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Bitcoin (BTC) implied volatility

Implied volatility of BTC options on Bybit and Binance: the IV smile for each expiry, the ATM term structure, the 30-day 25-delta risk reversal (skew) and how 30-day implied vol compares with 30-day realized vol. Recorded from the exchanges' public APIs every 5 minutes.

BTC 30-day implied vol is 35.6%, 1.8 points below 30-day realized (37.4%); puts trade at a 3.1-vol premium to calls. The ATM term structure is upward sloping (longer expiries price more vol): 21.8% for 18 Oct 2026 and 39.5% for 24 Sep 2027. 30-day ATM IV is about where it was 7 days ago. Mark IV from Bybit and Binance options only, not the whole market.

11 expiriesMark IVSource: Bybit and Binance public APIsAs of 12:06 UTC

Compare BTC IV across expiries and delta wings in the observed single-venue matrix.

35.6%30-day ATM implied vol
37.4%30-day realized vol
−1.8IV − RV (vol points)
−3.130-day 25Δ risk reversal
+0.730-day 25Δ butterfly

BTC IV smile, 19 Oct 2026 expiry

mark IV by delta · bid/ask IV as a band
  • Binance mark IV
  • Bybit mark IV
  • Bid/ask IV
15% 20% 25% 30% 35% 10Δ put 25Δ put ATM 25Δ call 10Δ call Binance 79,000 put: mark IV 29.8%, bid 29.9% / ask 30.5%, delta -0.05 Binance 80,000 put: mark IV 26.2%, bid 26.1% / ask 26.5%, delta -0.09 Binance 81,000 put: mark IV 23.3%, bid 23.4% / ask 23.6%, delta -0.19 Binance 82,000 put: mark IV 21.8%, bid 22.0% / ask 22.2%, delta -0.38 Binance 83,000 call: mark IV 21.8%, bid 21.0% / ask 21.2%, delta +0.38 Binance 84,000 call: mark IV 22.7%, bid 22.3% / ask 22.6%, delta +0.18 Binance 85,000 call: mark IV 24.5%, bid 23.9% / ask 24.3%, delta +0.08 Binance 86,000 call: mark IV 26.4%, bid 25.9% / ask 26.7%, delta +0.04 Bybit 78,000 put: mark IV 32.4%, bid 33.0% / ask 34.1%, delta -0.02 Bybit 79,000 put: mark IV 29.3%, bid 29.0% / ask 29.8%, delta -0.05 Bybit 80,000 put: mark IV 26.3%, bid 26.0% / ask 26.4%, delta -0.09 Bybit 80,500 put: mark IV 24.9%, bid 24.4% / ask 24.7%, delta -0.13 Bybit 81,000 put: mark IV 23.6%, bid 23.2% / ask 23.4%, delta -0.19 Bybit 81,500 put: mark IV 22.4%, bid 22.2% / ask 22.4%, delta -0.27 Bybit 81,750 put: mark IV 22.0%, bid 21.8% / ask 22.1%, delta -0.32 Bybit 82,000 put: mark IV 21.6%, bid 21.6% / ask 22.1%, delta -0.38 Bybit 82,250 put: mark IV 21.6%, bid 21.4% / ask 21.9%, delta -0.44 Bybit 82,500 call: mark IV 20.8%, bid 20.5% / ask 20.9%, delta +0.49 Bybit 82,750 call: mark IV 20.9%, bid 20.8% / ask 21.0%, delta +0.43 Bybit 83,000 call: mark IV 21.0%, bid 20.9% / ask 21.1%, delta +0.37 Bybit 83,250 call: mark IV 21.1%, bid 21.2% / ask 21.3%, delta +0.31 Bybit 83,500 call: mark IV 21.3%, bid 21.5% / ask 21.7%, delta +0.26 Bybit 83,750 call: mark IV 21.6%, bid 21.6% / ask 21.9%, delta +0.21 Bybit 84,250 call: mark IV 22.5%, bid 22.4% / ask 22.7%, delta +0.14 Bybit 84,500 call: mark IV 22.9%, bid 22.7% / ask 23.1%, delta +0.12 Bybit 85,500 call: mark IV 25.1%, bid 24.5% / ask 25.2%, delta +0.05 Bybit 86,000 call: mark IV 26.4%, bid 25.0% / ask 26.8%, delta +0.04

No recorded smile for this expiry 24h ago or 7d ago (listed later, or before the hourly history starts), so those curves are left out.

