Volreport for Week 36, 2026 (Aug 31 – Sep 4)

All reports

XRP screens cheapest to own this week (IV−RV -69), while SPCX is the most expensive (+105). 25Δ risk-reversals stay negative on SPCX — the market paying up for downside, leaving calls the cheaper wing. Tokenised gold (XAUT) prints its own ~21 vol — a calm, low-beta anchor against the crypto names.

Vol Value Scoreboard

IV(30d) − RV(30d), ranked cheapest → most expensive

Asset	Spot	1w %	RV 30d	IV 30d	IV − RV	Verdict
ETHEther	$2,530	+3.6%	57.8	49.0	−8.8	Cheap
BTCBitcoin	$81,080	+4.2%	39.3	35.5	−3.8	Cheap
XRPXRP	$1.46	+5.2%	123.3	54.5	−68.8	Cheap
SOLSolana	$104	+0.1%	67.4	36.6	−30.8	Cheap
XAUTTether Gold	$4,463	+0.1%	21.3	21.4	+0.1	Fair
SPCXSpaceX	$150	+6.6%	63.7	141.8	+105.1	Expensive

Cheapest of the week

Realized-vol cone vs current implied

XRPBuy of the week

Realized-vol percentile envelope across trailing windows · current implied vol overlaid · XRP · liquid alt

Realized range (min–max)Middle half (p25–p75)Median realizedImplied today

Implied (54.5) sits +6.1 vols vs the 30-day realized median (48.4) — reads expensive to own.

Reading the tiers below: the 25Δ Risk Reversal

A 25Δ risk reversal compares two equally out-of-the-money options — a 25-delta call and a 25-delta put — and takes the difference in their implied vol. A negative number means puts cost more: the market is paying up for downside protection, and calls are the relatively cheap wing. A positive number is the reverse — calls cost more, puts are the cheap wing.

Tier 1 — Liquid listed options

Spot$2,530

1w+3.6%

RV 30d57.8

IV 30d49.0

25Δ RR+1.9

ETH gained 3.6% on the week; 30-day realized pushed up 56→58. Own-book 30-day implied at 49 screens 9 vols under realized — vol is cheap to own here; 25Δ risk-reversal +1.9 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+8.9 vols

Puts pricierCalls pricier

~30d · 21d expiry+1.9 vols

Puts pricierCalls pricier

Spot$81,080

1w+4.2%

RV 30d39.3

IV 30d35.5

25Δ RR+1.2

BTC gained 4.2% on the week; 30-day realized held near 39. Own-book 30-day implied at 36 screens 4 vols under realized — vol is cheap to own here; 25Δ risk-reversal near flat (+1.2) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+7.9 vols

Puts pricierCalls pricier

~30d · 21d expiry+1.2 vols

Puts pricierCalls pricier

Tier 2 — Alts & reference-anchored

Spot$1.46

1w+5.2%

RV 30d123.3

IV 30d54.5

25Δ RR+1.8

XRP gained 5.2% on the week; 30-day realized pushed up 117→123. Own-book 30-day implied at 54 screens 69 vols under realized — vol is cheap to own here; 25Δ risk-reversal +1.8 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+6.5 vols

Puts pricierCalls pricier

~30d · 21d expiry+1.8 vols

Puts pricierCalls pricier

Spot$104

1w+0.1%

RV 30d67.4

IV 30d36.6

25Δ RR+2.6

SOL gained 0.1% on the week; 30-day realized pushed up 64→67. Own-book 30-day implied at 37 screens 31 vols under realized — vol is cheap to own here; 25Δ risk-reversal +2.6 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+2.9 vols

Puts pricierCalls pricier

~30d · 21d expiry+2.6 vols

Puts pricierCalls pricier

Spot$4,463

1w+0.1%

RV 30d21.3

IV 30d21.4

25Δ RR+2.4

XAUT gained 0.1% on the week; 30-day realized held near 21. Own-book 30-day implied at 21 is roughly balanced against realized; 25Δ risk-reversal +2.4 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+1.2 vols

Puts pricierCalls pricier

~30d · 21d expiry+2.4 vols

Puts pricierCalls pricier

Tier 3 — Tokenized RWAs & pre-IPO

Spot$150

1w+6.6%

RV 30d63.7

IV 30d141.8

25Δ RR−21.5

SPCX gained 6.6% on the week; 30-day realized cooled 82→64. Own-book 7-day implied at 142 sits +105 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal -21.5 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 3d expiry−32.4 vols

Puts pricierCalls pricier

~30d · 4d expiry−21.5 vols

Puts pricierCalls pricier

Last week, graded

Tagged alt vol the cheapest to own — SOL 30d realized ~64 into Jun 14Realized firmed to 67 (spot +0.1%) — owning vol paid.

Hit

Flagged XRP realized elevated (~117) with price on the back footRealized firmed to 123 (spot +5.2%) — owning vol paid.

Hit

ETH realized ~56 led the majors; gamma seen underpricedRealized firmed to 58 (spot +3.6%) — owning vol paid.

Hit

BTC the calmest major (~38 realized) — looked for vol to stay anchoredRealized ticked up to 39 (spot +4.2%) — drifted up modestly.

Partial

Tokenised gold expected to stay subdued (~21 realized)Realized held ~ 21 (spot +0.1%) — broadly as flagged.

Hit

Methodology & sources

ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-09-04 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-09-04 09:15 UTC · RV-only where no IV solves

Vol Value Scores compare ClickOptions' own-book implied volatility to trailing realized volatility on the same underlying — a relative-value read, not a forecast.