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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 42.2%, 3.8 points above 30-day realized (38.4%); puts trade at a 7.5-vol premium to calls. The ATM term structure is inverted (near expiries price more vol than later ones): 54.9% for 16 Nov 2026 and 41.4% for 24 Sep 2027. 30-day ATM IV is 4.5 points higher than 7 days ago. Mark IV from Bybit and Binance options only, not the whole market.

11 expiriesMark IVSource: Bybit and Binance public APIsServer snapshot Source fields may have different event times.

Compare BTC 7/30/90-day IV with its one-year realized-volatility cone: current RV and historical percentile bands at matching horizons.

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

42.2%30-day ATM implied vol
38.4%30-day realized vol
+3.8IV − RV (vol points)
−7.530-day 25Δ risk reversal
+1.030-day 25Δ butterfly

BTC IV smile, 15 Nov 2026 expiry

mark IV by delta · bid/ask IV as a band

This expiry on: max pain · chain · gamma · delta OI

  • Binance mark IV
  • Bybit mark IV
  • Combined now
  • 24h ago (13 Nov 15:00 UTC)
  • Bid/ask IV
20% 40% 60% 80% 100% 10Δ put 25Δ put ATM 25Δ call 10Δ call Binance 64,000 put: mark IV 67.7%, bid 68.0% / ask 68.6%, delta -0.18 Binance 65,000 put: mark IV 60.0%, bid 60.4% / ask 60.9%, delta -0.32 Binance 66,000 call: mark IV 53.7%, bid 54.0% / ask 54.5%, delta +0.44 Binance 66,500 call: mark IV 51.6%, bid 52.2% / ask 52.7%, delta +0.31 Binance 67,000 call: mark IV 50.0%, bid 50.1% / ask 50.7%, delta +0.20 Binance 67,500 call: mark IV 49.5%, bid 50.3% / ask 51.1%, delta +0.12 Binance 68,000 call: mark IV 49.5%, bid 48.5% / ask 49.9%, delta +0.06 Binance 68,500 call: mark IV 51.0%, bid 51.0% / ask 53.1%, delta +0.03 Bybit 61,000 put: mark IV 94.5%, delta -0.03 Bybit 62,000 put: mark IV 86.1%, bid 84.3% / ask 85.9%, delta -0.06 Bybit 63,000 put: mark IV 77.6%, bid 77.2% / ask 78.2%, delta -0.10 Bybit 64,000 put: mark IV 69.3%, bid 68.9% / ask 70.2%, delta -0.18 Bybit 65,000 put: mark IV 61.3%, bid 61.2% / ask 61.7%, delta -0.32 Bybit 65,500 put: mark IV 57.3%, bid 57.3% / ask 57.8%, delta -0.43 Bybit 65,750 put: mark IV 56.0%, bid 55.4% / ask 57.1%, delta -0.49 Bybit 66,000 call: mark IV 54.5%, bid 54.4% / ask 54.9%, delta +0.45 Bybit 66,250 call: mark IV 53.2%, bid 53.2% / ask 53.7%, delta +0.38 Bybit 66,500 call: mark IV 52.1%, bid 50.9% / ask 51.9%, delta +0.32 Bybit 66,750 call: mark IV 51.2%, bid 51.4% / ask 51.9%, delta +0.26 Bybit 67,000 call: mark IV 50.6%, bid 49.8% / ask 50.4%, delta +0.21 Bybit 67,250 call: mark IV 50.3%, bid 50.2% / ask 51.0%, delta +0.16 Bybit 67,500 call: mark IV 50.1%, bid 49.2% / ask 50.0%, delta +0.12 Bybit 67,750 call: mark IV 50.3%, bid 47.9% / ask 49.0%, delta +0.09 Bybit 68,000 call: mark IV 50.6%, bid 46.8% / ask 48.3%, delta +0.07 Bybit 68,250 call: mark IV 51.1%, bid 49.0% / ask 50.8%, delta +0.05 Bybit 68,500 call: mark IV 51.8%, bid 48.3% / ask 52.9%, delta +0.04 Bybit 68,750 call: mark IV 52.5%, bid 51.9% / ask 54.5%, delta +0.03 Bybit 69,000 call: mark IV 53.4%, bid 52.1% / ask 55.5%, delta +0.02
SmileHour (UTC)ATM IV25Δ put IV25Δ call IVRR25
Now14 Nov 15:1155.9%65.3%51.1%−14.2
24h ago13 Nov 15:0032.5%35.8%31.5%−4.3

Earlier smiles: the mean mark IV of the out-of-the-money option at each strike over bybit, binance, as recorded at that hour (no bid/ask band).

No recorded smile for this expiry 7d ago (listed later, or before the hourly history starts), so that curve is left out.

