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D DERIVASYS

Focused research note

TRX ATM volatility rises as butterfly premium widens

TRX’s higher ATM volatility and wider weekly butterfly premium distinguish it from falling matched-tenor ATM volatility in HYPE and AVAX. The adjustment extends to TRX’s monthly ATM volatility, while weekly RR25 deepens an existing downside bias. XRP presents a different split: weekly ATM volatility rises, monthly ATM volatility barely changes, and skew adjustments run in opposite directions across those tenors.

Derivasys Research

Report date04 Nov 2026
Market snapshot04 Nov 2026 · 17:31 UTCNative current-observation time
CoverageXRP, HYPE, AVAX, TRXAssets represented in supplied data
Comparison snapshot03 Nov 2026 · 17:31 UTCNative prior-observation time

The reading

What the evidence says

TRX’s volatility repricing extends beyond the weekly tenor. Over the native crypto comparison window, 1W ATM IV rose by +5.51 vol points [1] to 30.96% [2], while 1M ATM IV increased by +5.34 vol points [3] to 27.24% [4]. Ordered ATM endpoints show an inverted curve: 1W exceeds 2W, whose ATM IV reached 28.81% [5] after rising by +6.63 vol points [6], and 2W exceeds 1M. TRX’s 1W BF25 widened by +0.69 vol points [7] to 1.72 vol points [8], indicating a larger average wing premium relative to ATM. That butterfly adjustment is strongest at 1W: 2W BF25 rose by +0.42 vol points [9] to 1.79 vol points [10], whereas 1M BF25 edged up by +0.05 vol points [11] to 1.77 vol points [12]. Directional pricing is less uniform. TRX’s 1W RR25 changed by -0.22 vol points [13] to -0.70 vol points [14], deepening an existing downside bias; its 1M RR25 instead rose by +2.67 vol points [15] to -0.29 vol points [16], reducing, but retaining, the monthly downside bias.

Matched 1M comparisons sharpen the distinction across the cohort. HYPE’s 1M ATM IV changed by -3.16 vol points [17] to 62.71% [18], and AVAX’s changed by -1.80 vol points [19] to 68.11% [20]. Their 1W ATM IV also changed: HYPE by -2.34 vol points [21] to 66.84% [22], and AVAX by -5.03 vol points [23] to 67.57% [24]. XRP’s 1W ATM IV rose by +1.97 vol points [25] to 53.29% [26], but its 1M ATM IV changed by -0.13 vol points [27] to 54.95% [28]. Across the weekly and monthly tenors compared here, XRP’s ATM IV rose at 1W while slipping at 1M. Its skew adjustment spans those maturities with opposite directions: 1W RR25 rose by +1.65 vol points [29] to 5.48 vol points [30], whereas 1M RR25 changed by -0.80 vol points [31] to 2.24 vol points [32]. HYPE’s 1W RR25 changed by -3.24 vol points [33] to -0.12 vol points [34], crossing from positive to negative, while 1M RR25 changed by -0.98 vol points [35] to a still-positive 3.16 vol points [36]. AVAX’s 1W RR25 increased by +0.25 vol points [37] to 3.15 vol points [38], while 1M RR25 changed by -0.16 vol points [39] to 4.01 vol points [40]. Butterfly premiums also resist a common cohort narrative. XRP’s 1W BF25 changed by -0.26 vol points [41] to 1.51 vol points [42], its 2W BF25 changed by -0.07 vol points [43] to 1.87 vol points [44], and its 1M BF25 increased by +0.09 vol points [45] to 2.36 vol points [46]. HYPE’s BF25 changed across the supplied tenors: 1W by -0.51 vol points [47] to 0.87 vol points [48], 2W by -0.39 vol points [49] to 1.08 vol points [50], and 1M by -0.27 vol points [51] to 1.32 vol points [52]. AVAX’s BF25 was nearly unchanged at 1W, moving by -0.02 vol points [53] to 2.09 vol points [54], and at 2W, moving by +0.02 vol points [55] to 2.21 vol points [56]; its 1M premium widened by +0.14 vol points [57] to 2.44 vol points [58].

