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\"\" DERIVASYS

Focused research note

AVAX leads the 2M RR25 divergence

AVAX and HYPE showed the strongest improvement in 2M call-versus-put IV asymmetry, but their destinations differed: AVAX reached a positive RR25 while HYPE remained slightly negative. XRP and TRX moved in the opposite direction. Broader increases in ATM volatility therefore coexisted with asset-specific and tenor-specific directional pricing.

Derivasys Research

Report date08 Nov 2026
Current snapshot08 Nov 2026 · 17:31 UTC
CoverageXRP, HYPE, AVAX, TRX
Comparison snapshot07 Nov 2026 · 17:31 UTC

The reading

What the evidence says

The clearest distinction was in 2M RR25, the call-versus-put IV asymmetry. AVAX changed by +2.08 vol points [1] to 2.63 vol points [2], strengthening its positive call-versus-put asymmetry. HYPE changed by +1.41 vol points [3] to -0.11 vol points [4]: relief toward neutrality, with a slightly negative destination. XRP 2M RR25 changed by -0.25 vol points [5] and TRX 2M RR25 by -0.09 vol points [6], opposing the AVAX and HYPE improvements. AVAX's 2M absolute RR25 move ranked at 93.2nd percentile [7] within its full captured history, covering 44 observations (observed sampling; 09 Sep 2026–07 Nov 2026) [7]. That magnitude supports leading with AVAX's 2M repricing; the rank does not establish unusualness of the joint cross-asset configuration.

ATM, or at-the-money, IV increased across the cohort at 1W, even though directional pricing diverged. XRP 1W ATM IV changed by +3.44 vol points [8] to 59.77% [9]; HYPE changed by +1.71 vol points [10] to 59.22% [11]; AVAX changed by +1.16 vol points [12] to 66.50% [13]; and TRX changed by +0.67 vol points [14] to 30.63% [15]. The matched 1M comparison separates breadth from concentration: XRP 1M ATM IV changed by +1.65 vol points [16] to 55.04% [17], while AVAX changed by +2.03 vol points [18] to 67.41% [19]. HYPE's 1M ATM IV changed by +0.39 vol points [20] to 54.65% [21], and TRX's changed by +0.08 vol points [22] to 27.99% [23]. HYPE and TRX therefore had more front-focused ATM increases, whereas XRP and AVAX also repriced at 1M. Over the aligned crypto comparison interval, spot returns were -0.70% [24] for XRP, -1.24% [25] for HYPE, -0.90% [26] for AVAX and +0.04% [27] for TRX. Rising 1W ATM IV thus accompanied differing spot outcomes, without establishing a common directional explanation.

RR25 and BF25 show why ATM concentration cannot describe the entire smile. XRP 1W RR25 changed by +0.10 vol points [28] to -1.94 vol points [29], retaining negative asymmetry; HYPE 1W RR25 changed by +0.30 vol points [30] to 0.40 vol points [31], retaining positive asymmetry. TRX 1W RR25 changed by -1.56 vol points [32] to -0.81 vol points [33], crossing into negative territory. At 1M, XRP RR25 changed by -0.01 vol points [34] to -1.91 vol points [35], leaving its existing negative asymmetry almost unchanged. HYPE 1M RR25 changed by -0.63 vol points [36] to -0.73 vol points [37], AVAX changed by +1.90 vol points [38] to 1.92 vol points [39], and TRX changed by -0.74 vol points [40] to 0.26 vol points [41]. AVAX's positive RR25 repricing therefore extended through 1M and 2M despite its negative 1W destination; HYPE's 2M relief contrasted with a more negative 1M destination. BF25, the average wing IV premium over ATM, adds a separate distinction. XRP 1W BF25 changed by -0.36 vol points [42] to 1.85 vol points [43], while its 1M BF25 changed by +0.30 vol points [44] to 2.20 vol points [45]. Its butterfly premium narrowed at 1W but widened at 1M. At 2W, BF25 changed by -0.11 vol points [46] to 2.05 vol points [47] for XRP, by -0.08 vol points [48] to 1.61 vol points [49] for HYPE, by +0.04 vol points [50] to 1.81 vol points [51] for AVAX, and by -0.08 vol points [52] to 1.57 vol points [53] for TRX. These smaller 2W butterfly adjustments do not erase XRP's opposing 1W and 1M premium changes, and they do not measure absolute wing IV.