Every strike (20)
StrikeOTM sideBinance mark IVBinance Bid / ask IVBinance DeltaBybit mark IVBybit Bid / ask IVBybit Delta
61,000put—94.5%-0.03
62,000put—86.1%84.3% / 85.9%-0.06
63,000put—77.6%77.2% / 78.2%-0.10
64,000put67.7%68.0% / 68.6%-0.1869.3%68.9% / 70.2%-0.18
65,000put60.0%60.4% / 60.9%-0.3261.3%61.2% / 61.7%-0.32
65,500put—57.3%57.3% / 57.8%-0.43
65,750put—56.0%55.4% / 57.1%-0.49
66,000call53.7%54.0% / 54.5%+0.4454.5%54.4% / 54.9%+0.45
66,250call—53.2%53.2% / 53.7%+0.38
66,500call51.6%52.2% / 52.7%+0.3152.1%50.9% / 51.9%+0.32
66,750call—51.2%51.4% / 51.9%+0.26
67,000call50.0%50.1% / 50.7%+0.2050.6%49.8% / 50.4%+0.21
67,250call—50.3%50.2% / 51.0%+0.16
67,500call49.5%50.3% / 51.1%+0.1250.1%49.2% / 50.0%+0.12
67,750call—50.3%47.9% / 49.0%+0.09
68,000call49.5%48.5% / 49.9%+0.0650.6%46.8% / 48.3%+0.07
68,250call—51.1%49.0% / 50.8%+0.05
68,500call51.0%51.0% / 53.1%+0.0351.8%48.3% / 52.9%+0.04
68,750call—52.5%51.9% / 54.5%+0.03
69,000call—53.4%52.1% / 55.5%+0.02

ATM IV and RR25, 15 Nov 2026 expiry (hourly)

Bybit and Binance combined · RR25 in vol points · gaps are unrecorded hours
  • ATM IV (%)
  • RR25 (vol points)
-20 0 20 40 60 12:00 00:00 12:00 00:00 12:00
Daily values at 08:00 UTC (3)
Date (08:00 UTC)ATM IVRR25
2026-11-1435.3%−9.0
2026-11-1337.3%−7.7
2026-11-1235.3%−2.8

BTC ATM IV term structure

at-the-money mark IV by days to expiry
  • Bybit
  • Binance
  • Combined
35% 40% 45% 50% 55% 60% 100d 200d 300d Bybit: 17 hours, ATM IV 55.9% Bybit: 2 days, ATM IV 54.9% Bybit: 3 days, ATM IV 54.3% Bybit: 6 days, ATM IV 52.1% Bybit: 13 days, ATM IV 44.3% Bybit: 20 days, ATM IV 43.3% Bybit: 41 days, ATM IV 41.7% Bybit: 76 days, ATM IV 40.8% Bybit: 132 days, ATM IV 41.1% Bybit: 223 days, ATM IV 41.5% Bybit: 314 days, ATM IV 41.6% Binance: 17 hours, ATM IV 55.2% Binance: 2 days, ATM IV 54.6% Binance: 3 days, ATM IV 53.7% Binance: 6 days, ATM IV 51.7% Binance: 13 days, ATM IV 44.6% Binance: 20 days, ATM IV 43.0% Binance: 41 days, ATM IV 41.5% Binance: 76 days, ATM IV 40.6% Binance: 132 days, ATM IV 41.1% Binance: 223 days, ATM IV 41.3% Binance: 314 days, ATM IV 41.1% Combined: 17 hours, ATM IV 55.9% Combined: 2 days, ATM IV 54.9% Combined: 3 days, ATM IV 54.2% Combined: 6 days, ATM IV 51.9% Combined: 13 days, ATM IV 44.5% Combined: 20 days, ATM IV 43.2% Combined: 41 days, ATM IV 41.6% Combined: 76 days, ATM IV 40.6% Combined: 132 days, ATM IV 41.1% Combined: 223 days, ATM IV 41.4% Combined: 314 days, ATM IV 41.4%
Expiry (08:00 UTC)DaysATM IV25Δ put IV25Δ call IVRR2525Δ flyVenues
15 Nov 20260.755.9%65.3%51.1%−14.2+2.3Binance, Bybit
16 Nov 20261.754.9%64.4%49.4%−14.9+2.0Binance, Bybit
17 Nov 20262.754.2%62.6%49.3%−13.3+1.8Binance, Bybit
20 Nov 20265.751.9%59.6%47.7%−11.9+1.7Binance, Bybit
27 Nov 20261344.5%50.3%41.0%−9.4+1.1Binance, Bybit
4 Dec 20262043.2%48.2%40.1%−8.1+1.0Binance, Bybit
25 Dec 20264141.6%46.3%39.1%−7.2+1.1Binance, Bybit
29 Jan 20277640.6%44.5%38.4%−6.1+0.9Binance, Bybit
26 Mar 202713241.1%44.2%39.4%−4.8+0.7Binance, Bybit
25 Jun 202722341.4%43.8%40.2%−3.6+0.6Binance, Bybit
24 Sep 202731441.4%43.2%40.6%−2.6+0.6Binance, Bybit

BTC forward ATM volatility

adjacent expiries · nearest 20 pairs per venue · annualized IV

Each interval uses the same venue's ATM inputs: √((IV₂² × T₂ − IV₁² × T₁) / (T₂ − T₁)), with IVs as decimals and times in years. Interpolated ATM curves at different forwards are a model reference, not a forecast, executable quote or tradable calendar spread.