Spot and realized volatility qualify the options interpretation. TRX’s spot return over the crypto comparison window was -0.82% [59], against trailing realized volatility of 82.00% [60]; its forward 1W ATM IV minus trailing realized volatility was -51.04 vol points [61]. HYPE’s spot return was -1.94% [62], realized volatility was 99.25% [63], and its corresponding 1W IV-minus-RV spread was -32.41 vol points [64]. AVAX’s spot return was +3.66% [65], realized volatility was 77.31% [66], and its 1W IV-minus-RV spread was -9.74 vol points [67]. XRP’s spot return was +2.10% [68], realized volatility was 57.64% [69], and its 1W IV-minus-RV spread was -4.35 vol points [70]. On the common trailing RV window, every asset’s forward 1W ATM IV sits below realized volatility. TRX’s rising 1W ATM IV therefore coexists with a negative IV-minus-RV spread, rather than establishing expensive forward protection. The contrasting 1W ATM changes in TRX and HYPE despite negative spot returns, and in XRP and AVAX despite positive spot returns, also argue against treating spot direction as a sufficient explanation.

TRX’s 1M ATM increase has historical support as a large individual move: its absolute change ranks at 96.4th percentile [71] within the eligible full captured history, 56 observations (observed sampling; 05 Sep 2026–03 Nov 2026) [71]. This concerns the magnitude of a monthly-tenor volatility change over the crypto comparison interval, not the historical rank of the IV level or of the combined cross-asset configuration. The macro backdrop offers a possible financing channel but no explanation for the measured divergence: The Guardian reported stronger UK services activity and input costs alongside expectations of tightening during the news window. Such pressures could affect risk appetite broadly, yet do not account for TRX’s rising 1M ATM IV alongside falling HYPE and AVAX 1M ATM IV. The central watch is whether TRX retains its inverted ATM endpoints and wider 1W butterfly premium. Separately, XRP’s opposing weekly and monthly RR25 changes and HYPE’s weekly skew sign crossing test whether the supporting cross-asset distinctions persist.

Qualifications and limits

  • Historical ranks describe eligible observed changes within their stated capture bounds; gaps and selection can bias them, and individual ranks do not establish joint cross-asset rarity. Native crypto endpoints, news publication times and traditional-market session closes are distinct clocks; chronology does not identify a cause or investor positioning.
  • Trailing RV is recomputed from retained canonical minute prices using annualized mean squared log returns under the coverage policy, with complete observed-return coverage here. Forward 1W IV and trailing RV span different periods; their difference is descriptive and establishes neither a forecast nor a trading edge.
  • BF25 measures the average wing premium relative to ATM, not absolute wing IV or direction. Unsupported longer tenors and a listed-expiry removal limit extrapolation beyond the comparable surface. Independent event attribution remains unresolved.