The trailing realized-volatility comparison further separates the cohort. Recomputed trailing RV was 55.27% [54] for XRP, 74.81% [55] for HYPE, 64.65% [56] for AVAX and 13.86% [57] for TRX. Their forward 1W ATM IV minus trailing RV spreads were respectively +4.50 vol points [58], -15.59 vol points [59], +1.85 vol points [60] and +16.77 vol points [61]. HYPE's negative spread contrasts with the positive spreads elsewhere, while TRX's wider positive spread has a particularly relevant rolling-window qualification: its trailing RV declined as larger squared returns left the window. These observations distinguish backward-looking movement from forward 1W pricing; they cannot establish cheapness, expected returns or a trading edge.

Qualifications and limits

  • AVAX's 1W RR25 changed by -0.05 vol points [62] to -0.28 vol points [63]. Its negative 1W asymmetry qualifies any interpretation of the positive 2M destination as a uniform directional shift across maturities.
  • Historical ranks describe eligible observed samples with gaps retained and no filling; sample selection can limit representativeness. Options and spot changes share their native crypto interval, while trailing RV measures a different period.
  • Trailing RV uses adjacent canonical minute-price log returns with complete measured coverage and no interpolation. Same-series recomputation checks arithmetic, without independently verifying the underlying prices; forward 1W IV-minus-RV remains descriptive.
Further qualifications
  • The cross-asset and tenor differences do not identify trades, positioning or a news catalyst. Event-specific causal 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 · 1W66.50 %[13]1.16 vol pts[12]-0.28 vol pts[63]-0.05 vol pts[62]0.09 vol pts[64]
AVAX · 2W66.65 %[65]0.83 vol pts[66]1.04 vol pts[67]-0.19 vol pts[68]0.04 vol pts[50]
AVAX · 1M67.41 %[19]2.03 vol pts[18]1.92 vol pts[39]1.90 vol pts[38]0.15 vol pts[69]
AVAX · 2M67.73 %[70]2.04 vol pts[71]2.63 vol pts[2]2.08 vol pts[1]0.09 vol pts[72]
HYPE · 1W59.22 %[11]1.71 vol pts[10]0.40 vol pts[31]0.30 vol pts[30]-0.12 vol pts[73]
HYPE · 2W56.88 %[74]0.80 vol pts[75]0.36 vol pts[76]0.81 vol pts[77]-0.08 vol pts[48]
HYPE · 1M54.65 %[21]0.39 vol pts[20]-0.73 vol pts[37]-0.63 vol pts[36]-0.13 vol pts[78]
HYPE · 2M54.84 %[79]1.41 vol pts[80]-0.11 vol pts[4]1.41 vol pts[3]0.28 vol pts[81]
TRX · 1W30.63 %[15]0.67 vol pts[14]-0.81 vol pts[33]-1.56 vol pts[32]-0.13 vol pts[82]
TRX · 2W28.79 %[83]0.17 vol pts[84]-0.30 vol pts[85]-1.93 vol pts[86]-0.08 vol pts[52]
TRX · 1M27.99 %[23]0.08 vol pts[22]0.26 vol pts[41]-0.74 vol pts[40]-0.02 vol pts[87]
TRX · 2M27.63 %[88]0.03 vol pts[89]0.60 vol pts[90]-0.09 vol pts[6]0.01 vol pts[91]
XRP · 1W59.77 %[9]3.44 vol pts[8]-1.94 vol pts[29]0.10 vol pts[28]-0.36 vol pts[42]
XRP · 2W57.78 %[92]2.74 vol pts[93]-0.55 vol pts[94]1.13 vol pts[95]-0.11 vol pts[46]
XRP · 1M55.04 %[17]1.65 vol pts[16]-1.91 vol pts[35]-0.01 vol pts[34]0.30 vol pts[44]
XRP · 2M55.23 %[96]2.26 vol pts[97]-1.59 vol pts[98]-0.25 vol pts[5]0.20 vol pts[99]

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
XRP56.33 % [100]53.39 % [101]59.77 % [9]55.04 % [17]Remained inverted
HYPE57.51 % [102]54.26 % [103]59.22 % [11]54.65 % [21]Remained inverted
AVAX65.34 % [104]65.38 % [105]66.50 % [13]67.41 % [19]Remained upward sloping
TRX29.96 % [106]27.91 % [107]30.63 % [15]27.99 % [23]Remained inverted
Recent ATM curve history

One-month minus one-week at-the-money implied volatility. Negative values mean an inverted curve. Each row retains its native observation time; missing days are not filled.

