Term Structure

How the market prices time: when short-dated vol rises above long-dated, fear is imminent.

In contango, long-dated options cost more than short-dated: the normal state. When the curve inverts (backwardation), near-term fear dominates. Track ATM IV across 4 tenor buckets (7d, 30d, 60d, Long) with ORIA shape classification and optional lifecycle phase overlay for all 6 Deribit coins.