Verified market snapshot

Current levels and changes over each recorded native interval. Only receipt-matched quotes are shown; an em dash marks a missing matching quote.
Asset · tenorATM IVATM IV changeRR25RR25 changeBF25 change
AVAX · 1W67.57 %[24]-5.03 vol pts[23]3.15 vol pts[38]0.25 vol pts[37]-0.02 vol pts[53]
AVAX · 2W67.72 %[72]-2.73 vol pts[73]3.46 vol pts[74]-0.13 vol pts[75]0.02 vol pts[55]
AVAX · 1M68.11 %[20]-1.80 vol pts[19]4.01 vol pts[40]-0.16 vol pts[39]0.14 vol pts[57]
HYPE · 1W66.84 %[22]-2.34 vol pts[21]-0.12 vol pts[34]-3.24 vol pts[33]-0.51 vol pts[47]
HYPE · 2W64.73 %[76]-2.54 vol pts[77]1.91 vol pts[78]-1.69 vol pts[79]-0.39 vol pts[49]
HYPE · 1M62.71 %[18]-3.16 vol pts[17]3.16 vol pts[36]-0.98 vol pts[35]-0.27 vol pts[51]
TRX · 1W30.96 %[2]5.51 vol pts[1]-0.70 vol pts[14]-0.22 vol pts[13]0.69 vol pts[7]
TRX · 2W28.81 %[5]6.63 vol pts[6]-0.57 vol pts[80]1.64 vol pts[81]0.42 vol pts[9]
TRX · 1M27.24 %[4]5.34 vol pts[3]-0.29 vol pts[16]2.67 vol pts[15]0.05 vol pts[11]
XRP · 1W53.29 %[26]1.97 vol pts[25]5.48 vol pts[30]1.65 vol pts[29]-0.26 vol pts[41]
XRP · 2W54.24 %[82]0.91 vol pts[83]2.93 vol pts[84]-0.14 vol pts[85]-0.07 vol pts[43]
XRP · 1M54.95 %[28]-0.13 vol pts[27]2.24 vol pts[32]-0.80 vol pts[31]0.09 vol pts[45]

Weekly versus monthly curve

Matched native endpoints; inverted means monthly ATM IV is below weekly ATM IV. Regimes compare verified levels; no numerical slope is inferred.
AssetPrior 1WPrior 1MCurrent 1WCurrent 1MCurve regime
XRP51.32 % [86]55.08 % [87]53.29 % [26]54.95 % [28]Remained upward sloping
HYPE69.18 % [88]65.87 % [89]66.84 % [22]62.71 % [18]Remained inverted
AVAX72.60 % [90]69.91 % [91]67.57 % [24]68.11 % [20]Inverted → Upward sloping
TRX25.45 % [92]21.90 % [93]30.96 % [2]27.24 % [4]Remained inverted

1W ATM IV move comparison

1W ATM IV move comparison-6.00 vol pts0.00 vol pts6.00 vol ptsTRXTRX · Change: 5.51 vol pts5.51XRPXRP · Change: 1.97 vol pts1.97HYPEHYPE · Change: -2.34 vol pts-2.34AVAXAVAX · Change: -5.03 vol pts-5.03
Change. Common recorded native interval and eligible cohort only.