AssetNative observation (UTC)1M minus 1W ATM IV
XRP2026-11-08T17:31:00+00:00-4.73 vol pts [108]
XRP2026-11-07T17:31:00+00:00-2.94 vol pts [109]
XRP2026-11-06T17:31:00+00:00-2.84 vol pts [110]
XRP2026-11-05T17:31:00+00:00-5.57 vol pts [111]
HYPE2026-11-08T17:31:00+00:00-4.57 vol pts [112]
HYPE2026-11-07T17:31:00+00:00-3.25 vol pts [113]
HYPE2026-11-06T17:31:00+00:00-5.82 vol pts [114]
HYPE2026-11-05T17:31:00+00:00-2.79 vol pts [115]
AVAX2026-11-08T17:31:00+00:00+0.91 vol pts [116]
AVAX2026-11-07T17:31:00+00:00+0.04 vol pts [117]
AVAX2026-11-06T17:31:00+00:00+0.08 vol pts [118]
AVAX2026-11-05T17:31:00+00:00+2.25 vol pts [119]
TRX2026-11-08T17:31:00+00:00-2.64 vol pts [120]
TRX2026-11-07T17:31:00+00:00-2.05 vol pts [121]
TRX2026-11-06T17:31:00+00:00-1.77 vol pts [122]
TRX2026-11-05T17:31:00+00:00-3.86 vol pts [123]

1W ATM IV move comparison

1W ATM IV move comparison-4.00 vol pts0.00 vol pts4.00 vol ptsXRPXRP · Change: 3.44 vol pts3.44HYPEHYPE · Change: 1.71 vol pts1.71AVAXAVAX · Change: 1.16 vol pts1.16TRXTRX · Change: 0.67 vol pts0.67
Change. Common recorded native interval and eligible cohort only.

AVAX: size of daily changes in the 2-month call-minus-put volatility premium (RR25)

AVAX: size of daily changes in the 2-month call-minus-put volatility premium (RR25)2.73 vol pts2.05 vol pts1.38 vol pts0.70 vol pts0.02 vol pts2026-10-17T17:31:00+00:00: 0.02 vol pts2026-09-18T17:31:00+00:00: 0.04 vol pts2026-09-09T17:31:00+00:00: 0.05 vol pts2026-09-16T17:31:00+00:00: 0.05 vol pts2026-09-27T17:31:00+00:00: 0.06 vol pts2026-10-04T17:31:00+00:00: 0.09 vol pts2026-09-15T17:31:00+00:00: 0.10 vol pts2026-10-20T17:31:00+00:00: 0.11 vol pts2026-09-17T17:31:00+00:00: 0.12 vol pts2026-10-11T17:31:00+00:00: 0.12 vol pts2026-10-09T17:31:00+00:00: 0.14 vol pts2026-10-15T17:31:00+00:00: 0.14 vol pts2026-09-14T17:31:00+00:00: 0.17 vol pts2026-10-10T17:31:00+00:00: 0.17 vol pts2026-09-12T17:31:00+00:00: 0.18 vol pts2026-10-23T17:31:00+00:00: 0.19 vol pts2026-10-18T17:31:00+00:00: 0.25 vol pts2026-09-10T17:31:00+00:00: 0.31 vol pts2026-09-13T17:31:00+00:00: 0.32 vol pts2026-09-26T17:31:00+00:00: 0.39 vol pts2026-09-30T17:31:00+00:00: 0.41 vol pts2026-10-06T17:31:00+00:00: 0.45 vol pts2026-09-25T17:31:00+00:00: 0.50 vol pts2026-10-19T17:31:00+00:00: 0.57 vol pts2026-09-11T17:31:00+00:00: 0.58 vol pts2026-10-03T17:31:00+00:00: 0.67 vol pts2026-10-05T17:31:00+00:00: 0.67 vol pts2026-10-13T17:31:00+00:00: 0.70 vol pts2026-10-22T17:31:00+00:00: 0.84 vol pts2026-09-19T17:31:00+00:00: 0.88 vol pts2026-10-16T17:31:00+00:00: 0.91 vol pts2026-10-24T17:31:00+00:00: 0.95 vol pts2026-10-12T17:31:00+00:00: 1.02 vol pts2026-10-02T17:31:00+00:00: 1.05 vol pts2026-10-08T17:31:00+00:00: 1.17 vol pts2026-09-23T17:31:00+00:00: 1.24 vol pts2026-09-24T17:31:00+00:00: 1.34 vol pts2026-10-01T17:31:00+00:00: 1.41 vol pts2026-10-07T17:31:00+00:00: 1.62 vol pts2026-10-14T17:31:00+00:00: 1.75 vol pts2026-09-20T17:31:00+00:00: 1.87 vol pts2026-10-21T17:31:00+00:00: 2.13 vol pts2026-11-07T17:31:00+00:00: 2.59 vol pts2026-11-06T17:31:00+00:00: 2.73 vol ptsCurrent statistic: 2.08 vol ptsSample rank (ordered by value)
Observed samples in teal. Current statistic: 2.08 vol pts (red). Change sizes ignore direction: increases and decreases of the same size are ranked together. RR25 is 25-delta call implied volatility minus 25-delta put implied volatility. n=44; 2026-09-09 to 2026-11-07; source-selected observed sample, no fill.

