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\"\" DERIVASYS

Focused research note

Altcoin ATM volatility diverges as TRX eases

XRP, HYPE and AVAX ATM volatility rose across matched 1W and 1M tenors while TRX eased. AVAX’s 1W volatility now exceeds its 1M level, whereas TRX’s 1W level sits below its 1M level. Directional pricing tells a different story: 1W downside asymmetry deepened in XRP and AVAX, emerged in HYPE and normalized to neutral in TRX, while matched 1M RR25 strengthened across the cohort.

Derivasys Research

Report date09 Nov 2026
Current snapshot09 Nov 2026 · 17:31 UTC
CoverageXRP, HYPE, AVAX, TRX
Comparison snapshot08 Nov 2026 · 17:31 UTC

The reading

What the evidence says

The main distinction is divergent ATM, or at-the-money, implied volatility rather than a uniform rise in altcoin uncertainty. Over the daily comparison, XRP 1W ATM IV changed by +4.28 vol points [1] to 64.05% [2], HYPE by +5.62 vol points [3] to 64.84% [4], and AVAX by +7.85 vol points [5] to 74.35% [6]. TRX moved oppositely: its 1W ATM IV changed by -9.40 vol points [7] to 21.23% [8]. Matched 1M changes reinforce the split: XRP changed by +4.39 vol points [9] to 59.43% [10], HYPE by +6.33 vol points [11] to 60.98% [12], AVAX by +2.67 vol points [13] to 70.08% [14], and TRX by -4.71 vol points [15] to 23.28% [16]. AVAX entered a 1W-over-1M inversion, while TRX exited that ordering; HYPE’s stronger 1M increase also prevents treating the rising-volatility cohort as exclusively a 1W story. HYPE’s 1M absolute daily move has a full-captured-history magnitude rank of 98.2nd percentile [17], which describes that series rather than the rarity of the cross-asset configuration.

RR25, the call-versus-put IV asymmetry, separates the directional adjustment from the ATM split. XRP 1W RR25 changed by -0.25 vol points [18] to -2.19 vol points [19], and AVAX by -0.50 vol points [20] to -0.78 vol points [21]: existing downside asymmetry deepened in each. HYPE 1W RR25 crossed from positive to negative, changing by -1.41 vol points [22] to -1.01 vol points [23]. TRX instead normalized from negative to neutral, changing by +0.81 vol points [24] to 0.00 vol points [25]. The matched 1M comparison is materially different: XRP RR25 crossed into positive territory, changing by +2.86 vol points [26] to 0.95 vol points [27]; HYPE also crossed positive, changing by +2.11 vol points [28] to 1.38 vol points [29]. AVAX’s already positive 1M RR25 changed by +0.56 vol points [30] to 2.48 vol points [31], while TRX changed by +3.64 vol points [32] to 3.90 vol points [33]. Thus the cohort shares strengthening 1M call-relative pricing despite opposing ATM changes, while XRP, HYPE and AVAX show a contrasting deterioration in 1W asymmetry.

BF25 measures the average wing IV premium over ATM, and its middle-tenor comparison broadly follows the ATM divide without establishing absolute wing-IV changes. XRP 2W BF25 changed by +0.24 vol points [34] to 2.29 vol points [35], HYPE by +0.31 vol points [36] to 1.92 vol points [37], and AVAX by +0.35 vol points [38] to 2.16 vol points [39]. TRX 2W BF25 instead changed by -0.28 vol points [40] to 1.29 vol points [41], while its 1M BF25 changed by -0.09 vol points [42] to 1.50 vol points [43]. These are modest relative-premium adjustments rather than evidence of a wholesale smile repricing. TRX’s 1W BF25 change of +0.03 vol points [44] further qualifies its sharp 1W ATM decline: the symmetric wing premium was essentially stable, even as 1W RR25 reached neutrality.

