옵션 내재변동성 (IV)
BTC/ETH IV 스마일 곡선과 ATM 기간 구조 · Deribit 데이터
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IV Smile ·
ATM IV 기간 구조
데이터 출처: Deribit 옵션 체인 스냅숏(약 30분마다 갱신). ATM IV는 현재가에 가장 가까운 행사가의 콜/풋 내재변동성 평균입니다.
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.