BTC · live

IV surface

Spot —
As of —

Skew smile and moneyness × expiry grid from Deribit mark_iv. ATM IV across expiries: term structure →. All three views combined: volatility page →.

Skew — IV by strike, out-of-the-money leg

      Put (OTM)
      Call (OTM)
    

Surface — moneyness × expiry, shaded by IV

      Low IV
      
      High IV

How to read skew and surface

Put skew (left side steeper) reflects demand for downside hedges — common in BTC. The surface grid shows how that skew shape shifts across expiries: near-dated contracts often carry event premium; far-dated contracts smooth it out.

OTM leg convention

We plot the out-of-the-money leg at each strike — puts below spot, calls above — matching Deribit's vol engine convention.

Moneyness window

70%–150% of spot. Strikes outside this range are omitted — deep OTM IV is often stale or meaningless.