Volatility surface
How to read this page
- Term structure — ATM IV across every Deribit expiry. Upward slope is normal; a kink usually means an event.
- Skew — OTM IV by strike for one expiry. Puts above calls is put skew (downside demand); the reverse is call skew.
- Surface — strike × expiry grid shaded by IV.
Methodology & data
All IV values are published directly by Deribit on every strike and expiry (mark_iv) — this page doesn't apply any Black-Scholes derivation or smoothing of its own, unlike the gamma exposure page, which does back-solve gamma from this same IV. ETH's IV series only starts 2026-08-12, so ETH has no earlier history the way BTC does.
What is implied volatility?
The volatility level that, plugged into an option pricing model, produces the option's current market price. It reflects what traders expect future price swings to look like, not what already happened.
What is volatility skew?
The difference in implied volatility between out-of-the-money puts and calls at the same distance from the current price. In BTC options, persistent put skew typically reflects structural demand for downside hedges.
Where does this IV data come from?
Deribit's own published mark_iv field on every strike and expiry — not calculated or estimated by us. Deribit is the dominant venue for BTC options by open interest.
How is this different from the gamma exposure page?
This page shows Deribit's raw published IV. The gamma exposure page uses this same IV as an input to a separate Black-Scholes calculation, to estimate dealer hedging pressure by strike.