{ "schemaVersion": 3, "reportDate": "2026-09-06", "generatedAt": "2026-09-06T17:27:07+00:00", "currentSnapshotAt": "2026-09-06T16:59:00+00:00", "previousSnapshotAt": "2026-09-05T16:59:00+00:00", "sourceSnapshots": { "current": { "id": 286105, "timestamp": "2026-09-06T16:59:00+00:00" }, "previous": { "id": 276027, "timestamp": "2026-09-05T16:59:00+00:00" } }, "windowHours": 24.0, "currency": "SOL", "methodology": { "source": "Derivasys proprietary historical SVI surface database", "comparison": "Nearest successful surface snapshots approximately 24 hours apart", "rrConvention": "25-delta call IV minus 25-delta put IV", "bfConvention": "Average 25-delta wing IV minus ATM forward IV", "greeks": "Black forward Greeks for a normalized one-SOL ATM-forward call, zero rate, fitted SVI IV", "commentary": "Metrics and takeaways are deterministic. Daily headlines and introductions may be model-assisted, constrained to the same stored facts; weekly prose is deterministic.", "fixedTenors": "Fixed-tenor measures are published only when listed expiries bracket the target at both comparison snapshots. Targets outside either observable range are suppressed, not extrapolated; headline rankings use only supported tenors.", "smileReconstruction": "Listed-expiry smiles are reconstructed from stored SVI total-variance parameters on a fixed log-moneyness grid.", "ultraShortExpiry": "Expiries with fewer than 2 full days remaining stay in detailed tables but are excluded from headline rankings. Settlement proximity, time decay, changing liquidity and fewer quotes can exaggerate their changes.", "causalClaims": "The report describes observed surface changes only and does not infer unsupported market drivers, spot moves, flows or forecasts." }, "realisedVolatilityUnavailableReason": "Canonical SOL index coverage for 7d is incomplete: expected 10080 returns, found 10045", "fitQuality": { "currentObjective": 0.02844539, "previousObjective": 0.00347428, "currentLiveError": 24.24465279, "previousLiveError": 1.42082936 }, "coverage": { "currentListedExpiries": 7, "previousListedExpiries": 7, "comparedListedExpiries": 6, "addedExpiries": [ "8SEP26" ], "removedExpiries": [ "6SEP26" ], "fixedTenors": [ "1W", "2W", "1M", "3M" ], "suppressedFixedTenors": [ "6M", "9M", "1Y" ] }, "commentary": { "source": "codex", "model": "gpt-5.6-terra", "headline": "Solana\u2019s short-dated surface rotates toward higher call-side volatility", "executiveSummary": "Solana\u2019s one-week options repriced higher, combining a 3.08-point ATM IV rise with a 1.56-point RR25 increase.", "evidenceIds": [ "rr25", "largest-standard-tenor", "front-atm" ], "newsSummary": "No qualifying news context was retained for Solana options.", "marketContextSummary": "No retained news item supports a direct explanation for the Solana options repricing.", "marketContext": [], "newsEvidenceIds": [], "takeaways": [ { "id": "front-atm", "label": "Front end", "text": "Front-end ATM IV increased, averaging +2.17 volatility points to 53.81% across 1W, 2W and 1M." }, { "id": "back-atm", "label": "Long end", "text": "Long-dated ATM IV is unavailable because comparable observations were not present at both snapshots." }, { "id": "rr25", "label": "Skew", "text": "RR25 moved towards calls, averaging +1.23 volatility points to 3.59% across the six headline tenors." }, { "id": "bf25", "label": "Convexity", "text": "BF25 was broadly unchanged, averaging +0.07 volatility points to 4.17% across the six headline tenors." }, { "id": "largest-standard-tenor", "label": "Largest standard-tenor move", "text": "The largest standard-tenor ATM IV move was +3.08 volatility points at 1W, to 54.69%.", "tenor": "1W", "value": 3.08 } ] }, "newsEvidence": { "schemaVersion": 1, "source": "local-news-mcp", "generatedAt": "2026-09-06T16:59:00+00:00", "window": { "startAt": "2026-09-05T16:59:00+00:00", "endAt": "2026-09-06T16:59:00+00:00", "endExclusive": true }, "collectorWindow": { "startAt": "2026-09-05T16:59:00+00:00", "endAt": "2026-09-06T16:59:00+00:00", "endExclusive": true }, "coverage": { "configuredSources": 1, "successfulSources": 1, "failedSources": 0 }, "provenance": { "collectionArchitecture": "central-canonical-event-store", "mcpServersQueried": 1, "assetScopedQueries": 1, "macroQueries": 1, "canonicalEventsConsidered": 2, "publishersRepresented": 1, "discoveryEventsScanned": 2, "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": 1, "feedEntriesScanned": 2, "articlesPassingTimeFilter": 