Spot and trailing realized volatility help distinguish these options adjustments. XRP’s daily spot return was -5.12% [45], with trailing weekly RV of 63.91% [46] and a forward 1W IV-minus-trailing-RV spread of +0.14 vol points [47]. HYPE’s corresponding spot return was -1.81% [48], RV was 78.63% [49], and its 1W spread was -13.79 vol points [50]. AVAX’s spot return was +6.39% [51], RV was 83.24% [52], and its 1W spread was -8.89 vol points [53]. Its rising 1W ATM IV therefore accompanied a positive spot return, unlike XRP and HYPE; a common spot-decline explanation does not fit the cohort. TRX’s spot return was -0.89% [54], RV was 13.30% [55], and its 1W spread remained positive at +7.93 vol points [56] despite the ATM decline. These spreads compare forward pricing with backward-looking variation, not expected returns. Separately, CoinDesk reported planned Avalanche settlement infrastructure within the news window. That offers prospective asset-specific context, but establishes neither live usage nor the cause of AVAX’s 1W inversion.

Qualifications and limits

  • Historical magnitude ranks describe selected observed daily comparisons, with gaps and selection limiting representativeness; they do not establish joint cross-asset rarity or statistical significance. News and options measurement windows differ, and reported developments do not establish causation.
  • Trailing weekly RV uses adjacent retained minute-price returns and elapsed-day annualization, with complete observed coverage. Same-series recomputation does not independently validate prices; forward 1W IV-minus-trailing-RV spreads are descriptive, not forecasts or trading edges.
  • Endpoint curve orderings establish AVAX’s inversion entry and TRX’s exit over the daily comparison, but do not establish persistence or an earlier sequence of entries and exits.

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 · 1W74.35 %[6]7.85 vol pts[5]-0.78 vol pts[21]-0.50 vol pts[20]0.25 vol pts[57]
AVAX · 2W70.88 %[58]4.23 vol pts[59]0.93 vol pts[60]-0.11 vol pts[61]0.35 vol pts[38]
AVAX · 1M70.08 %[14]2.67 vol pts[13]2.48 vol pts[31]0.56 vol pts[30]0.24 vol pts[62]
HYPE · 1W64.84 %[4]5.62 vol pts[3]-1.01 vol pts[23]-1.41 vol pts[22]0.22 vol pts[63]
HYPE · 2W62.39 %[64]5.51 vol pts[65]0.07 vol pts[66]-0.29 vol pts[67]0.31 vol pts[36]
HYPE · 1M60.98 %[12]6.33 vol pts[11]1.38 vol pts[29]2.11 vol pts[28]0.31 vol pts[68]
TRX · 1W21.23 %[8]-9.40 vol pts[7]0.00 vol pts[25]0.81 vol pts[24]0.03 vol pts[44]
TRX · 2W21.09 %[69]-7.70 vol pts[70]2.47 vol pts[71]2.77 vol pts[72]-0.28 vol pts[40]
TRX · 1M23.28 %[16]-4.71 vol pts[15]3.90 vol pts[33]3.64 vol pts[32]-0.09 vol pts[42]
XRP · 1W64.05 %[2]4.28 vol pts[1]-2.19 vol pts[19]-0.25 vol pts[18]0.15 vol pts[73]
XRP · 2W61.13 %[74]3.35 vol pts[75]-0.43 vol pts[76]0.12 vol pts[77]0.24 vol pts[34]
XRP · 1M59.43 %[10]4.39 vol pts[9]0.95 vol pts[27]2.86 vol pts[26]0.37 vol pts[78]

