Question 1

What is the crypto options volatility landscape?

Accepted Answer

It is a live view of implied and realized volatility for crypto options on Deribit. It tracks IV against realized vol, the 25-delta skew, term structure, carry regimes and a volatility lifecycle state across BTC, ETH, SOL and XRP, with 127 columns per coin refreshed every ten minutes.

Question 2

What does 25-delta skew measure in crypto options?

Accepted Answer

The 25-delta skew measures how much more the market pays for 25-delta puts than 25-delta calls. A steep put skew reflects demand for downside protection, while a flat or call-heavy skew reflects upside positioning. Cayo Largo charts the skew per coin and per expiry so the shape of the curve is visible as it shifts.

Question 3

What is the difference between implied and realized volatility?

Accepted Answer

Implied volatility is the forward expectation priced into options. Realized volatility is what the underlying actually did over a past window. The gap between them is the variance risk premium, and Cayo Largo plots both together so the premium and any regime change stand out.

Question 4

How often is the volatility data updated?

Accepted Answer

Every ten minutes. Each cycle reads the Deribit options tape and recomputes the full surface, including term structure, skew, carry and the lifecycle state.

Volatility Landscape