Volreport for Week 37, 2026 (Sep 7 – Sep 11)

All reports

XRP screens cheapest to own this week (IV−RV -73), while SPCX is the most expensive (+88). 25Δ risk-reversals stay negative on SPCX — the market paying up for downside, leaving calls the cheaper wing. Tokenised gold (XAUT) prints its own ~23 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	$2,503	+1.9%	59.4	49.7	−9.7	Cheap
BTCBitcoin	$77,813	−2.3%	40.6	36.7	−3.9	Cheap
XRPXRP	$1.35	−3.7%	127.1	53.8	−73.3	Cheap
SOLSolana	$101	−0.6%	87.4	37.1	−50.3	Cheap
XAUTTether Gold	$4,386	−0.9%	22.0	23.3	+1.3	Fair
SPCXSpaceX	$150	+1.6%	50.4	141.3	+88.3	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 (53.8) sits +4.1 vols vs the 30-day realized median (49.7) — 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$2,503

1w+1.9%

RV 30d59.4

IV 30d49.7

25Δ RR+0.8

ETH gained 1.9% on the week; 30-day realized held near 59. Own-book 30-day implied at 50 screens 10 vols under realized — vol is cheap to own here; 25Δ risk-reversal near flat (+0.8) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+1.5 vols

Puts pricierCalls pricier

~30d · 21d expiry+0.8 vols

Puts pricierCalls pricier

Spot$77,813

1w−2.3%

RV 30d40.6

IV 30d36.7

25Δ RR−1.1

BTC fell 2.3% on the week; 30-day realized held near 41. Own-book 30-day implied at 37 screens 4 vols under realized — vol is cheap to own here; 25Δ risk-reversal near flat (-1.1) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 2d expiry+3.7 vols

Puts pricierCalls pricier

~30d · 21d expiry−1.1 vols

Puts pricierCalls pricier

Tier 2 — Alts & reference-anchored

Spot$1.35

1w−3.7%

RV 30d127.1

IV 30d53.8

25Δ RR+11.3

XRP fell 3.7% on the week; 30-day realized pushed up 124→127. Own-book 30-day implied at 54 screens 73 vols under realized — vol is cheap to own here; 25Δ risk-reversal +11.3 — calls pricier (upside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry+33.3 vols

Puts pricierCalls pricier

~30d · 14d expiry+11.3 vols

Puts pricierCalls pricier

Spot$101

1w−0.6%

RV 30d87.4

IV 30d37.1

25Δ RR+2.6

SOL fell 0.6% on the week; 30-day realized pushed up 68→87. Own-book 30-day implied at 37 screens 50 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+0.4 vols

Puts pricierCalls pricier

~30d · 14d expiry+2.6 vols

Puts pricierCalls pricier

Spot$4,386

1w−0.9%

RV 30d22.0

IV 30d23.3

25Δ RR+1.3

XAUT fell 0.9% on the week; 30-day realized held near 22. Own-book 30-day implied at 23 is roughly balanced against realized; 25Δ risk-reversal near flat (+1.3) — calls and puts level.

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 1d expiry−2.4 vols

Puts pricierCalls pricier

~30d · 21d expiry+1.3 vols

Puts pricierCalls pricier

Tier 3 — Tokenized RWAs & pre-IPO

Spot$150

1w+1.6%

RV 30d50.4

IV 30d141.3

25Δ RR−27.4

SPCX gained 1.6% on the week; 30-day realized cooled 64→50. Own-book 7-day implied at 141 sits +88 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal -27.4 — puts pricier (downside bid).

IV term structure, days → vol

25Δ risk reversal · call IV − put IV

Short · 3d expiry−32 vols

Puts pricierCalls pricier

~30d · 4d expiry−27.4 vols

Puts pricierCalls pricier

Last week, graded

Tagged alt vol the cheapest to own — SOL 30d realized ~68 into Jun 14Realized firmed to 87 (spot -0.6%) — owning vol paid.

Hit

Flagged XRP realized elevated (~124) with price on the back footRealized firmed to 127 (spot -3.7%) — owning vol paid.

Hit

ETH realized ~58 led the majors; gamma seen underpricedRealized held ~ 59 (spot +1.9%) — modest carry.

Partial

BTC the calmest major (~40 realized) — looked for vol to stay anchoredRealized held ~ 41 (spot -2.3%) — broadly as flagged.

Hit

Tokenised gold expected to stay subdued (~22 realized)Realized held ~ 22 (spot -0.9%) — broadly as flagged.

Hit

Methodology & sources

ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-09-11 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-09-11 13:04 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.