TRX: size of daily changes in the 1-month at-the-money implied volatility

TRX: size of daily changes in the 1-month at-the-money implied volatility6.34 vol pts4.76 vol pts3.19 vol pts1.61 vol pts0.03 vol pts2026-10-24T17:31:00+00:00: 0.03 vol pts2026-09-09T17:31:00+00:00: 0.08 vol pts2026-09-10T17:31:00+00:00: 0.09 vol pts2026-09-24T17:31:00+00:00: 0.09 vol pts2026-10-11T17:31:00+00:00: 0.13 vol pts2026-09-27T17:31:00+00:00: 0.14 vol pts2026-10-08T17:31:00+00:00: 0.18 vol pts2026-10-07T17:31:00+00:00: 0.21 vol pts2026-10-06T17:31:00+00:00: 0.22 vol pts2026-10-02T17:31:00+00:00: 0.23 vol pts2026-09-13T17:31:00+00:00: 0.25 vol pts2026-09-14T17:31:00+00:00: 0.28 vol pts2026-10-12T17:31:00+00:00: 0.30 vol pts2026-10-20T17:31:00+00:00: 0.41 vol pts2026-09-07T17:31:00+00:00: 0.43 vol pts2026-10-09T17:31:00+00:00: 0.43 vol pts2026-10-29T17:31:00+00:00: 0.46 vol pts2026-10-25T17:31:00+00:00: 0.51 vol pts2026-09-17T17:31:00+00:00: 0.52 vol pts2026-09-16T17:31:00+00:00: 0.58 vol pts2026-10-26T17:31:00+00:00: 0.58 vol pts2026-09-26T17:31:00+00:00: 0.79 vol pts2026-10-04T17:31:00+00:00: 0.81 vol pts2026-10-14T17:31:00+00:00: 0.87 vol pts2026-10-05T17:31:00+00:00: 0.91 vol pts2026-10-17T17:31:00+00:00: 0.91 vol pts2026-10-03T17:31:00+00:00: 1.08 vol pts2026-09-06T17:31:00+00:00: 1.11 vol pts2026-10-18T17:31:00+00:00: 1.15 vol pts2026-10-30T17:31:00+00:00: 1.18 vol pts2026-10-22T17:31:00+00:00: 1.33 vol pts2026-10-01T17:31:00+00:00: 1.37 vol pts2026-09-19T17:31:00+00:00: 1.64 vol pts2026-09-18T17:31:00+00:00: 1.80 vol pts2026-09-30T17:31:00+00:00: 1.83 vol pts2026-09-20T17:31:00+00:00: 2.58 vol pts2026-10-23T17:31:00+00:00: 3.02 vol pts2026-10-16T17:31:00+00:00: 3.12 vol pts2026-10-19T17:31:00+00:00: 3.16 vol pts2026-11-03T17:31:00+00:00: 3.18 vol pts2026-10-15T17:31:00+00:00: 3.52 vol pts2026-09-25T17:31:00+00:00: 3.72 vol pts2026-10-21T17:31:00+00:00: 3.78 vol pts2026-10-10T17:31:00+00:00: 3.83 vol pts2026-11-02T17:31:00+00:00: 3.87 vol pts2026-10-28T17:31:00+00:00: 4.10 vol pts2026-10-27T17:31:00+00:00: 4.18 vol pts2026-09-15T17:31:00+00:00: 4.21 vol pts2026-10-13T17:31:00+00:00: 4.24 vol pts2026-09-05T17:31:00+00:00: 4.30 vol pts2026-09-08T17:31:00+00:00: 4.46 vol pts2026-09-11T17:31:00+00:00: 4.57 vol pts2026-09-23T17:31:00+00:00: 4.66 vol pts2026-09-12T17:31:00+00:00: 4.85 vol pts2026-10-31T17:31:00+00:00: 5.47 vol pts2026-11-01T17:31:00+00:00: 6.34 vol ptsCurrent statistic: 5.34 vol ptsSample rank (ordered by value)
Observed samples in teal. Current statistic: 5.34 vol pts (red). Change sizes ignore direction: increases and decreases of the same size are ranked together. n=56; 2026-09-05 to 2026-11-03; source-selected observed sample, no fill.

[71]

BF25 change by tenor

BF25 change by tenor-0.70 vol pts0.00 vol pts0.70 vol pts1W1W · XRP · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.26 vol pts-0.261W · HYPE · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.51 vol pts-0.511W · AVAX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.02 vol pts-0.021W · TRX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.69 vol pts0.692W2W · XRP · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.07 vol pts-0.072W · HYPE · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.39 vol pts-0.392W · AVAX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.02 vol pts0.022W · TRX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.42 vol pts0.421M1M · XRP · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.09 vol pts0.091M · HYPE · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: -0.27 vol pts-0.271M · AVAX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.14 vol pts0.141M · TRX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h: 0.05 vol pts0.05
XRP · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h · HYPE · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h · AVAX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h · TRX · 03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC · 24h. Own-run receipt-matched changes; missing or ambiguous points remain gaps.

Figure evidence: [41] [43] [45] [47] [49] [51] [53] [55] [57] [7] [9] [11]