Every strike (21)
StrikeOTM sideBinance mark IVBid / ask IVDeltaBybit mark IVBid / ask IVDelta
78,000put—32.4%33.0% / 34.1%-0.02
79,000put29.8%29.9% / 30.5%-0.0529.3%29.0% / 29.8%-0.05
80,000put26.2%26.1% / 26.5%-0.0926.3%26.0% / 26.4%-0.09
80,500put—24.9%24.4% / 24.7%-0.13
81,000put23.3%23.4% / 23.6%-0.1923.6%23.2% / 23.4%-0.19
81,500put—22.4%22.2% / 22.4%-0.27
81,750put—22.0%21.8% / 22.1%-0.32
82,000put21.8%22.0% / 22.2%-0.3821.6%21.6% / 22.1%-0.38
82,250put—21.6%21.4% / 21.9%-0.44
82,500call—20.8%20.5% / 20.9%+0.49
82,750call—20.9%20.8% / 21.0%+0.43
83,000call21.8%21.0% / 21.2%+0.3821.0%20.9% / 21.1%+0.37
83,250call—21.1%21.2% / 21.3%+0.31
83,500call—21.3%21.5% / 21.7%+0.26
83,750call—21.6%21.6% / 21.9%+0.21
84,000call22.7%22.3% / 22.6%+0.18—
84,250call—22.5%22.4% / 22.7%+0.14
84,500call—22.9%22.7% / 23.1%+0.12
85,000call24.5%23.9% / 24.3%+0.08—
85,500call—25.1%24.5% / 25.2%+0.05
86,000call26.4%25.9% / 26.7%+0.0426.4%25.0% / 26.8%+0.04

BTC ATM IV term structure

at-the-money mark IV by days to expiry
  • Bybit
  • Binance
  • Combined
10% 20% 30% 40% 50% 100d 200d 300d Bybit: 1 days, ATM IV 27.0% Bybit: 2 days, ATM IV 21.7% Bybit: 3 days, ATM IV 20.9% Bybit: 7 days, ATM IV 29.2% Bybit: 14 days, ATM IV 31.8% Bybit: 21 days, ATM IV 35.2% Bybit: 42 days, ATM IV 36.0% Bybit: 70 days, ATM IV 36.5% Bybit: 161 days, ATM IV 37.8% Bybit: 252 days, ATM IV 38.9% Bybit: 343 days, ATM IV 39.7% Binance: 1 days, ATM IV 27.7% Binance: 2 days, ATM IV 21.8% Binance: 3 days, ATM IV 21.8% Binance: 7 days, ATM IV 29.2% Binance: 14 days, ATM IV 32.1% Binance: 21 days, ATM IV 35.1% Binance: 42 days, ATM IV 35.8% Binance: 70 days, ATM IV 36.4% Binance: 161 days, ATM IV 37.8% Binance: 252 days, ATM IV 38.7% Binance: 343 days, ATM IV 39.4% Combined: 1 days, ATM IV 27.3% Combined: 2 days, ATM IV 21.8% Combined: 3 days, ATM IV 20.9% Combined: 7 days, ATM IV 29.2% Combined: 14 days, ATM IV 32.0% Combined: 21 days, ATM IV 35.2% Combined: 42 days, ATM IV 35.9% Combined: 70 days, ATM IV 36.4% Combined: 161 days, ATM IV 37.8% Combined: 252 days, ATM IV 38.7% Combined: 343 days, ATM IV 39.5%
Expiry (08:00 UTC)DaysATM IV25Δ put IV25Δ call IVRR2525Δ flyVenues
17 Oct 20260.827.3%29.4%29.6%+0.2+2.2Binance, Bybit
18 Oct 20261.821.8%23.1%22.2%−0.9+0.9Binance, Bybit
19 Oct 20262.820.9%22.8%21.4%−1.4+1.2Binance, Bybit
23 Oct 20266.829.2%30.8%29.1%−1.7+0.8Binance, Bybit
30 Oct 20261432.0%34.5%31.4%−3.1+1.0Binance, Bybit
6 Nov 20262135.2%37.5%34.4%−3.1+0.8Binance, Bybit
27 Nov 20264235.9%38.1%34.9%−3.1+0.6Binance, Bybit
25 Dec 20267036.4%38.4%36.0%−2.4+0.8Binance, Bybit
26 Mar 202716137.8%39.6%37.8%−1.7+1.0Binance, Bybit
25 Jun 202725238.7%40.5%39.0%−1.5+1.1Binance, Bybit
24 Sep 202734339.5%40.9%39.7%−1.2+0.8Binance, Bybit

