "events": [] }, "methodology": { "source": "Stored Derivasys SVI surfaces and realised-volatility observations", "comparison": "Latest successful snapshot at or before the common cutoff versus the nearest successful snapshot seven days earlier, within a three-hour tolerance.", "tenors": "Standard-tenor values are published only when listed expiries bracket the target on both endpoints; extrapolated values are suppressed.", "performance": "Seven-day performance uses the nearest eligible listed forward available at both endpoints." }, "comparedListedExpiries": 31, "summaryMetrics": { "basis": "Equal-weight average across assets with a valid seven-day baseline", "unit": "volatility points", "atmIvChange": -8.28, "rr25Change": 1.84, "bf25Change": -0.27 }, "commentary": { "source": "codex", "model": "gpt-5.6-terra", "headline": "Solana’s volatility compression creates the week’s widest dispersion", "executiveSummary": "Across the seven-market options complex, Solana’s one-week ATM IV decline was the largest move, while Bitcoin was the sole market with a rise.", "evidenceIds": [ "cross-asset-cross-1w-atm-change-dispersion", "cross-asset-cross-1w-atm-level-dispersion", "cross-asset-cross-spot-performance" ], "newsSummary": "No report-relevant macro, regulatory, or constituent-asset news qualified for inclusion.", "marketContextSummary": "No retained news item supports an assessment of the comparative weekly repricing.", "marketContext": [], "newsEvidenceIds": [] }, "newsEvidence": { "schemaVersion": 1, "source": "local-news-mcp", "generatedAt": "2026-09-05T18:43:00+00:00", "window": { "startAt": "2026-08-29T18:43:00+00:00", "endAt": "2026-09-05T18:43:00+00:00", "endExclusive": true }, "coverage": { "configuredSources": 1, "successfulSources": 1, "failedSources": 0 }, "provenance": { "collectionArchitecture": "central-canonical-event-store", "mcpServersQueried": 1, "assetScopedQueries": 7, "macroQueries": 1, "canonicalEventsConsidered": 0, "publishersRepresented": 0, "discoveryEventsScanned": 63, "upstreamFeedCount": null, "coverageNote": "The local news MCP exposes canonical events, not its upstream feed inventory; legacy feed-count fields below describe the single MCP endpoint and are not comparable with the former RSS collector." }, "selection": { "feedsQueried": 1, "publishersQueried": 0, "feedEntriesScanned": 0, "articlesPassingTimeFilter": 0, "articlesPassingSourceRelevanceRules": 0, "articlesPassingSelectionThreshold": 0, "storiesSelected": 0, "selectedPublishers": 0, "maximumStories": 3, "maximumStoriesPerPublisher": 2, "minimumSelectionScore": 0, "lockedEventSet": true, "qualityThresholds": { "minimumConfidence": 0.65, "minimumImportance": 0.5, "minimumSourceQuality": 0.58, "minimumCatalystScore": 0.25 } }, "items": [] }, "marketDiary": { "schemaVersion": 1, "source": "local-news-mcp", "generatedAt": "2026-09-05T18:43:00+00:00", "window": { "startAt": "2026-08-29T18:43:00+00:00", "endAt": "2026-09-05T18:43:00+00:00", "endExclusive": true }, "headline": "Crypto options reset as Solana drives the weekly divergence in one-week ATM IV", "standfirst": "Solana’s one-week ATM IV fell 20.89 volatility points, while Bitcoin’s one-week ATM IV rose 1.76 volatility points. Seven-market one-week ATM IV changes spanned 22.65 volatility points. HYPE’s one-week ATM IV was 62.25%. The evidence is retained as context and does not establish causation for the measured options move.", "days": [ { "reportDate": "2026-08-30", "headline": "Weekend offers no cross-asset catalyst", "summary": "No qualifying macro or crypto event was retained for the comparative options theme.", "macro": { "summary": "No qualifying macro event was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto event was retained.", "events": [] } }, { "reportDate": "2026-08-31", "headline": "No sunday context qualifies", "summary": "No selected event materially informs the complex-wide volatility divergence on this date.", "macro": { "summary": "No eligible macro development qualified.", "events": [] }, "crypto": { "summary": "No eligible crypto development qualified.", "events": [] } }, { "reportDate": "2026-09-01", "headline": "Monday contributes no retained news", "summary": "The comparative thesis has no qualifying catalyst from this diary date. No additional qualifying evidence was identified for that session.", "macro": { "summary": "No report-relevant macro item qualified.", "events": [] }, "crypto": { "summary": "No report-relevant crypto item qualified.", "events": [] } }, { "reportDate": "2026-09-02", "headline": "Cross-market catalyst remains absent", "summary": "No event was selected as relevant context for the weekly repricing dispersion.", "macro": { "summary": "No usable macro context was identified.", "events": [] }, "crypto": { "summary": "No usable cross-asset crypto context was identified.", "events": [] } }, { "reportDate": "2026-09-03", "headline": "Weekly diary records no event", "summary": "No retained development met the standard for complex-wide options relevance today. No additional qualifying evidence was identified for that session.", "macro": { "summary": "No qualifying macro news was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto news was retained.", "events": [] } }, { "reportDate": "2026-09-04", "headline": "Thursday provides no selected explanation", "summary": "No evidence-backed event was included to contextualise relative implied-volatility changes. No additional qualifying evidence was identified for that session.", "macro": { "summary": "No selected macro context is available.", "events": [] }, "crypto": { "summary": "No selected crypto context is available.", "events": [] } }, { "reportDate": "2026-09-05", "headline": "Cutoff passes without relevant news", "summary": "No qualifying event remained in the final context set through the cutoff.", "macro": { "summary": "No qualifying macro context survived screening.", "events": [] }, "crypto": { "summary": "No qualifying crypto context survived screening.", "events": [] } } ] }, "researchDossier": "/Users/seangordon/code/report-publisher-harness/runs/2026-09-05-20260905T184628Z/editorial/dossier.json" }