BTC volatility term structure
Implied volatility of BTC options by days to expiry, one line per delta.
- Source
- Deribit · SignalPlus volatility model
- Data time
- Updates
- Every 10 min
- ATM IV, nearest expiry
- 34.68% 7OCT26
- ATM IV, longest expiry
- 38.76% 24SEP27
BTC implied volatility by expiry
| Expiry | Days to expiry | ATM | 25D Put | 25D Call |
|---|---|---|---|---|
| 7OCT26 | 1 | 34.68% | 39.12% | 33.59% |
| 8OCT26 | 2 | 31.26% | 31.15% | 33.11% |
| 9OCT26 | 3 | 31.56% | 31.48% | 33.66% |
| 10OCT26 | 4 | 30.56% | 30.09% | 32.64% |
| 16OCT26 | 10 | 31.65% | 31.36% | 33.36% |
| 23OCT26 | 17 | 31.98% | 32.19% | 33.37% |
| 30OCT26 | 24 | 33.13% | 33.62% | 34.45% |
| 27NOV26 | 52 | 36.11% | 37.07% | 36.89% |
| 25DEC26 | 80 | 36.66% | 37.78% | 37.32% |
| 26MAR27 | 171 | 37.36% | 38.68% | 38.09% |
| 25JUN27 | 262 | 38.28% | 39.54% | 39.21% |
| 24SEP27 | 353 | 38.76% | 39.90% | 39.80% |
How to read it
The horizontal axis is days to expiry. An upward-sloping ATM line is the usual state; short-dated volatility above long-dated (an inverted curve) tends to appear around stress or scheduled events. Comparing the 25-delta put and call lines shows how skew changes with maturity.
Definitions
- Term structure
- Implied volatility plotted against time to expiry for a fixed delta.
- Days to expiry
- Counted from the data time to expiry, rounded up. Crypto options expire at 08:00 UTC.
- ATM
- At the money: the option whose strike sits at the forward price, with a delta of about 50%.
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