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Options radar

What the options market
is pricing in.

Implied volatility is the size of move the market is paying for. The radar lays it out by tenor, against its own year and between puts and calls — for every instrument that has options on Bybit or Deribit.

A snapshot from October 22, 2026: on this page the radar is 7 days old. In the app, subscribers see it as of today.

Open the current radar

BTC

Deribit · October 22, 2026

IV percentile
25
by Deribit DVOL over a year
DVOL
37.9
25Δ skew
−3.3

price over the week +0.8%

Current picture

  • IV moved unevenly over the week, most of all at 14 days (+2.7)
  • Percentile 25 — middle of the yearly range
  • Longer tenors cost more than nearer ones (+5.1): the market does not expect a sharp move in the coming days
  • Skew −3.3: downside protection costs more than upside bets

At-the-money IV by tenor

IV, % annualized
38.8 35.9 33.0 7 14 30 60 90 180
days to expiry
Oct 15Oct 22

Smile at 30 days

IV, % annualized
49.1 42.2 35.4 P5 ATM C5
delta: P — put, C — call
Oct 15Oct 22

25Δ skew over 90 days (call − put)

−0.1 −1.7 −3.2 Oct 21 Oct 22

ETH

Deribit · October 22, 2026

IV percentile
20
by Deribit DVOL over a year
DVOL
51.1
25Δ skew
−2.2

price over the week +1.6%

Current picture

  • IV moved unevenly over the week, most of all at 14 days (+2.1)
  • Percentile 20 — near the bottom of the yearly range: options are cheap relative to the year
  • Longer tenors cost more than nearer ones (+6.3): the market does not expect a sharp move in the coming days
  • Skew −2.2: downside protection costs more than upside bets

At-the-money IV by tenor

IV, % annualized
52.9 49.4 45.8 7 14 30 60 90 180
days to expiry
Oct 15Oct 22

Smile at 30 days

IV, % annualized
62.4 55.6 48.9 P5 ATM C5
delta: P — put, C — call
Oct 15Oct 22

25Δ skew over 90 days (call − put)

−0.1 −1.1 −2.1 Oct 21 Oct 22

SOL

Bybit · October 22, 2026

IV percentile
—
history is accumulating: 2 of 30 days
IV 1M
54.4
25Δ skew
−2.6

Current picture

  • Own IV history is 2 of 30 days so far — the percentile will appear later
  • The term structure is flat
  • Skew −2.6: downside protection costs more than upside bets

At-the-money IV by tenor

IV, % annualized
59.1 56.4 53.7 7 14 30
days to expiry
a week agoOct 22

Smile at 30 days

IV, % annualized
72.7 63.7 54.8 P5 ATM C5
delta: P — put, C — call
a week agoOct 22

25Δ skew over 90 days (call − put)

0.6 −0.9 −2.5 Oct 21 Oct 22

XRP

Bybit · October 22, 2026

IV percentile
—
history is accumulating: 2 of 30 days
IV 1M
53.5
25Δ skew
+2.1

Current picture

  • Own IV history is 2 of 30 days so far — the percentile will appear later
  • Longer tenors cost more than nearer ones (+6.5): the market does not expect a sharp move in the coming days
  • Skew +2.1: upside bets cost more than downside protection

At-the-money IV by tenor

IV, % annualized
53.4 50.3 47.2 7 14 30
days to expiry
a week agoOct 22

Smile at 30 days

IV, % annualized
68.6 61.3 54.0 P5 ATM C5
delta: P — put, C — call
a week agoOct 22

25Δ skew over 90 days (call − put)

2.4 1.2 0.1 Oct 21 Oct 22

HYPE

Bybit · October 22, 2026

IV percentile
—
history is accumulating: 2 of 30 days
IV 1M
57.5
25Δ skew
+1.0

Current picture

  • Own IV history is 2 of 30 days so far — the percentile will appear later
  • Longer tenors cost more than nearer ones (+1.2): the market does not expect a sharp move in the coming days
  • Skew +1.0: upside bets cost more than downside protection

At-the-money IV by tenor

IV, % annualized
57.5 56.9 56.3 7 14 30
days to expiry
a week agoOct 22

Smile at 30 days

IV, % annualized
63.3 60.5 57.7 P5 ATM C5
delta: P — put, C — call
a week agoOct 22

25Δ skew over 90 days (call − put)

1.8 0.9 0.1 Oct 21 Oct 22

DOGE

Bybit · October 22, 2026

IV percentile
—
history is accumulating: 2 of 30 days
IV 1M
69.9
25Δ skew
−1.9

Thin market: open interest $0.2M, IV is a market maker's estimate

Current picture

  • Own IV history is 2 of 30 days so far — the percentile will appear later
  • Longer tenors cost more than nearer ones (+3.6): the market does not expect a sharp move in the coming days
  • Skew −1.9: downside protection costs more than upside bets
  • Thin market: open interest $0.2M

At-the-money IV by tenor

IV, % annualized
69.8 68.1 66.4 7 14 30
days to expiry
a week agoOct 22

Smile at 30 days

IV, % annualized
85.1 77.7 70.3 P5 ATM C5
delta: P — put, C — call
a week agoOct 22

25Δ skew over 90 days (call − put)

−0.1 −1.0 −1.9 Oct 21 Oct 22

XAU

Bybit · October 22, 2026

IV percentile
—
history is accumulating: 2 of 30 days
IV 1M
19.3
25Δ skew
−1.3

Current picture

  • Own IV history is 2 of 30 days so far — the percentile will appear later
  • The term structure is flat
  • Skew −1.3: downside protection costs more than upside bets

At-the-money IV by tenor

IV, % annualized
19.4 18.9 18.5 7 14 30
days to expiry
a week agoOct 22

Smile at 30 days

IV, % annualized
24.7 22.0 19.3 P5 ATM C5
delta: P — put, C — call
a week agoOct 22

25Δ skew over 90 days (call − put)

−0.0 −0.6 −1.2 Oct 21 Oct 22

How to read it

  • Percentile

    Where today's implied volatility sits in its own year: 5 means it was lower only 5% of the days. Low — options are cheap relative to the year, high — expensive.

  • Term structure

    Implied volatility at 1 week, 1 month and further out. When near tenors cost more than far ones, the market is pricing an event within days.

  • 25-delta skew

    A call minus a put at the same distance from the money. Below zero — protection against a fall costs more than a bet on a rise.

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