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
XRP59.77 % [79]55.04 % [80]64.05 % [2]59.43 % [10]Remained inverted
HYPE59.22 % [81]54.65 % [82]64.84 % [4]60.98 % [12]Remained inverted
AVAX66.50 % [83]67.41 % [84]74.35 % [6]70.08 % [14]Upward sloping → Inverted
TRX30.63 % [85]27.99 % [86]21.23 % [8]23.28 % [16]Inverted → Upward sloping
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
XRP2026-11-09T17:31:00+00:00-4.62 vol pts [87]
XRP2026-11-08T17:31:00+00:00-4.73 vol pts [88]
XRP2026-11-07T17:31:00+00:00-2.94 vol pts [89]
XRP2026-11-06T17:31:00+00:00-2.84 vol pts [90]
HYPE2026-11-09T17:31:00+00:00-3.86 vol pts [91]
HYPE2026-11-08T17:31:00+00:00-4.57 vol pts [92]
HYPE2026-11-07T17:31:00+00:00-3.25 vol pts [93]
HYPE2026-11-06T17:31:00+00:00-5.82 vol pts [94]
AVAX2026-11-09T17:31:00+00:00-4.27 vol pts [95]
AVAX2026-11-08T17:31:00+00:00+0.91 vol pts [96]
AVAX2026-11-07T17:31:00+00:00+0.04 vol pts [97]
AVAX2026-11-06T17:31:00+00:00+0.08 vol pts [98]
TRX2026-11-09T17:31:00+00:00+2.05 vol pts [99]
TRX2026-11-08T17:31:00+00:00-2.64 vol pts [100]
TRX2026-11-07T17:31:00+00:00-2.05 vol pts [101]
TRX2026-11-06T17:31:00+00:00-1.77 vol pts [102]

1W ATM IV change across assets

Scroll horizontally to see the full chart.

1W ATM IV change across assetsSigned change around zero. The complete configured asset cohort is shown; grey cells are missing or have an ineligible native interval, never zero. Only the stated common native interval and units are comparable.XRP+4.28HYPE+5.62AVAX+7.85TRX-9.4Change (volatility points)
Signed change around zero. The complete configured asset cohort is shown; grey cells are missing or have an ineligible native interval, never zero. Only the stated common native interval and units are comparable.

Observed 1M minus 1W ATM IV by asset and date

Scroll horizontally to see the full chart.

Observed 1M minus 1W ATM IV by asset and dateExact native slope observations for the complete configured asset cohort. Negative values are inverted; zero is flat. The symmetric colour scale is centred on zero. Grey cells are uncaptured endpoints, never zero; no history is filled. Column spacing is categorical; elapsed durations are not encoded.2026-11-062026-11-072026-11-082026-11-09XRP-2.84-2.94-4.73-4.62HYPE-5.82-3.25-4.57-3.86AVAX0.080.040.91-4.27TRX-1.77-2.05-2.642.05Negative −5.82 · 0 · +5.82 Positive (volatility points)Native observation clocks (equally spaced columns)1M minus 1W ATM IV (volatility points)
Exact native slope observations for the complete configured asset cohort. Negative values are inverted; zero is flat. The symmetric colour scale is centred on zero. Grey cells are uncaptured endpoints, never zero; no history is filled. Column spacing is categorical; elapsed durations are not encoded.

AVAX trailing 7d variance: entering and leaving returns

Scroll horizontally to see the full chart.

AVAX trailing 7d variance: entering and leaving returnsReplayed same-series squared-minute arithmetic; not independent price validation. No fill, interpolation or gap bridging. Effects add in annualized squared volatility points, not RV percentage points. Current and previous coverage: 100.0% / 100.0%. The denominator effect is explicit; Net is the sum of the three effects. Selected by largest absolute variance change within the qualified common native interval; configured asset order resolves ties.Entering+3203Leaving-454.9Denominator0Net+2749squared volatility points (annualized) (squared volatility points (annualized))
Replayed same-series squared-minute arithmetic; not independent price validation. No fill, interpolation or gap bridging. Effects add in annualized squared volatility points, not RV percentage points. Current and previous coverage: 100.0% / 100.0%. The denominator effect is explicit; Net is the sum of the three effects. Selected by largest absolute variance change within the qualified common native interval; configured asset order resolves ties.
Full original chart detail

1W ATM IV move comparison

1W ATM IV move comparison-10.00 vol pts0.00 vol pts10.00 vol ptsXRPXRP · Change: 4.28 vol pts4.28HYPEHYPE · Change: 5.62 vol pts5.62AVAXAVAX · Change: 7.85 vol pts7.85TRXTRX · Change: -9.40 vol pts-9.40
Change. Common recorded native interval and eligible cohort only.