2, "articlesPassingSourceRelevanceRules": 2, "articlesPassingSelectionThreshold": 0, "storiesSelected": 0, "selectedPublishers": 0, "maximumStories": 3, "maximumStoriesPerPublisher": 2, "minimumSelectionScore": 0, "eventsSelected": 0 }, "items": [], "events": [] }, "newsContext": { "outcome": "No sufficiently relevant context identified", "highest_causal_confidence": "low", "section_heading": "No sufficiently relevant context identified", "events": [] }, "marketRead": { "text": "1W ATM IV rose 3.08 volatility points to 54.69%. Front-end ATM IV averaged 53.81%, +2.17 points from the prior snapshot. Long-dated fixed tenors were suppressed because listed expiries did not bracket them. 1W RR25 moved 1.56 volatility points toward calls to 3.19%, leaving calls richer than puts. 1M BF25 rose 0.16 volatility points to 4.29%. The nearest eligible forward, 11SEP26, rose $2.53 (+2.44%) to $106.02. Realised-volatility comparisons were unavailable because the canonical minute series did not meet the completeness requirement. No sufficiently relevant context identified; the strongest assessed relationship has low causal confidence.", "wordCount": 93, "source": "deterministic structured report facts", "evidenceFields": [ "summaryMetrics.largestAtmMove", "summaryMetrics.frontEndAverageAtm", "summaryMetrics.largestRr25Move", "summaryMetrics.largestBf25Move", "summaryMetrics.nearestEligibleForwardMove", "newsContext.outcome", "newsContext.highest_causal_confidence" ] }, "facts": [ { "id": "front-atm", "label": "Front end", "text": "Front-end ATM IV increased, averaging +2.17 volatility points to 53.81% across 1W, 2W and 1M." }, { "id": "back-atm", "label": "Long end", "text": "Long-dated ATM IV is unavailable because comparable observations were not present at both snapshots." }, { "id": "rr25", "label": "Skew", "text": "RR25 moved towards calls, averaging +1.23 volatility points to 3.59% across the six headline tenors." }, { "id": "bf25", "label": "Convexity", "text": "BF25 was broadly unchanged, averaging +0.07 volatility points to 4.17% across the six headline tenors." }, { "id": "largest-standard-tenor", "label": "Largest standard-tenor move", "text": "The largest standard-tenor ATM IV move was +3.08 volatility points at 1W, to 54.69%.", "tenor": "1W", "value": 3.08 } ], "summaryMetrics": { "basis": "Fixed-tenor endpoint comparison", "unit": "volatility points", "atmIvChange": 1.7, "rr25Change": 1.23, "bf25Change": 0.07, "largestAtmMove": { "tenor": "1W", "current": 54.69, "previous": 51.61, "change": 3.08, "historicalSignificance": { "absoluteMove": 3.08, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } }, "frontEndAverageAtm": { "current": 53.81, "previous": 51.64, "change": 2.17 }, "longEndAverageAtm": { "current": null, "previous": null, "change": null }, "oneYearMinusOneWeekAtmSlope": { "current": null, "previous": null, "change": null }, "largestRr25Move": { "tenor": "1W", "current": 3.19, "previous": 1.63, "change": 1.56, "historicalSignificance": { "absoluteMove": 1.56, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "direction": "toward calls", "currentSign": "call-rich" }, "largestBf25Move": { "tenor": "1M", "current": 4.29, "previous": 4.13, "change": 0.16, "historicalSignificance": { "absoluteMove": 0.16, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } }, "nearestEligibleForwardMove": { "label": "11SEP26", "daysToExpiry": 4.626, "current": 106.02, "previous": 103.49, "change": 2.53, "percentChange": 2.44 } }, "tenors": [ { "tenor": "1W", "targetExpiry": 1789318740726, "availability": "available", "unavailableReason": null, "atmIv": { "current": 54.69, "previous": 51.61, "change": 3.08, "percentChange": 5.97 }, "rr25": { "current": 3.19, "previous": 1.63, "change": 1.56, "percentChange": 95.71 }, "bf25": { "current": 3.81, "previous": 3.69, "change": 0.12, "percentChange": 3.25 }, "historicalSignificance": { "atmIv": { "absoluteMove": 3.08, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "rr25": { "absoluteMove": 1.56, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "bf25": { "absoluteMove": 0.12, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } } }, { "tenor": "2W", "targetExpiry": 1789923540726, "availability": "available", "unavailableReason": null, "atmIv": { "current": 53.84, "previous": 51.7, "change": 2.14, "percentChange": 4.14 }, "rr25": { "current": 3.64, "previous": 2.34, "change": 1.3, "percentChange": 55.56 }, "bf25": { "current": 