[7]

BF25 change by tenor

BF25 change by tenor-0.40 vol pts0.00 vol pts0.40 vol pts1W1W · XRP · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.36 vol pts-0.361W · HYPE · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.12 vol pts-0.121W · AVAX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: 0.09 vol pts0.091W · TRX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.13 vol pts-0.132W2W · XRP · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.11 vol pts-0.112W · HYPE · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.08 vol pts-0.082W · AVAX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: 0.04 vol pts0.042W · TRX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.08 vol pts-0.081M1M · XRP · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: 0.30 vol pts0.301M · HYPE · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.13 vol pts-0.131M · AVAX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: 0.15 vol pts0.151M · TRX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h: -0.02 vol pts-0.02
XRP · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h · HYPE · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h · AVAX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h · TRX · 07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC · 24h. Own-run receipt-matched changes; missing or ambiguous points remain gaps.

Figure evidence: [42] [46] [44] [73] [48] [78] [64] [50] [69] [82] [52] [87]

What to watch next

Each monitor describes a verified component or central counterexample of the selected story; observation tests, not a joint forecast.
Story componentNext snapshotObserved conditionComparison periodEvidence
XRP · 1W ATM implied volatility09 Nov 2026 · 17:31 UTCCurrent level: at or above 59.77 % (current level).
Between current and prior: strictly below 59.77 % and strictly above 56.33 %.
Prior level: at or below 56.33 % (prior level).		07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC[9] [100] [8]
TRX · 1W ATM implied volatility09 Nov 2026 · 17:31 UTCCurrent level: at or above 30.63 % (current level).
Between current and prior: strictly below 30.63 % and strictly above 29.96 %.
Prior level: at or below 29.96 % (prior level).		07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC[15] [106] [14]
XRP · 1M ATM implied volatility09 Nov 2026 · 17:31 UTCCurrent level: at or above 55.04 % (current level).
Between current and prior: strictly below 55.04 % and strictly above 53.39 %.
Prior level: at or below 53.39 % (prior level).		07 Nov 2026 · 17:31 UTC → 08 Nov 2026 · 17:31 UTC[17] [101] [16]
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
AVAX 2M.rr25.absolute_move[7]full captured history442026-09-08T17:31:00+00:00 to 2026-11-07T17:31:00+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, 2026-10-25T17:31:00+00:00, 2026-10-26T17:31:00+00:00, 2026-10-27T17:31:00+00:00, 2026-10-28T17:31:00+00:00, 2026-10-29T17:31:00+00:00, 2026-10-30T17:31:00+00:00, 2026-10-31T17:31:00+00:00, 2026-11-01T17:31:00+00:00, 2026-11-02T17:31:00+00:00, 2026-11-03T17:31:00+00:00, 2026-11-04T17:31:00+00:00, 2026-11-05T17:31:00+00:00

