{ "schemaVersion": 1, "currency": "CROSS_ASSET", "cadence": "weekly", "reportDate": "2026-09-12", "weekStartDate": "2026-09-05", "weekEndDate": "2026-09-12", "generatedAt": "2026-09-12T16:45:11+00:00", "currentSnapshotAt": "2026-09-12T16:29:00+00:00", "previousSnapshotAt": "2026-09-05T16:29:00+00:00", "comparisonCutoffAt": "2026-09-12T16:29:00+00:00", "headline": "Crypto options reveal a wide TRX-to-AVAX relative-value gap", "standfirst": "Across the seven-market crypto options complex, TRX one-week ATM IV stood 6.35 volatility points above seven-day realised volatility, while AVAX stood 6.10 points below it. The resulting 12.45-point implied-versus-realised range was the week’s strongest relative-value contrast. ETH also posted the largest one-week ATM IV increase, up 6.79 points.", "marketSummary": "TRX and AVAX marked the widest one-week implied-versus-realised divergence: TRX was 6.35 volatility points rich to seven-day realised volatility, and AVAX was 6.10 points cheap. 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{ "current": 2.98, "previous": 2.54, "change": 0.44, "percentChange": 17.32 }, "bf25": { "current": 4.78, "previous": 4.68, "change": 0.1, "percentChange": 2.14 } }, { "tenor": "6M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, "percentChange": null } }, { "tenor": "9M", "availability": "unavailable", "unavailableReason": "The target tenor is not bracketed by listed expiries; extrapolated values are suppressed.", "atmIv": { "current": null, "previous": null, "change": null, "percentChange": null }, "rr25": { "current": null, "previous": null, "change": null, "percentChange": null }, "bf25": { "current": null, "previous": null, "change": null, 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3.09, "previousRank": 3, "rankChange": 1 }, { "rank": 3, "asset": "XRP", "value": 2.59, "previousRank": 1, "rankChange": -2 }, { "rank": 4, "asset": "HYPE", "value": 1.49, "previousRank": 2, "rankChange": -2 }, { "rank": 5, "asset": "BTC", "value": -0.37, "previousRank": 6, "rankChange": 1 }, { "rank": 6, "asset": "TRX", "value": -0.83, "previousRank": 4, "rankChange": -2 }, { "rank": 7, "asset": "ETH", "value": -1.16, "previousRank": 7, "rankChange": 0 } ], "oneWeekRr25PutRichness": [ { "rank": 1, "asset": "ETH", "value": -1.16, "previousRank": 1, "rankChange": 0 }, { "rank": 2, "asset": "TRX", "value": -0.83, "previousRank": 4, "rankChange": 2 }, { "rank": 3, "asset": "BTC", "value": -0.37, "previousRank": 2, "rankChange": -1 }, { "rank": 4, "asset": "HYPE", "value": 1.49, "previousRank": 6, "rankChange": 2 }, { "rank": 5, "asset": "XRP", "value": 2.59, "previousRank": 7, "rankChange": 2 }, { "rank": 6, "asset": "AVAX", "value": 3.09, "previousRank": 5, "rankChange": -1 }, { "rank": 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"ETH", "value": null, "previousRank": null, "rankChange": null } ] }, "outliers": [ { "metric": "1W ATM IV change", "asset": "ETH", "value": 6.79, "groupMedian": 0.7, "distanceFromMedian": 6.09 }, { "metric": "1W ATM IV level", "asset": "TRX", "value": 21.7, "groupMedian": 50.01, "distanceFromMedian": -28.31 }, { "metric": "1W RR25 level", "asset": "SOL", "value": 4.5, "groupMedian": 1.49, "distanceFromMedian": 3.01 }, { "metric": "1W IV minus 7D realised volatility", "asset": "AVAX", "value": -6.1, "groupMedian": 0.89, "distanceFromMedian": -6.99 } ], "relativeValueObservation": { "richestAsset": "TRX", "cheapestAsset": "AVAX", "spread": 12.45, "metric": "1W ATM IV minus 7D realised volatility", "interpretation": "TRX screens richest and AVAX cheapest on one-week implied volatility versus seven-day realised volatility, with a 12.45-point cross-sectional range." }, "historicalContext": { "minimumObservations": 20, "observations": 1, "oneWeekAtmIvLevelDispersionPercentile": null, 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"min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 1, "hasMore": false, "nextCursor": null, "resultSha256": "47e432d62043f2e5100cbd83276aa24b9fe5d6ff34aecbfbb971397291e3be1c" } ] }, { "arguments": { "assets": [ "XRP" ], "content_kinds": [ "catalyst", "reporting" ], "end": "2026-09-12T16:29:00Z", "limit": 50, "min_confidence": 0.65, "min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 1, "hasMore": false, "nextCursor": null, "resultSha256": "a32259522295a71e49d1c044b6a119f2d7c15911377e1037773048218d459650" } ] }, { "arguments": { "assets": [ "HYPE" ], "content_kinds": [ "catalyst", "reporting" ], "end": "2026-09-12T16:29:00Z", "limit": 50, "min_confidence": 0.65, "min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 2, "hasMore": false, "nextCursor": null, "resultSha256": "3bee2fa6d9a4e6dab10533e1ade1e748f53203107699a5f81315ba5c2e679cd9" } ] }, { "arguments": { "assets": [ "AVAX" ], "content_kinds": [ "catalyst", "reporting" ], "end": "2026-09-12T16:29:00Z", "limit": 50, "min_confidence": 0.65, "min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 0, "hasMore": false, "nextCursor": null, "resultSha256": "e88f3a0a4478e2efd693ede0f6bdfc94bd69378c3e7a3cdc2473dfc26ed1a327" } ] }, { "arguments": { "assets": [ "TRX" ], "content_kinds": [ "catalyst", "reporting" ], "end": "2026-09-12T16:29:00Z", "limit": 50, "min_confidence": 0.65, "min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 0, "hasMore": false, "nextCursor": null, "resultSha256": "e88f3a0a4478e2efd693ede0f6bdfc94bd69378c3e7a3cdc2473dfc26ed1a327" } ] }, { "arguments": { "content_kinds": [ "catalyst", "reporting" ], "end": "2026-09-12T16:29:00Z", "event_types": [ "macro_release", "central_bank_decision", "regulatory_action", "legislation" ], "limit": 50, "min_confidence": 0.65, "min_importance": 0.5, "start": "2026-09-05T16:29:00Z", "statuses": [ "breaking", "developing", "confirmed" ] }, "complete": true, "pages": [ { "cursor": null, "status": "succeeded", "returnedCount": 20, "hasMore": false, "nextCursor": null, "resultSha256": "354c4cbfc35f5d3d42cbb831cdb40b3b0d424c5c02cf2deff05ca0d298a8f302" } ] } ], "upstreamIngestionHealth": "not-exposed" }, "generatedAt": "2026-09-12T16:29:00+00:00", "window": { "startAt": "2026-09-05T16:29:00+00:00", "endAt": "2026-09-12T16:29:00+00:00", "endExclusive": true }, "coverage": { "configuredSources": 1, "successfulSources": 1, "failedSources": 0 }, "provenance": { "collectionArchitecture": "central-canonical-event-store", "mcpServersQueried": 1, "assetScopedQueries": 14, "macroQueries": 1, "canonicalEventsConsidered": 3, "publishersRepresented": 2, "discoveryEventsScanned": 53, "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": 2, "feedEntriesScanned": 3, "articlesPassingTimeFilter": 3, "articlesPassingSourceRelevanceRules": 3, "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": "2026-09-12T16:29:00+00:00", "window": { "startAt": "2026-09-05T16:29:00+00:00", "endAt": "2026-09-12T16:29:00+00:00", "endExclusive": true }, "headline": "Crypto options reveal a wide TRX-to-AVAX relative-value gap", "standfirst": "Across the seven-market crypto options complex, TRX one-week ATM IV stood 6.35 volatility points above seven-day realised volatility, while AVAX stood 6.10 points below it. The resulting 12.45-point implied-versus-realised range was the week’s strongest relative-value contrast. ETH also posted the largest one-week ATM IV increase, up 6.79 points.", "days": [ { "reportDate": "2026-09-06", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-07", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-08", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-09", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-10", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-11", "headline": "No qualifying cross-asset news context", "summary": "No eligible news item materially clarified the week’s cross-asset options comparison on this date.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } }, { "reportDate": "2026-09-12", "headline": "TRX and AVAX anchor relative-value divide", "summary": "The complex ended with TRX richest and AVAX cheapest versus seven-day realised volatility.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } } ] }, "newsStatus": "no-relevant-catalyst", "researchDossier": "/Users/seangordon/code/report-publisher-harness/runs/2026-09-12-20260912T163007Z/editorial/dossier.json" }