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

HYPE: size of daily changes in the 1-month at-the-money implied volatility6.39 vol pts4.80 vol pts3.22 vol pts1.63 vol pts0.05 vol pts2026-10-18T17:31:00+00:00: 0.05 vol pts2026-09-20T17:31:00+00:00: 0.07 vol pts2026-09-17T17:31:00+00:00: 0.08 vol pts2026-10-26T17:31:00+00:00: 0.08 vol pts2026-10-13T17:31:00+00:00: 0.09 vol pts2026-10-12T17:31:00+00:00: 0.16 vol pts2026-09-27T17:31:00+00:00: 0.19 vol pts2026-09-16T17:31:00+00:00: 0.20 vol pts2026-09-12T17:31:00+00:00: 0.23 vol pts2026-10-07T17:31:00+00:00: 0.30 vol pts2026-10-31T17:31:00+00:00: 0.30 vol pts2026-09-13T17:31:00+00:00: 0.31 vol pts2026-10-28T17:31:00+00:00: 0.35 vol pts2026-10-30T17:31:00+00:00: 0.39 vol pts2026-11-08T17:31:00+00:00: 0.39 vol pts2026-10-05T17:31:00+00:00: 0.41 vol pts2026-10-24T17:31:00+00:00: 0.41 vol pts2026-10-23T17:31:00+00:00: 0.47 vol pts2026-09-26T17:31:00+00:00: 0.49 vol pts2026-10-19T17:31:00+00:00: 0.52 vol pts2026-10-22T17:31:00+00:00: 0.56 vol pts2026-09-19T17:31:00+00:00: 0.61 vol pts2026-09-18T17:31:00+00:00: 0.64 vol pts2026-10-04T17:31:00+00:00: 0.69 vol pts2026-09-30T17:31:00+00:00: 0.72 vol pts2026-09-11T17:31:00+00:00: 0.73 vol pts2026-09-10T17:31:00+00:00: 0.77 vol pts2026-09-15T17:31:00+00:00: 0.78 vol pts2026-10-02T17:31:00+00:00: 0.78 vol pts2026-10-14T17:31:00+00:00: 0.80 vol pts2026-09-24T17:31:00+00:00: 0.82 vol pts2026-09-25T17:31:00+00:00: 0.93 vol pts2026-10-16T17:31:00+00:00: 0.96 vol pts2026-10-08T17:31:00+00:00: 1.02 vol pts2026-10-20T17:31:00+00:00: 1.04 vol pts2026-10-15T17:31:00+00:00: 1.41 vol pts2026-09-14T17:31:00+00:00: 1.46 vol pts2026-10-27T17:31:00+00:00: 1.51 vol pts2026-10-25T17:31:00+00:00: 1.52 vol pts2026-10-17T17:31:00+00:00: 1.62 vol pts2026-10-10T17:31:00+00:00: 1.64 vol pts2026-10-09T17:31:00+00:00: 1.68 vol pts2026-10-06T17:31:00+00:00: 1.77 vol pts2026-10-21T17:31:00+00:00: 1.88 vol pts2026-09-23T17:31:00+00:00: 1.97 vol pts2026-10-11T17:31:00+00:00: 1.97 vol pts2026-10-01T17:31:00+00:00: 2.00 vol pts2026-11-03T17:31:00+00:00: 2.21 vol pts2026-10-03T17:31:00+00:00: 2.25 vol pts2026-11-06T17:31:00+00:00: 2.29 vol pts2026-11-01T17:31:00+00:00: 2.72 vol pts2026-11-02T17:31:00+00:00: 2.72 vol pts2026-10-29T17:31:00+00:00: 2.80 vol pts2026-11-04T17:31:00+00:00: 3.16 vol pts2026-11-05T17:31:00+00:00: 4.35 vol pts2026-11-07T17:31:00+00:00: 6.39 vol ptsCurrent statistic: 6.33 vol ptsSample rank (ordered by value)
Observed samples in teal. Current statistic: 6.33 vol pts (red). Change sizes ignore direction: increases and decreases of the same size are ranked together. n=56; 2026-09-10 to 2026-11-08; source-selected observed sample, no fill.