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] AVAX 2M RR25 difference

2.08 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[2] AVAX 2M RR25

2.63 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[3] HYPE 2M RR25 difference

1.41 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[4] HYPE 2M RR25

-0.11 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[5] XRP 2M RR25 difference

-0.25 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[6] TRX 2M RR25 difference

-0.09 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[7] AVAX 2M RR25 absolute move percentile

93.18 percentile

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[8] XRP 1W ATM IV difference

3.44 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[9] XRP 1W ATM IV

59.77 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[10] HYPE 1W ATM IV difference

1.71 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[11] HYPE 1W ATM IV

59.22 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[12] AVAX 1W ATM IV difference

1.16 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[13] AVAX 1W ATM IV

66.50 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[14] TRX 1W ATM IV difference

0.67 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[15] TRX 1W ATM IV

30.63 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[16] XRP 1M ATM IV difference

1.65 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[17] XRP 1M ATM IV

55.04 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[18] AVAX 1M ATM IV difference

2.03 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[19] AVAX 1M ATM IV

67.41 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[20] HYPE 1M ATM IV difference

0.39 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[21] HYPE 1M ATM IV

54.65 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[22] TRX 1M ATM IV difference

0.08 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[23] TRX 1M ATM IV

27.99 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[24] XRP spotPrice percentage change

-0.70 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[25] HYPE spotPrice percentage change

-1.24 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[26] AVAX spotPrice percentage change

-0.90 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[27] TRX spotPrice percentage change

0.04 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[28] XRP 1W RR25 difference

0.10 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[29] XRP 1W RR25

-1.94 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[30] HYPE 1W RR25 difference

0.30 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[31] HYPE 1W RR25

0.40 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[32] TRX 1W RR25 difference

-1.56 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[33] TRX 1W RR25

-0.81 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[34] XRP 1M RR25 difference

-0.01 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[35] XRP 1M RR25

-1.91 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[36] HYPE 1M RR25 difference

-0.63 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[37] HYPE 1M RR25

-0.73 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[38] AVAX 1M RR25 difference

1.90 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[39] AVAX 1M RR25

1.92 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[40] TRX 1M RR25 difference

-0.74 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[41] TRX 1M RR25

0.26 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[42] XRP 1W BF25 difference

-0.36 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[43] XRP 1W BF25

1.85 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[44] XRP 1M BF25 difference

0.30 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[45] XRP 1M BF25

2.20 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[46] XRP 2W BF25 difference

-0.11 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[47] XRP 2W BF25

2.05 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[48] HYPE 2W BF25 difference

-0.08 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[49] HYPE 2W BF25

1.61 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[50] AVAX 2W BF25 difference

0.04 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[51] AVAX 2W BF25

1.81 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[52] TRX 2W BF25 difference

-0.08 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[53] TRX 2W BF25

1.57 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[54] XRP rv7d.recomputed

55.27 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[55] HYPE rv7d.recomputed

74.81 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[56] AVAX rv7d.recomputed

64.65 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[57] TRX rv7d.recomputed

13.86 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[58] XRP 1W atmIv-rv7d spread

4.50 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[59] HYPE 1W atmIv-rv7d spread

-15.59 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[60] AVAX 1W atmIv-rv7d spread

1.85 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[61] TRX 1W atmIv-rv7d spread

16.77 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[62] AVAX 1W RR25 difference

-0.05 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[63] AVAX 1W RR25

-0.28 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[64] AVAX 1W BF25 difference

0.09 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[65] AVAX 2W ATM IV

66.65 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[66] AVAX 2W ATM IV difference

0.83 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[67] AVAX 2W RR25

1.04 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[68] AVAX 2W RR25 difference

-0.19 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[69] AVAX 1M BF25 difference

0.15 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[70] AVAX 2M ATM IV

67.73 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[71] AVAX 2M ATM IV difference

2.04 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[72] AVAX 2M BF25 difference

0.09 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[73] HYPE 1W BF25 difference

-0.12 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[74] HYPE 2W ATM IV

56.88 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[75] HYPE 2W ATM IV difference

0.80 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[76] HYPE 2W RR25

0.36 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[77] HYPE 2W RR25 difference

