ClickOptionsVolreport for Week 39, 2026 (Sep 21 – Sep 25)
XRP screens cheapest to own this week (IV−RV -29), while SPCX is the most expensive (+98). 25Δ risk-reversals stay negative on BTC, 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 | $2,694 | +3.2% | 56.4 | 46.8 | −9.6 | Cheap |
| BTCBitcoin | $84,604 | +4.6% | 38.6 | 35.3 | −3.3 | Cheap |
| XRPXRP | $1.55 | +10.7% | 102.0 | 72.8 | −29.2 | Cheap |
| SOLSolana | $117 | +4.2% | 80.1 | 51.0 | −29.1 | Cheap |
| XAUTTether Gold | $4,289 | −2% | 21.4 | 20.6 | −0.8 | Fair |
| SPCXSpaceX | $149 | −2.1% | 42.2 | 131.2 | +98.0 | Expensive |
Cheapest of the week
Realized-vol cone vs current impliedRealized-vol percentile envelope across trailing windows · current implied vol overlaid · XRP · liquid alt
Implied (72.8) sits +20.2 vols vs the 30-day realized median (52.6) — 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
ETH gained 3.2% on the week; 30-day realized cooled 60→56. Own-book 30-day implied at 47 screens 10 vols under realized — vol is cheap to own here; 25Δ risk-reversal near flat (-0.1) — calls and puts level.
BTC gained 4.6% on the week; 30-day realized cooled 42→39. Own-book 30-day implied at 35 screens 3 vols under realized — vol is cheap to own here; 25Δ risk-reversal -5.3 — puts pricier (downside bid).
Tier 2 — Alts & reference-anchored
XRP gained 10.7% on the week; 30-day realized cooled 141→102. Own-book 30-day implied at 73 screens 29 vols under realized — vol is cheap to own here; 25Δ risk-reversal +6.2 — calls pricier (upside bid).
SOL gained 4.2% on the week; 30-day realized cooled 90→80. Own-book 30-day implied at 51 screens 29 vols under realized — vol is cheap to own here; 25Δ risk-reversal +2.4 — calls pricier (upside bid).
XAUT fell 2.0% on the week; 30-day realized held near 21. Own-book 30-day implied at 21 is roughly balanced against realized; 25Δ risk-reversal +1.8 — calls pricier (upside bid).
Tier 3 — Tokenized RWAs & pre-IPO
SPCX fell 2.1% on the week; 30-day realized cooled 45→42. Own-book 7-day implied at 131 sits +98 over realized — more expensive, leans toward selling premium; 25Δ risk-reversal -9.6 — puts pricier (downside bid).
Last week, graded
Methodology & sources
ClickHouse index_candles_1d + index_price (RV, cone, spot) through 2026-09-25 close · ClickOptions own book via option_last_books (implied vol, BS model r=4.0%) as-of 2026-09-25 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.