[17]

BF25 change by tenor

BF25 change by tenor-0.40 vol pts0.00 vol pts0.40 vol pts1W1W · XRP · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.15 vol pts0.151W · HYPE · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.22 vol pts0.221W · AVAX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.25 vol pts0.251W · TRX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.03 vol pts0.032W2W · XRP · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.24 vol pts0.242W · HYPE · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.31 vol pts0.312W · AVAX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.35 vol pts0.352W · TRX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: -0.28 vol pts-0.281M1M · XRP · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.37 vol pts0.371M · HYPE · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.31 vol pts0.311M · AVAX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: 0.24 vol pts0.241M · TRX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h: -0.09 vol pts-0.09
XRP · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h · HYPE · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h · AVAX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h · TRX · 08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC · 24h. Own-run receipt-matched changes; missing or ambiguous points remain gaps.

Figure evidence: [73] [34] [78] [63] [36] [68] [57] [38] [62] [44] [40] [42]

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 volatility10 Nov 2026 · 17:31 UTCCurrent level: at or above 64.05 % (current level).
Between current and prior: strictly below 64.05 % and strictly above 59.77 %.
Prior level: at or below 59.77 % (prior level).		08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC[2] [79] [1]
TRX · 1W ATM implied volatility10 Nov 2026 · 17:31 UTCCurrent level: at or below 21.23 % (current level).
Between current and prior: strictly above 21.23 % and strictly below 30.63 %.
Prior level: at or above 30.63 % (prior level).		08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC[8] [85] [7]
XRP · 1M ATM implied volatility10 Nov 2026 · 17:31 UTCCurrent level: at or above 59.43 % (current level).
Between current and prior: strictly below 59.43 % and strictly above 55.04 %.
Prior level: at or below 55.04 % (prior level).		08 Nov 2026 · 17:31 UTC → 09 Nov 2026 · 17:31 UTC[10] [80] [9]
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
HYPE 1M.atmIv.absolute_move[17]full captured history562026-09-09T17:31:00+00:00 to 2026-11-08T17:31:00+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] XRP 1W ATM IV difference

4.28 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[2] XRP 1W ATM IV

64.05 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[3] HYPE 1W ATM IV difference

5.62 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[4] HYPE 1W ATM IV

64.84 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[5] AVAX 1W ATM IV difference

7.85 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[6] AVAX 1W ATM IV

74.35 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[7] TRX 1W ATM IV difference

-9.40 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[8] TRX 1W ATM IV

21.23 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[9] XRP 1M ATM IV difference

4.39 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[10] XRP 1M ATM IV

59.43 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[11] HYPE 1M ATM IV difference

6.33 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[12] HYPE 1M ATM IV

60.98 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[13] AVAX 1M ATM IV difference

2.67 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[14] AVAX 1M ATM IV

70.08 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[15] TRX 1M ATM IV difference

-4.71 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[16] TRX 1M ATM IV

23.28 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[17] HYPE 1M ATM IV absolute move percentile

98.21 percentile

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[18] XRP 1W RR25 difference

-0.25 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[19] XRP 1W RR25

-2.19 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[20] AVAX 1W RR25 difference

-0.50 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[21] AVAX 1W RR25

-0.78 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[22] HYPE 1W RR25 difference

-1.41 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[23] HYPE 1W RR25

-1.01 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[24] TRX 1W RR25 difference

0.81 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[25] TRX 1W RR25

0.00 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[26] XRP 1M RR25 difference

2.86 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[27] XRP 1M RR25

0.95 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[28] HYPE 1M RR25 difference

2.11 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[29] HYPE 1M RR25

1.38 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[30] AVAX 1M RR25 difference

0.56 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[31] AVAX 1M RR25

2.48 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[32] TRX 1M RR25 difference

3.64 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[33] TRX 1M RR25

3.90 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[34] XRP 2W BF25 difference

0.24 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[35] XRP 2W BF25

2.29 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[36] HYPE 2W BF25 difference

0.31 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[37] HYPE 2W BF25

1.92 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[38] AVAX 2W BF25 difference

0.35 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[39] AVAX 2W BF25

2.16 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[40] TRX 2W BF25 difference

-0.28 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[41] TRX 2W BF25

1.29 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[42] TRX 1M BF25 difference