3.98, "previous": 3.86, "change": 0.12, "percentChange": 3.11 }, "historicalSignificance": { "atmIv": { "absoluteMove": 2.14, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "rr25": { "absoluteMove": 1.3, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "bf25": { "absoluteMove": 0.12, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } } }, { "tenor": "1M", "targetExpiry": 1791305940726, "availability": "available", "unavailableReason": null, "atmIv": { "current": 52.9, "previous": 51.62, "change": 1.28, "percentChange": 2.48 }, "rr25": { "current": 3.83, "previous": 2.87, "change": 0.96, "percentChange": 33.45 }, "bf25": { "current": 4.29, "previous": 4.13, "change": 0.16, "percentChange": 3.87 }, "historicalSignificance": { "atmIv": { "absoluteMove": 1.28, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "rr25": { "absoluteMove": 0.96, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "bf25": { "absoluteMove": 0.16, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } } }, { "tenor": "3M", "targetExpiry": 1796576340726, "availability": "available", "unavailableReason": null, "atmIv": { "current": 51.91, "previous": 51.63, "change": 0.28, "percentChange": 0.54 }, "rr25": { "current": 3.69, "previous": 2.59, "change": 1.1, "percentChange": 42.47 }, "bf25": { "current": 4.61, "previous": 4.75, "change": -0.14, "percentChange": -2.95 }, "historicalSignificance": { "atmIv": { "absoluteMove": 0.28, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "rr25": { "absoluteMove": 1.1, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 }, "bf25": { "absoluteMove": 0.14, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 9, "observationsFullHistory": 9, "levelObservationsFullHistory": 10 } } }, { "tenor": "6M", "targetExpiry": 1804438740726, "availability": "unavailable", "unavailableReason": "The target tenor falls outside the listed-expiry range at one or both snapshots; 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 }, "historicalSignificance": { "atmIv": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "rr25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "bf25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 } } }, { "tenor": "9M", "targetExpiry": 1812301140726, "availability": "unavailable", "unavailableReason": "The target tenor falls outside the listed-expiry range at one or both snapshots; 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 }, "historicalSignificance": { "atmIv": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "rr25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "bf25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 } } }, { "tenor": "1Y", "targetExpiry": 1820249940726, "availability": "unavailable", "unavailableReason": "The target tenor falls outside the listed-expiry range at one or both snapshots; 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 }, "historicalSignificance": { "atmIv": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "rr25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 }, "bf25": { "absoluteMove": null, "movePercentile30d": null, "movePercentileFullHistory": null, "currentLevelPercentileFullHistory": null, "classificationPercentile": null, "label": "unavailable", "observations30d": 0, "observationsFullHistory": 0, "levelObservationsFullHistory": 0 } } } ], "listedExpiries": [ { "label": "7SEP26", "expiry": 1788768000000, "tauYears": 0.00171425, "daysToExpiry": 0.626, "expiryClassification": "ultra-short", "rankingEligible": false, "forward": { "current": 106.01, "previous": 103.49, "change": 2.52, "percentChange": 2.44 }, "atmIv": { "current": 53.96, "previous": 46.07, "change": 7.89, "percentChange": 17.13 }, "rr25": { "current": 0.96, "previous": 1.1, "change": -0.14, "percentChange": -12.73 }, "bf25": { "current": 2.94, "previous": 3.56, "change": -0.62, "percentChange": -17.42 }, "svi": { "a": { "current": -0.0376, "previous": -0.035, "change": -0.0026, "percentChange": -7.43 }, "b": { "current": 0.0938, "previous": 0.1072, "change": -0.0134, "percentChange": -12.52 }, "rho": { 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"previous": [ 170.502, 163.5033, 156.4189, 149.2528, 142.0107, 134.7004, 127.3319, 119.919, 112.4795, 105.0369, 97.6222, 90.2763, 83.0543, 76.0301, 69.304, 63.0128, 57.34, 52.5246, 48.8539, 46.625, 46.0639, 47.2359, 50.015, 54.1418, 59.3165, 65.2664, 71.772, 78.6666, 85.827, 93.1622, 100.605, 108.1051, 115.6248, 123.1353, 130.6147, 138.0463, 145.4173, 152.7181, 