What to watch at the next cutoff

Each monitor describes a verified component or central counterexample of the selected story; observation tests, not a joint forecast.
Story componentNext native cutoffObserved conditionComparison endpointsEvidence
XRP · 1W atmIv05 Nov 2026 · 17:31 UTCCurrent level: at or above 53.29 % (current level).
Between current and prior: strictly below 53.29 % and strictly above 51.32 %.
Prior level: at or below 51.32 % (prior level).		03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC[26] [86] [25]
TRX · 1W atmIv05 Nov 2026 · 17:31 UTCCurrent level: at or above 30.96 % (current level).
Between current and prior: strictly below 30.96 % and strictly above 25.45 %.
Prior level: at or below 25.45 % (prior level).		03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC[2] [92] [1]
XRP · 1M atmIv05 Nov 2026 · 17:31 UTCCurrent level: at or below 54.95 % (current level).
Between current and prior: strictly above 54.95 % and strictly below 55.08 %.
Prior level: at or above 55.08 % (prior level).		03 Nov 2026 · 17:31 UTC → 04 Nov 2026 · 17:31 UTC[28] [87] [27]
Historical sampling methodology

Each rank describes its supplied population. Exact consecutive daily endpoints use fixed UTC anchors and 24 elapsed hours, including across daylight-saving changes. Missing pairs are omitted without interpolation; their absence does not establish why the provider omitted them. Full captured history is bounded by this run. Different captures and windows can have different denominators even when their ranks agree.

MeasurePopulationObserved pairs or levelsRequested windowExcluded pair or level endpoints
TRX 1M.atmIv.absolute_move[71]full captured history562026-09-04T17:31:00+00:00 to 2026-11-03T17:31:00+00:002026-09-21T17:31:00+00:00, 2026-09-22T17:31:00+00:00, 2026-09-28T17:31:00+00:00, 2026-09-29T17:31:00+00:00

Source reporting

BF25 = (25-delta call IV + 25-delta put IV) / 2 − ATM IV. Levels and changes are measured in volatility points.

Retrospective report: native market dates are distinct from later retrieval and run clocks. Later capture does not establish availability at the original cutoff.

Source notes

[1] TRX 1W ATM IV difference

5.51 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[2] TRX 1W ATM IV

30.96 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[3] TRX 1M ATM IV difference

5.34 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[4] TRX 1M ATM IV

27.24 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[5] TRX 2W ATM IV

28.81 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[6] TRX 2W ATM IV difference

6.63 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[7] TRX 1W BF25 difference

0.69 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[8] TRX 1W BF25

1.72 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[9] TRX 2W BF25 difference

0.42 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[10] TRX 2W BF25

1.79 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[11] TRX 1M BF25 difference

0.05 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[12] TRX 1M BF25

1.77 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[13] TRX 1W RR25 difference

-0.22 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[14] TRX 1W RR25

-0.70 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[15] TRX 1M RR25 difference

2.67 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[16] TRX 1M RR25

-0.29 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[17] HYPE 1M ATM IV difference

-3.16 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[18] HYPE 1M ATM IV

62.71 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[19] AVAX 1M ATM IV difference

-1.80 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[20] AVAX 1M ATM IV

68.11 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[21] HYPE 1W ATM IV difference

-2.34 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[22] HYPE 1W ATM IV

66.84 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[23] AVAX 1W ATM IV difference

-5.03 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[24] AVAX 1W ATM IV

67.57 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[25] XRP 1W ATM IV difference

1.97 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[26] XRP 1W ATM IV

53.29 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[27] XRP 1M ATM IV difference

-0.13 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[28] XRP 1M ATM IV

54.95 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[29] XRP 1W RR25 difference

1.65 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[30] XRP 1W RR25

5.48 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[31] XRP 1M RR25 difference

-0.80 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[32] XRP 1M RR25

2.24 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[33] HYPE 1W RR25 difference

-3.24 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[34] HYPE 1W RR25

-0.12 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[35] HYPE 1M RR25 difference

-0.98 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[36] HYPE 1M RR25

3.16 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[37] AVAX 1W RR25 difference

0.25 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[38] AVAX 1W RR25

3.15 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[39] AVAX 1M RR25 difference

-0.16 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[40] AVAX 1M RR25

4.01 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[41] XRP 1W BF25 difference

-0.26 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[42] XRP 1W BF25

1.51 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[43] XRP 2W BF25 difference

-0.07 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[44] XRP 2W BF25

1.87 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[45] XRP 1M BF25 difference

