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Solana (SOL) implied volatility

Implied volatility of SOL options on Bybit: 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.

SOL 30-day implied vol is 56.8%, 8.3 points below 30-day realized (65.1%); calls trade at a 2.3-vol premium to puts. The ATM term structure is inverted (near expiries price more vol than later ones): 73.7% for 1 Oct 2026 and 56.9% for 30 Oct 2026. Mark IV from Bybit options only, not the whole market.

6 expiriesMark IVSource: Bybit public APIsAs of 13:40 UTC

56.8%30-day ATM implied vol
65.1%30-day realized vol
−8.3IV − RV (vol points)
+2.330-day 25Δ risk reversal

SOL IV smile, 30 Sep 2026 expiry

mark IV by delta · bid/ask IV as a band
  • Bybit mark IV
  • Bid/ask IV
40% 60% 80% 100% 120% 10Δ put 25Δ put ATM 25Δ call 10Δ call Bybit 116 put: mark IV 63.0%, bid 61.3% / ask 66.8%, delta -0.07 Bybit 117 put: mark IV 64.9%, bid 61.7% / ask 66.3%, delta -0.12 Bybit 118 put: mark IV 66.7%, bid 68.0% / ask 68.6%, delta -0.19 Bybit 119 put: mark IV 68.5%, bid 67.0% / ask 68.7%, delta -0.28 Bybit 120 put: mark IV 70.3%, bid 70.5% / ask 72.4%, delta -0.38 Bybit 121 put: mark IV 72.1%, bid 70.2% / ask 73.4%, delta -0.48 Bybit 122 call: mark IV 73.9%, bid 72.0% / ask 75.3%, delta +0.42 Bybit 123 call: mark IV 75.6%, bid 74.9% / ask 76.9%, delta +0.33 Bybit 124 call: mark IV 77.3%, bid 76.0% / ask 78.2%, delta +0.26 Bybit 125 call: mark IV 79.0%, bid 77.9% / ask 81.2%, delta +0.20 Bybit 126 call: mark IV 80.7%, bid 79.9% / ask 83.0%, delta +0.15 Bybit 127 call: mark IV 82.3%, bid 80.3% / ask 83.3%, delta +0.11 Bybit 128 call: mark IV 83.9%, bid 82.7% / ask 84.0%, delta +0.08 Bybit 130 call: mark IV 87.1%, bid 81.1% / ask 115.9%, delta +0.04
Every strike (14)
StrikeOTM sideBybit mark IVBid / ask IVDelta
116put63.0%61.3% / 66.8%-0.07
117put64.9%61.7% / 66.3%-0.12
118put66.7%68.0% / 68.6%-0.19
119put68.5%67.0% / 68.7%-0.28
120put70.3%70.5% / 72.4%-0.38
121put72.1%70.2% / 73.4%-0.48
122call73.9%72.0% / 75.3%+0.42
123call75.6%74.9% / 76.9%+0.33
124call77.3%76.0% / 78.2%+0.26
125call79.0%77.9% / 81.2%+0.20
126call80.7%79.9% / 83.0%+0.15
127call82.3%80.3% / 83.3%+0.11
128call83.9%82.7% / 84.0%+0.08
130call87.1%81.1% / 115.9%+0.04

SOL ATM IV term structure

at-the-money mark IV by days to expiry
  • Bybit
50% 60% 70% 80% 10d 20d 30d Bybit: 1 days, ATM IV 72.3% Bybit: 2 days, ATM IV 73.7% Bybit: 3 days, ATM IV 72.9% Bybit: 10 days, ATM IV 60.9% Bybit: 17 days, ATM IV 51.4% Bybit: 31 days, ATM IV 56.9%
Expiry (08:00 UTC)DaysATM IVRR25Venues
30 Sep 20260.872.3%+9.7Bybit
1 Oct 20261.873.7%+1.7Bybit
2 Oct 20262.872.9%+6.3Bybit
9 Oct 20269.860.9%+4.2Bybit
16 Oct 20261751.4%−0.1Bybit
30 Oct 20263156.9%+2.4Bybit

30-day ATM implied volatility

constant maturity, interpolated between expiries in total variance
  • 30-day ATM IV
54.5% 55% 55.5% 56% 56.5% 09:00 10:00 11:00 12:00 13:00

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
0% 1% 2% 3% 09:00 10:00 11:00 12:00 13:00

30-day implied vs realized volatility

IV − RV now: −8.3 vol points
  • 30-day ATM IV
  • 30-day realized vol
  • IV − RV
-25% 0% 25% 50% 75% 00:00 30-day ATM IV: 56.2% 30-day realized vol: 65.1% IV − RV: -8.9%

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 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.

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

Solana implied volatility FAQ

What is Solana 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 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.