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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 57.3%, 7.9 points below 30-day realized (65.1%); calls trade at a 3.0-vol premium to puts. The ATM term structure is inverted (near expiries price more vol than later ones): 66.4% for 1 Oct 2026 and 57.5% for 30 Oct 2026. Mark IV from Bybit options only, not the whole market.

6 expiriesMark IVSource: Bybit public APIsAs of 14:20 UTC

57.3%30-day ATM implied vol
65.1%30-day realized vol
−7.9IV − RV (vol points)
+3.030-day 25Δ risk reversal

SOL IV smile, 2 Oct 2026 expiry

mark IV by strike · bid/ask IV as a band
  • Bybit mark IV
  • Bid/ask IV
50% 100% 150% 200% 250% 110 120 130 140 Bybit 106 put: mark IV 82.2%, bid 78.0% / ask 218.7%, delta -0.03 Bybit 108 put: mark IV 78.1%, bid 76.6% / ask 77.7%, delta -0.04 Bybit 110 put: mark IV 74.2%, bid 72.7% / ask 73.5%, delta -0.06 Bybit 112 put: mark IV 70.7%, bid 70.1% / ask 71.2%, delta -0.10 Bybit 113 put: mark IV 69.1%, bid 69.2% / ask 70.6%, delta -0.12 Bybit 114 put: mark IV 67.7%, bid 67.2% / ask 69.3%, delta -0.14 Bybit 116 put: mark IV 65.5%, bid 66.5% / ask 67.5%, delta -0.22 Bybit 117 put: mark IV 64.7%, bid 65.9% / ask 67.1%, delta -0.26 Bybit 118 put: mark IV 64.2%, bid 64.9% / ask 67.3%, delta -0.31 Bybit 119 put: mark IV 63.9%, bid 63.9% / ask 65.1%, delta -0.37 Bybit 120 put: mark IV 64.0%, bid 63.5% / ask 65.0%, delta -0.42 Bybit 121 put: mark IV 64.4%, bid 62.9% / ask 65.0%, delta -0.48 Bybit 122 call: mark IV 64.2%, bid 63.5% / ask 64.5%, delta +0.46 Bybit 123 call: mark IV 65.8%, bid 64.4% / ask 66.6%, delta +0.40 Bybit 124 call: mark IV 66.9%, bid 66.3% / ask 67.5%, delta +0.35 Bybit 125 call: mark IV 68.2%, bid 67.8% / ask 68.8%, delta +0.31 Bybit 126 call: mark IV 69.5%, bid 70.2% / ask 70.7%, delta +0.26 Bybit 128 call: mark IV 72.6%, bid 73.2% / ask 74.9%, delta +0.20 Bybit 130 call: mark IV 75.9%, bid 78.0% / ask 78.4%, delta +0.15 Bybit 132 call: mark IV 79.4%, bid 81.6% / ask 83.0%, delta +0.11 Bybit 135 call: mark IV 84.7%, bid 85.0% / ask 85.6%, delta +0.07 Bybit 140 call: mark IV 93.4%, bid 64.0% / ask 102.7%, delta +0.04
Every strike (22)
StrikeOTM sideBybit mark IVBid / ask IVDelta
106put82.2%78.0% / 218.7%-0.03
108put78.1%76.6% / 77.7%-0.04
110put74.2%72.7% / 73.5%-0.06
112put70.7%70.1% / 71.2%-0.10
113put69.1%69.2% / 70.6%-0.12
114put67.7%67.2% / 69.3%-0.14
116put65.5%66.5% / 67.5%-0.22
117put64.7%65.9% / 67.1%-0.26
118put64.2%64.9% / 67.3%-0.31
119put63.9%63.9% / 65.1%-0.37
120put64.0%63.5% / 65.0%-0.42
121put64.4%62.9% / 65.0%-0.48
122call64.2%63.5% / 64.5%+0.46
123call65.8%64.4% / 66.6%+0.40
124call66.9%66.3% / 67.5%+0.35
125call68.2%67.8% / 68.8%+0.31
126call69.5%70.2% / 70.7%+0.26
128call72.6%73.2% / 74.9%+0.20
130call75.9%78.0% / 78.4%+0.15
132call79.4%81.6% / 83.0%+0.11
135call84.7%85.0% / 85.6%+0.07
140call93.4%64.0% / 102.7%+0.04

SOL ATM IV term structure

at-the-money mark IV by days to expiry
  • Bybit
45% 50% 55% 60% 65% 70% 10d 20d 30d Bybit: 1 days, ATM IV 59.7% Bybit: 2 days, ATM IV 66.4% Bybit: 3 days, ATM IV 64.3% Bybit: 10 days, ATM IV 60.3% Bybit: 17 days, ATM IV 50.7% Bybit: 31 days, ATM IV 57.5%
Expiry (08:00 UTC)DaysATM IVRR25Venues
30 Sep 20260.759.7%+9.0Bybit
1 Oct 20261.766.4%+2.0Bybit
2 Oct 20262.764.3%+5.3Bybit
9 Oct 20269.760.3%+3.8Bybit
16 Oct 20261750.7%−0.1Bybit
30 Oct 20263157.5%+3.1Bybit

30-day ATM implied volatility

constant maturity, interpolated between expiries in total variance
  • 30-day ATM IV
54% 55% 56% 57% 09:00 10:00 11:00 12:00 13:00 14:00

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 14:00

30-day implied vs realized volatility

IV − RV now: −7.9 vol points
  • 30-day ATM IV
  • 30-day realized vol
  • IV − RV
-25% 0% 25% 50% 75% 00:00 30-day ATM IV: 56.7% 30-day realized vol: 65.1% IV − RV: -8.4%

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.