0.09 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[46] XRP 1M BF25

2.36 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[47] HYPE 1W BF25 difference

-0.51 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[48] HYPE 1W BF25

0.87 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[49] HYPE 2W BF25 difference

-0.39 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[50] HYPE 2W BF25

1.08 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[51] HYPE 1M BF25 difference

-0.27 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[52] HYPE 1M BF25

1.32 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[53] AVAX 1W BF25 difference

-0.02 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[54] AVAX 1W BF25

2.09 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[55] AVAX 2W BF25 difference

0.02 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[56] AVAX 2W BF25

2.21 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[57] AVAX 1M BF25 difference

0.14 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[58] AVAX 1M BF25

2.44 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[59] TRX spotPrice percentage change

-0.82 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[60] TRX rv7d.recomputed

82.00 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[61] TRX 1W atmIv-rv7d spread

-51.04 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[62] HYPE spotPrice percentage change

-1.94 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[63] HYPE rv7d.recomputed

99.25 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[64] HYPE 1W atmIv-rv7d spread

-32.41 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[65] AVAX spotPrice percentage change

3.66 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[66] AVAX rv7d.recomputed

77.31 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[67] AVAX 1W atmIv-rv7d spread

-9.74 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[68] XRP spotPrice percentage change

2.10 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[69] XRP rv7d.recomputed

57.64 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[70] XRP 1W atmIv-rv7d spread

-4.35 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[71] TRX 1M ATM IV absolute move percentile

96.43 percentile

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[72] AVAX 2W ATM IV

67.72 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[73] AVAX 2W ATM IV difference

-2.73 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[74] AVAX 2W RR25

3.46 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[75] AVAX 2W RR25 difference

-0.13 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[76] HYPE 2W ATM IV

64.73 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[77] HYPE 2W ATM IV difference

-2.54 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[78] HYPE 2W RR25

1.91 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[79] HYPE 2W RR25 difference

-1.69 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[80] TRX 2W RR25

-0.57 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[81] TRX 2W RR25 difference

1.64 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[82] XRP 2W ATM IV

54.24 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[83] XRP 2W ATM IV difference

0.91 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[84] XRP 2W RR25

2.93 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[85] XRP 2W RR25 difference

-0.14 vol pts

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[86] XRP 1W ATM IV

51.32 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[87] XRP 1M ATM IV

55.08 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[88] HYPE 1W ATM IV

69.18 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[89] HYPE 1M ATM IV

65.87 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[90] AVAX 1W ATM IV

72.60 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[91] AVAX 1M ATM IV

69.91 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[92] TRX 1W ATM IV

25.45 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

[93] TRX 1M ATM IV

21.90 %

Source type: calculation

Observed: 2026-11-04T17:31:00+00:00

","provenance":{"canonicalReportSha256":"a1fc95e4b616fdff9ae03d6958912199dc74c48aba289168af641ecda107a2d7","presentationSha256":"6fef4ff1be95588821623fcfa0d66efa023863c1c5959545144b6c473a9f6f98","reviewedReportSha256":"0c8906bf0bae2e395f9af3102f06b7a4bed51e4d95d7c007b339a318e001f989","sourceHtmlSha256":"76833ca239177c2f2881b94d18e54ceb48ef13eadccc89ee2a5838f7a6f99064","sourceJournalSha256":"1cdb37a74f9998adcdd3d29eb453022c4909da3892a1ae5604a468371c64a7c8"},"reportDate":"2026-11-04","schemaVersion":1,"snapshotUtc":"2026-11-04T17:31:00+00:00","summary":"TRX’s higher ATM volatility and wider weekly butterfly premium distinguish it from falling matched-tenor ATM volatility in HYPE and AVAX. The adjustment extends to TRX’s monthly ATM volatility, while weekly RR25 deepens an existing downside bias. XRP presents a different split: weekly ATM volatility rises, monthly ATM volatility barely changes, and skew adjustments run in opposite directions across those tenors.","title":"TRX ATM volatility rises as butterfly premium widens"}