VenueFirst expiry (UTC)Next expiry (UTC)Days betweenFirst ATM IVNext ATM IVForward IV (annualized)Availability
Bybit2026-11-152026-11-161.055.9%54.9%54.2%—
Bybit2026-11-162026-11-171.054.9%54.3%53.4%—
Bybit2026-11-172026-11-203.054.3%52.1%49.9%—
Bybit2026-11-202026-11-277.052.1%44.3%36.8%—
Bybit2026-11-272026-12-047.044.3%43.3%41.4%—
Bybit2026-12-042026-12-2521.043.3%41.7%40.2%—
Bybit2026-12-252027-01-2935.041.7%40.8%39.6%—
Bybit2027-01-292027-03-2656.040.8%41.1%41.6%—
Bybit2027-03-262027-06-2591.041.1%41.5%42.1%—
Bybit2027-06-252027-09-2491.041.5%41.6%41.8%—
Binance2026-11-152026-11-161.055.2%54.6%54.2%—
Binance2026-11-162026-11-171.054.6%53.7%52.1%—
Binance2026-11-172026-11-203.053.7%51.7%49.8%—
Binance2026-11-202026-11-277.051.7%44.6%37.9%—
Binance2026-11-272026-12-047.044.6%43.0%40.0%—
Binance2026-12-042026-12-2521.043.0%41.5%40.1%—
Binance2026-12-252027-01-2935.041.5%40.6%39.4%—
Binance2027-01-292027-03-2656.040.6%41.1%41.8%—
Binance2027-03-262027-06-2591.041.1%41.3%41.6%—
Binance2027-06-252027-09-2491.041.3%41.1%40.6%—

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

each curve by days to expiry at its own hour
  • Now
  • 24h ago (13 Nov 15:00 UTC)
  • 7d ago (7 Nov 15:00 UTC)
  • 30d ago (15 Oct 15:00 UTC)
20% 30% 40% 50% 60% 100d 200d 300d
CurveHour (UTC)7-day ATM IV30-day ATM IV90-day ATM IV
Now14 Nov 15:1149.5%42.2%40.8%
24h ago13 Nov 15:0038.0% (+11.5)38.0% (+4.2)39.1% (+1.7)
7d ago7 Nov 15:0037.7% (+11.8)37.6% (+4.5)38.8% (+2.0)
30d ago15 Oct 15:0033.5% (+16.0)37.4% (+4.8)38.0% (+2.8)

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.

30-day ATM implied volatility

constant maturity, interpolated between expiries in total variance
  • 30-day ATM IV
32.5% 35% 37.5% 40% 42.5% 8 Oct 22 Oct 5 Nov

1084 hourly samples, 2026-09-29 09:00 to 2026-11-14 15:00 UTC; the chart draws 218 of them. Unrecorded hours are not counted. Low and high cover every sample in that range.

SeriesFirstLatestLowHigh
30-day ATM IV
annualized %		34.7%41.7%33.4%41.7%

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
-10% -7.5% -5% -2.5% 0% 2.5% 8 Oct 22 Oct 5 Nov

1084 hourly samples, 2026-09-29 09:00 to 2026-11-14 15:00 UTC; the chart draws 218 of them. Unrecorded hours are not counted. Low and high cover every sample in that range.

SeriesFirstLatestLowHigh
30-day RR25
vol points		+0.1−7.2−7.2+0.3

30-day implied vs realized volatility

IV − RV now: +3.8 vol points
  • 30-day ATM IV
  • 30-day realized vol
  • IV − RV
-20% 0% 20% 40% 60% 8 Oct 22 Oct 5 Nov

46 UTC days, 2026-09-29 to 2026-11-14: each day's last hourly 30-day ATM IV against the prior completed day's 30-day realized vol; days missing either are left out. Low and high cover every day in that range.

SeriesFirstLatestLowHigh
30-day ATM IV
annualized %		34.0%41.7%33.5%41.7%
30-day realized vol
annualized %		41.5%38.4%23.2%41.5%
IV − RV
vol points		−7.5+3.4−7.7+14.2

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.