Futures Market Overview
Futures Implied Yield (1-Month Tenor)
The 1-month futures implied yield reflects market expectations for price movements. Currently, we observe:
- BTC Term Structure: Short-tenor yields outperform, causing an inverted curve
- ETH Term Structure: Yields recovered to monthly range highs with short-tenor dominance
ATM Implied Volatility (1-Month Tenor)
Implied volatility measures expected price fluctuations:
👉 Discover real-time volatility data
- BTC front-month vols rallied above 50%
- ETH vols remain elevated vs BTC but showed less aggressive front-end movement
Crypto Sentiment Analysis
BTC Market Sentiment
- Skew shifting from put-dominated to call-favoring
- Spot price reversals driving rapid changes in risk reversals
ETH Market Sentiment
- Maintains call skew but less extreme than BTC
- Outperformance in spot markets not fully reflected in derivatives
Perpetual Swap Market Dynamics
BTC Funding Rates
- Sustained positive rates favoring longs
- Sharp spikes observed during spot price recoveries
ETH Funding Rates
- Comparatively flatter than BTC despite ETH's stronger spot performance
- Suggests different positioning dynamics between assets
Options Market Deep Dive
BTC Volatility Surface
- Term structure flattened significantly
- Front-end vols above 50% indicate heightened near-term uncertainty
ETH Volatility Surface
- Maintains premium over BTC across tenors
- Less aggressive front-end movement suggests different trader behavior
Exchange-Specific Analysis
Volatility by Platform
- Notable differences in SVI calibration across exchanges
- Platform-specific liquidity conditions impact pricing
Put-Call Skew Variations
- Exchange-level data reveals execution venue preferences
- 25-delta skews show meaningful platform divergences
Advanced Volatility Metrics
Composite Volatility Surface
- Aggregated cross-market view of implied volatility
- Identifies arbitrage opportunities between exchanges
Expiry-Specific Smiles
- Detailed examination of volatility term structure
- Reveals market expectations around event timing
Frequently Asked Questions
Why are BTC short-tenor yields outperforming?
Increased demand for near-term hedging coupled with spot market volatility drives short-tenor yield inversion.
How does ETH volatility differ from BTC?
ETH maintains higher baseline volatility but shows less extreme front-end movements, reflecting different trader demographics.
What causes funding rate disparities between BTC and ETH?
Divergence stems from varying perpetual swap market structures and participant strategies for each asset.
How reliable are cross-exchange volatility comparisons?
While indicative, traders should account for liquidity differences and execution risk when interpreting cross-platform data.
What does put-call skew indicate?
Skew direction reveals whether traders are preferentially hedging downside (puts) or positioning for upside (calls).
Why monitor constant maturity volatility?
This standardized view removes expiry-specific noise, providing cleaner analysis of volatility trends over time.