0.81 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[78] HYPE 1M BF25 difference

-0.13 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[79] HYPE 2M ATM IV

54.84 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[80] HYPE 2M ATM IV difference

1.41 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[81] HYPE 2M BF25 difference

0.28 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[82] TRX 1W BF25 difference

-0.13 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[83] TRX 2W ATM IV

28.79 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[84] TRX 2W ATM IV difference

0.17 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[85] TRX 2W RR25

-0.30 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[86] TRX 2W RR25 difference

-1.93 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[87] TRX 1M BF25 difference

-0.02 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[88] TRX 2M ATM IV

27.63 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[89] TRX 2M ATM IV difference

0.03 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[90] TRX 2M RR25

0.60 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[91] TRX 2M BF25 difference

0.01 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[92] XRP 2W ATM IV

57.78 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[93] XRP 2W ATM IV difference

2.74 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[94] XRP 2W RR25

-0.55 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[95] XRP 2W RR25 difference

1.13 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[96] XRP 2M ATM IV

55.23 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[97] XRP 2M ATM IV difference

2.26 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[98] XRP 2M RR25

-1.59 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[99] XRP 2M BF25 difference

0.20 vol pts

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[100] XRP 1W ATM IV

56.33 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[101] XRP 1M ATM IV

53.39 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[102] HYPE 1W ATM IV

57.51 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[103] HYPE 1M ATM IV

54.26 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[104] AVAX 1W ATM IV

65.34 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[105] AVAX 1M ATM IV

65.38 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[106] TRX 1W ATM IV

29.96 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[107] TRX 1M ATM IV

27.91 %

Source type: calculation

Observed: 2026-11-08T17:31:00+00:00

[108] XRP 1M atmIv-1W.atmIv spread

-4.73 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[109] XRP 1M atmIv-1W.atmIv spread

-2.94 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[110] XRP 1M atmIv-1W.atmIv spread

-2.84 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[111] XRP 1M atmIv-1W.atmIv spread

-5.57 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[112] HYPE 1M atmIv-1W.atmIv spread

-4.57 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[113] HYPE 1M atmIv-1W.atmIv spread

-3.25 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[114] HYPE 1M atmIv-1W.atmIv spread

-5.82 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[115] HYPE 1M atmIv-1W.atmIv spread

-2.79 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[116] AVAX 1M atmIv-1W.atmIv spread

0.91 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[117] AVAX 1M atmIv-1W.atmIv spread

0.04 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[118] AVAX 1M atmIv-1W.atmIv spread

0.08 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[119] AVAX 1M atmIv-1W.atmIv spread

2.25 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[120] TRX 1M atmIv-1W.atmIv spread

-2.64 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[121] TRX 1M atmIv-1W.atmIv spread

-2.05 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[122] TRX 1M atmIv-1W.atmIv spread

-1.77 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

[123] TRX 1M atmIv-1W.atmIv spread

-3.86 vol pts

Source type: calculation

Observed: 2026-11-08T17:40:18.103193+00:00

","provenance":{"canonicalReportSha256":"55c98dc714a1eedc7e42cc0470a1654822ffa9652e84c974e5f307ee0976bcc6","presentationSha256":"c1d9ae62fcc3cfa16e8711dc126402da2952b0aa6b9563450fda02235b08758d","reviewedReportSha256":"55c98dc714a1eedc7e42cc0470a1654822ffa9652e84c974e5f307ee0976bcc6","sourceHtmlSha256":"4c9a2235a7ff71024172b7c9c0f3ed17e5c4ac7c49514c9ebd4b98d2544ab6fa","sourceJournalSha256":"2501206f39f3a13233334c81c0971286fa03d4fe0a1b51fdadc784db825d7390"},"reportDate":"2026-11-08","schemaVersion":1,"snapshotUtc":"2026-11-08T17:31:00+00:00","summary":"AVAX and HYPE showed the strongest improvement in 2M call-versus-put IV asymmetry, but their destinations differed: AVAX reached a positive RR25 while HYPE remained slightly negative. XRP and TRX moved in the opposite direction. Broader increases in ATM volatility therefore coexisted with asset-specific and tenor-specific directional pricing.","title":"AVAX leads the 2M RR25 divergence"}