Implied volatility · Deribit
Skew & term structure
IV smile by strike (per expiry) and ATM term structure (per DTE). Skew measures crash-hedge demand — when put IV runs richer than equally-OTM call IV the market is paying up for downside protection. Term structure shows whether near-dated vol trades rich (backwardation = event risk priced in) or cheap (contango = calm). Sourced from Deribit's public chain.
IV smile = market-implied vol at each strike for a given expiry; the shape encodes which moves the market is paying up to hedge. ATM term structure = ATM IV vs days-to-expiry; the curve shape encodes whether near-dated vol carries event risk premium. Source: Deribit mark_iv from the option chain.