USD premium per 1 BTC underlying · mark IV unavailable · missing IV flag. Valid at fixture assembly.
Coverage and separate global measure
17 records · 5 sources · 3 rejected · health incomplete
Provider-reported BTC market-cap dominance: 55 percent · coinpaprika · synthetic. This archived metric has no TTL in the public projection; current freshness is unavailable. It is separate from exchange activity share.
Volume, open interest and capitalization have different denominators.
oi counting unverified · 1missing iv · 1source time missing · 1normalization rejected · 3missing fx · 1incomplete source coverage · 1missing value · 1
deribit / option
SYNTHETIC-CALL
USD premium per 1 BTC underlying
Bid
2,000.000
Ask
2,100.000
Spread: 100.000 · USD premium per 1 BTC underlying
Annual mark IV (decimal): Unavailable. No inferred IV.
bybit · synthetic · binance_spot · mapping synthetic_linear_quote_v1 · field book · metadata synthetic-v1
The price model below is an independent synthetic scenario tool. These fixture quotes do not calibrate its surface.
Interactive / Synthetic model
BTC option prices in three dimensions.
Synthetic model prices · flat volatility · no live calibration · not executable quotes.
Compare European option model premiums across strike and expiry, then adjust spot and volatility to explore pricing scenarios. Spot and volatility are chosen model inputs, not current BTC observations.
Selected call: 3,313.90 USDStrike 100,000 USD · 7 days · model forward 100,000 USD · annual volatility 60%Premium per option on 1 BTC, calculated at this point rather than interpolated from the mesh.
Drag to rotate. When the graph is focused, use arrow keys to rotate, +/− to zoom and Home to reset. The buttons below provide the same controls.
X · Strike
60,000–140,000 USD per BTC, fixed as spot changes
Y · Time to expiry
ACT/365 days remaining
Z · Premium
USD per option on 1 BTC
Height and color both show model premium. The price axis rescales when model inputs change. Darker amber means a higher premium within the current surface.
Accessible 2D price samples
Synthetic call premiums in USD per option on 1 BTC
Strike USD
15 days
45 days
90 days
80,000
20,142.09
21,395.80
23,479.32
100,000
4,849.45
8,389.16
11,842.20
120,000
390.90
2,460.09
5,366.58
What this model assumes
European BTC inverse options; one option on 1 BTC; ACT/365; constant annual volatility; zero implied carry, so forward equals spot at every expiry. Discount is S/F = 1 here. USD equivalent equals BTC premium × model spot. Time zero shows terminal payoff; zero volatility shows deterministic payoff.
The surface is generated from a model, not fitted to exchange quotes. It has no smile, skew, liquidity, fees or executable-price guarantee. A flat-volatility surface is not a calibrated market IV surface. This visualization is separate from the synthetic quote-derived context demonstration below.
Synthetic quote laboratory
Same model. Different data conditions.
Synthetic demonstration · no live feed · trading benefit untested.
Explore precomputed outputs from the tested Python model. Each control selects a synthetic case; the simulated clock applies the snapshot expiry rule. No market request is made.
18/18 quotes pass snapshot guards. Both wings and tenors are bracketed in this synthetic chain.
ATM annual variance
0.352902Return variance per model year
25Δ put − call skew
4.984Volatility points
7d − 1d term structure
0.158866Difference in annual variance
25Δ put IV
61.847% annual IV
25Δ call IV
56.862% annual IV
ATM total variance
0.00096685Return variance over 1 day
Variance is not IV: annual variance 0.36 corresponds to annual IV 60%. Positive put-minus-call skew means higher put IV at the selected delta. The term metric always compares 7 days with 1 day.
Method
Three measurements, with explicit units.
ATM implied variance
ATM means strike equals the expiry forward, K = F. Within each expiry, interpolate annual variance between eligible out-of-the-money put and call strikes in log(K/F). It is forward ATM, not spot ATM or 50-delta ATM.
25-delta skew
Interpolate annual variance at absolute delta 0.25 on each wing. After tenor interpolation, take the square roots and subtract call IV from put IV. Display the difference in volatility points. Delta is unadjusted Black–Scholes: N(d1) for calls and N(d1) − 1 for puts, recomputed for each IV source. It is not account exposure or a dealer hedge estimate.
Fixed tenor and term structure
Use exact UTC expiry milliseconds and ACT/365. Between expiries, interpolate total variance w = σ²T, then divide by the target tenor to recover annual variance. Do not extrapolate beyond available brackets. Term structure here is 7-day minus 1-day ATM annual variance. The option tenor is distinct from an intraday holding period.
Inverse premium convention
The modeled product is Deribit BTC inverse options, with BTC premium and a 1 BTC multiplier. Let S be the USD index and F the expiry forward. The implied rate is ln(F/S)/T, giving discount S/F. The model divides the discounted USD Black–Scholes price by S to obtain BTC premium. Mid-price IV comes from inversion of that premium model; it is not an average of bid and ask IV.
Inferred mid IV and the synthetic mark field form separate surfaces. They are never mixed or substituted. This is a short carry-forward approximation using fresh recorded quotes, not a fully synchronized, arbitrage-free surface.
Evidence status / 13 October 2026
Offline calculations checked. Live data unverified.
Current availability: no successful live or historical options snapshot has been validated. The attempted public discovery read failed at DNS resolution before any HTTP response; that is not evidence of an exchange denial. The page makes no live market requests.
Validation: independent synthetic pricing and interpolation fixtures check currency conversion, ACT/365, delta, fixed-tenor variance, sparse wings, duplicate metadata and causal availability. They establish behavior on those cases, not accuracy on a live feed. Current ticker IV units and schema still require a permitted sample and price reconciliation.
Research quote guards: open books; positive finite quotes and sizes; no crossed books; individual price bounds; spread divided by midpoint at most 30%; size on each side at least 0.1 BTC; age at most 60 seconds; more than two hours to expiry. Chain timestamps may differ by at most two seconds and forwards within an expiry by at most 0.1%. Missing brackets stay missing. Maximum interpolation gaps are 0.20 in log-strike, 0.25 in absolute delta and 14 days between expiries. These are the module’s research settings, not exchange execution rules.
Time discipline: event time ≤ arrival ≤ complete assembly. Features become available only after assembly. Their expiry is the earlier of the quote-age limit and entry into the near-expiry exclusion. New missing data is not replaced with an older valid value. Snapshot timestamps do not prove each quote last changed recently.
What remains untested: incremental forecasting value, target-venue BTCUSDC basis, calibrated realized ranges and after-cost trading results. A future study needs chronological purged splits, an untouched holdout and a price/volume/realized-volatility baseline, with fees, spread, latency, funding and fill uncertainty. Risk-neutral IV is not a guaranteed realized confidence interval.
This module supplies research context. It has no execution controls, max-pain signal or dealer-GEX inference from unsigned open interest.