159.9413, 167.0816, 174.1352 ], "change": [ 62.8832, 59.8773, 56.8536, 53.8132, 50.7577, 47.6883, 44.6069, 41.5153, 38.4157, 35.3109, 32.2047, 29.1026, 26.0124, 22.9475, 19.9304, 16.9995, 14.2229, 11.7168, 9.6649, 8.312, 7.8906, 8.4917, 10.0048, 12.1995, 14.8478, 17.7825, 20.8974, 24.1286, 27.4378, 30.8014, 34.2041, 37.6356, 41.0877, 44.5545, 48.0307, 51.5118, 54.9937, 58.4726, 61.9452, 65.4086, 68.8598 ], "classification": [ "rotation towards calls", "wing steepening" ], "parallelShift": 24.766, "rotation": 1.999, "wingChange": 25.314, "rmsChange": 39.321 } }, { "label": "11SEP26", "expiry": 1789113600000, "tauYears": 0.01267315, "daysToExpiry": 4.626, "expiryClassification": "standard", "rankingEligible": true, "forward": { "current": 106.02, "previous": 103.49, "change": 2.53, "percentChange": 2.44 }, "atmIv": { "current": 55.46, "previous": 51.53, "change": 3.93, "percentChange": 7.63 }, "rr25": { "current": 2.84, "previous": 1.42, "change": 1.42, "percentChange": 100.0 }, "bf25": { "current": 3.56, "previous": 3.66, "change": -0.1, "percentChange": -2.73 }, "svi": { "a": { "current": -0.0832, "previous": -0.0699, "change": -0.0132, "percentChange": -18.92 }, "b": { "current": 0.1542, "previous": 0.1537, "change": 0.0005, "percentChange": 0.3 }, "rho": { "current": -0.0984, "previous": -0.1865, "change": 0.0881, "percentChange": 47.23 }, "m": { "current": -0.0709, "previous": -0.0994, "change": 0.0285, "percentChange": 28.71 }, "sigma": { "current": 0.5671, "previous": 0.49, "change": 0.0771, "percentChange": 15.74 } }, "smile": { "logMoneyness": [ -0.3, -0.285, -0.27, -0.255, -0.24, -0.225, 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One-week RR25 rose 1.56 points to 3.19%, placing call-side volatility above put-side volatility. Front-end ATM IV averaged 53.81%, and the nearest eligible forward rose 2.44%, while realised-volatility comparisons were unavailable.", "days": [ { "reportDate": "2026-09-06", "headline": "Solana calls gain relative volatility", "summary": "Near-dated implied volatility rose and calls became relatively more expensive than puts across the front end.", "macro": { "summary": "No qualifying macro context was retained.", "events": [] }, "crypto": { "summary": "No qualifying crypto context was retained.", "events": [] } } ] }, "headline": "Solana options lift near-term volatility as calls become richer", "standfirst": "Solana\u2019s near-dated options surface moved higher, with one-week ATM IV gaining 3.08 volatility points to 54.69%. One-week RR25 rose 1.56 points to 3.19%, placing call-side volatility above put-side volatility. Front-end ATM IV averaged 53.81%, and the nearest eligible forward rose 2.44%, while realised-volatility comparisons were unavailable.", "crossAssetMarketContext": { "schemaVersion": 1, "source": "market-context-mcp", "status": "available", "asset": "SOL", "sessionDate": "2026-09-04", "asOfTimestamp": "2026-09-04T20:00:00+00:00", "summary": "Previous session (latest completed): Completed common SPX/VIX session. SOL 30-day ATM IV was 50.73 volatility points; VIX was 14.529999732971191. Sources: DerivaSys 30-day fixed-tenor surface, DerivaSys canonical crypto index, ^VIX, and ^GSPC via Yahoo Finance. The crypto-to-SPX realised-volatility ratio was 9.21, at the 91.9 percentile across 222 prior observations. The 60-session crypto-SPX return correlation was 0.38 from 60 aligned observations.", "regimeInsights": [ "The crypto-to-SPX realised-volatility ratio was 9.21, at the 91.9 percentile across 222 prior observations.", "The 60-session crypto-SPX return correlation was 0.38 from 60 aligned observations." ], "metrics": { "cryptoAtmIv30d": 50.73, "vix": 14.529999732971191, "vix9d": 11.970000267028809, "vix3m": 17.610000610351562, "ivSpread": 36.200000267028805, "ivRatio": 3.4913971735928166, "cryptoRealisedVol20d": 76.4827989361067, "spxRealisedVol20": 8.300077397171014, "rvSpread": 68.1827215389357, "rvRatio": 9.214709125745621, "rvSpreadPercentile": 59.45945945945946, "rvSpreadPercentileSampleCount": 222, "rvRatioPercentile": 91.89189189189189, "rvRatioPercentileSampleCount": 222, "returnCorrelation30": 0.25240915363830735, "returnCorrelation30SampleCount": 30, "returnCorrelation60": 0.3833016893008728, "returnCorrelation60SampleCount": 60 }, "methodology": "market-context-v1; crypto RV is 20 calendar-day close-to-close log returns annualised with sqrt(365); SPX RV is 20 US-session log returns annualised with sqrt(252)." } }