Options Implied Volatility
BTC/ETH IV smile & ATM term structure · Deribit data
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IV Smile ·
ATM IV Term Structure
Source: Deribit options chain snapshot (~30 min refresh). ATM IV is the mean Call/Put implied volatility at the strike nearest spot.
What is the IV smile?
Plotting implied volatility across strikes for one expiry usually forms a 'smile' or 'skew': deep out-of-the-money options (especially puts) carry higher IV, reflecting the premium paid for tail-risk protection. Put skew signals fear; call skew signals squeeze/FOMO conditions.
What is term structure?
ATM implied volatility across expiries. Contango (longer-dated IV above near-dated) is normal; inversion — near-month IV spiking above far months — signals event-driven short-term hedging demand.