BTC ATM term structure now vs 24h, 7d and 30d ago

each curve by days to expiry at its own hour
  • Now
  • 24h ago (15 Oct 12:00 UTC)
  • 7d ago (9 Oct 12:00 UTC)
10% 20% 30% 40% 50% 100d 200d 300d
CurveHour (UTC)7-day ATM IV30-day ATM IV90-day ATM IV
Now16 Oct 12:0729.3%35.6%37.0%
24h ago15 Oct 12:0033.5% (−4.1)37.3% (−1.6)38.2% (−1.2)
7d ago9 Oct 12:0032.9% (−3.5)35.6% (0.0)37.6% (−0.6)

ATM IV interpolated in total variance between the expiries either side of each tenor, at each curve's own hour; brackets give now minus that curve in vol points. Expiries under 1 day are left out.

No recorded term structure 30d ago, so that curve is left out. The hourly options history starts with the first recorded snapshot.

30-day ATM implied volatility

constant maturity, interpolated between expiries in total variance
  • 30-day ATM IV
32% 34% 36% 38% 1 Oct 8 Oct 15 Oct

30-day 25-delta risk reversal

vol points · negative = puts bid

RR25 is the 25-delta call's implied vol minus the 25-delta put's: below zero traders pay up for downside protection, above zero for upside.

  • 30-day RR25
-4% -2% 0% 2% 1 Oct 8 Oct 15 Oct

30-day implied vs realized volatility

IV − RV now: −1.8 vol points
  • 30-day ATM IV
  • 30-day realized vol
  • IV − RV
-20% 0% 20% 40% 60% 1 Oct 8 Oct 15 Oct

How to read it. Mark IV is the implied volatility behind each exchange's option mark price. The smile uses the out-of-the-money option at each strike (puts below the forward, calls above); on the delta axis 0.25 is the 25-delta put, 0.5 at the money and 0.75 the 25-delta call. ATM IV is interpolated at the forward. The 25Δ butterfly (fly) is the average of the 25-delta call and put IVs minus ATM IV, in vol points: the higher it is, the more the wings cost relative to the money (a more curved smile). The 30-day figures interpolate between the expiries either side of 30 days. Realized vol is the 30-day standard deviation of daily log returns of the Binance USDT perp, annualized with √365, as on the volatility screener. More in the implied volatility guide.

Bybit and Binance options only, recorded from their public APIs every 5 minutes; not the whole crypto options market. Not financial advice.

Bitcoin implied volatility FAQ

What is Bitcoin implied volatility?

Implied volatility (IV) is the annualized volatility that makes an option's model price match its market price. It is the market's price for future movement, not a forecast. On this page it is each exchange's mark IV, the volatility behind its mark price.

What is 25-delta skew (the risk reversal)?

The 25-delta risk reversal (RR25) is the implied vol of the 25-delta call minus that of the 25-delta put. Negative means puts are bid: traders pay more for downside protection than for upside. Put skew is the same number with the opposite sign. The 30-day series interpolates between listed expiries in total variance.

Why is implied volatility different from realized volatility?

Realized vol measures how much the price actually moved (here the 30-day standard deviation of daily log returns, annualized with √365, as on the volatility screener). Implied vol is what options charge for the next 30 days. IV above RV means options are rich relative to recent moves; below means they are cheap. Nothing here is financial advice.

Which exchanges are covered?

Bybit and Binance options only, from their public market-data APIs, recorded every 5 minutes. That is not the whole crypto options market, so these IVs can differ from volatility indices built on other venues.