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Join us on DiscordNormal conditions overall, but options are pricing more movement than markets are delivering. 3.2% of coins are in a vol shock.
When implied (amber) sits above realized (teal), options are pricing a premium. When realized punches above implied, the market is moving faster than options expected — stress.
Every coin is classified by where its realized vol sits against its own history. The mix across coins is the regime breadth.
Percentiles are per coin, not market-wide. Every threshold above ranks a coin's current annualized Garman-Klass vol against its own trailing 90 days — so a 40%-vol BTC can read expanding while a 90%-vol memecoin reads compressed. The rules are checked in priority order (vol shock → expanding → compressed → mean reverting → normal) and the first match wins, which is why a coin in the top decile is always labelled a shock even if its term structure is also cooling.
The composite score is these shares, weighted. It starts at a neutral 50 and moves by each regime's share of the universe times its stress weight: 50 + 0.35·shock + 0.20·expanding − 0.20·compressed + 0.05·mean reverting, clamped to 0–100. Compressed is the only bucket that subtracts — a market coiling up scores calm. Today that lands at 50/100 · normal (≥70 stressed · 55–69 elevated · 45–54 normal · 30–44 calm · <30 dormant). Higher = size down.
30-day realized vol, where it ranks in its own 90-day history, the position-size multiplier for a vol target, and regime.
Realized vol = annualized 30d Garman-Klass. Percentile = where today's vol ranks in its own trailing 90d range (low = the calm before a move). Vol-target × = the size multiplier a vol-targeting strategy applies. Since flip = consecutive days held in the current regime — today means it flipped on the latest bar, and a trailing + means the run started before the observable window, so it's a floor. Full universe + per-coin history via the API.
CVI, stress score, regime breadth and BTC & ETH realized vs implied vol (ETH on Pro). Per-coin rows come from /api/v1/volatility/regime.
{
"as_of": "2026-10-22T16:23:21.848942+00:00",
"composite_score": 50.4,
"cvi_realized_30": 72.27,
"cvi_realized_7": 61.79,
"gross_exposure_multiplier": 0.996,
"majors": [
{
"implied_change_24h": 0.81,
"implied_dvol": 37.91,
"realized_30": 33.39,
"symbol": "BTC",
"vrp": 4.52
},
{
"implied_change_24h": 1.58,
"implied_dvol": 52.0,
"realized_30": 48.04,
"symbol": "ETH",
"vrp": 3.96
}
],
"median_vol_pctile_30": 52.8,
"regime_mix": {
"compressed": 15.2,
"expanding": 5.7,
"mean_reverting": 22.9,
"normal": 52.9,
"vol_shock": 3.2
},
"sentiment": "normal",
"universe_size": 493
}
Two lenses on the same risk.
Realized volatility measures how much price has actually moved — computed here from OHLC candles across the whole universe. Implied volatility is baked into options prices and reflects what the market expects next — for crypto that means BTC & ETH (the only coins with deep options), via Deribit's DVOL index.
The gap between them — the variance risk premium (implied − realized) — is a tradable signal. Persistently positive VRP rewards vol sellers; a collapse or flip to negative flags that realized vol is outrunning expectations, which often precedes deleveraging.
Wait — does crypto even have options? It does. Deribit runs the deepest crypto options market — roughly 80–90% of all crypto options open interest — with liquid BTC and ETH contracts; OKX, Bybit, Binance and the regulated CME list them too. DVOL is derived straight from that live BTC/ETH options book, the same way the VIX comes from S&P 500 options.
What crypto doesn't have is options on the long tail. Most alts have no real options market, so there is no implied vol to read for them. That is the whole reason this page is asymmetric: implied vol and the variance risk premium are a BTC & ETH story, while realized vol — measured from price alone — covers all 493 coins in the index.
Market-wide CVI + BTC/ETH implied.
curl -H "X-API-Key: cdk_live_yourkey" \ https://cryptodataapi.com/api/v1/volatility/index
Also: per-coin realized vol (/volatility/regime) and implied vol + term structure (/volatility/implied).