-0.09 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[43] TRX 1M BF25

1.50 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[44] TRX 1W BF25 difference

0.03 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[45] XRP spotPrice percentage change

-5.12 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[46] XRP rv7d.recomputed

63.91 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[47] XRP 1W atmIv-rv7d spread

0.14 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[48] HYPE spotPrice percentage change

-1.81 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[49] HYPE rv7d.recomputed

78.63 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[50] HYPE 1W atmIv-rv7d spread

-13.79 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[51] AVAX spotPrice percentage change

6.39 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[52] AVAX rv7d.recomputed

83.24 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[53] AVAX 1W atmIv-rv7d spread

-8.89 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[54] TRX spotPrice percentage change

-0.89 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[55] TRX rv7d.recomputed

13.30 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[56] TRX 1W atmIv-rv7d spread

7.93 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[57] AVAX 1W BF25 difference

0.25 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[58] AVAX 2W ATM IV

70.88 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[59] AVAX 2W ATM IV difference

4.23 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[60] AVAX 2W RR25

0.93 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[61] AVAX 2W RR25 difference

-0.11 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[62] AVAX 1M BF25 difference

0.24 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[63] HYPE 1W BF25 difference

0.22 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[64] HYPE 2W ATM IV

62.39 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[65] HYPE 2W ATM IV difference

5.51 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[66] HYPE 2W RR25

0.07 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[67] HYPE 2W RR25 difference

-0.29 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[68] HYPE 1M BF25 difference

0.31 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[69] TRX 2W ATM IV

21.09 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[70] TRX 2W ATM IV difference

-7.70 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[71] TRX 2W RR25

2.47 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[72] TRX 2W RR25 difference

2.77 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[73] XRP 1W BF25 difference

0.15 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[74] XRP 2W ATM IV

61.13 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[75] XRP 2W ATM IV difference

3.35 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[76] XRP 2W RR25

-0.43 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[77] XRP 2W RR25 difference

0.12 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[78] XRP 1M BF25 difference

0.37 vol pts

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[79] XRP 1W ATM IV

59.77 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[80] XRP 1M ATM IV

55.04 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[81] HYPE 1W ATM IV

59.22 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[82] HYPE 1M ATM IV

54.65 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[83] AVAX 1W ATM IV

66.50 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[84] AVAX 1M ATM IV

67.41 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[85] TRX 1W ATM IV

30.63 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

[86] TRX 1M ATM IV

27.99 %

Source type: calculation

Observed: 2026-11-09T17:31:00+00:00

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

-4.62 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-4.73 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-2.94 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-2.84 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-3.86 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-4.57 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-3.25 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-5.82 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-4.27 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

0.91 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

0.04 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

0.08 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

2.05 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-2.64 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-2.05 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

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

-1.77 vol pts

Source type: calculation

Observed: 2026-11-09T17:59:36.855967+00:00

","provenance":{"canonicalReportSha256":"9933986947d141917d1b24bb7907f8baafe87caa2b512e69217ea2ac9bb2db3d","presentationSha256":"26730a5fb8863d33b44458fc960e6ec1cec7360693c702a18d3293a9ce6eee63","reviewedReportSha256":"9933986947d141917d1b24bb7907f8baafe87caa2b512e69217ea2ac9bb2db3d","sourceHtmlSha256":"a052746f141948958b5751664d2c2f6ed3d58d1caf76bb1651e6f81d6a3e747c","sourceJournalSha256":"fd71f6dfe646a1bd81dcb3c81467c9018347b75d293291a8894bcad8dae4559e"},"reportDate":"2026-11-09","schemaVersion":1,"snapshotUtc":"2026-11-09T17:31:00+00:00","summary":"XRP, HYPE and AVAX ATM volatility rose across matched 1W and 1M tenors while TRX eased. AVAX’s 1W volatility now exceeds its 1M level, whereas TRX’s 1W level sits below its 1M level. Directional pricing tells a different story: 1W downside asymmetry deepened in XRP and AVAX, emerged in HYPE and normalized to neutral in TRX, while matched 1M RR25 strengthened across the cohort.","title":"Altcoin ATM volatility diverges as TRX eases"}