What is DVOL?
DVOL is Deribit's cryptocurrency implied-volatility index derived from options prices. It summarizes the market's priced volatility, not whether the underlying asset will rise or fall.
Implied versus realized volatility
Implied volatility is extracted from option prices and reflects forward-looking pricing under the index methodology. Realized volatility is calculated from past price moves.
A high reading signals expensive or strongly demanded volatility exposure, across both upward and downward price moves.
Interpreting the level
Compare the current level with its own history and term structure. Cross-asset comparisons require care because Bitcoin and Ether have different distributions from equities.
Option returns depend on strike, expiry, skew and realized movement in addition to the index level.
Frequently asked questions
Is DVOL a price-direction signal?⌄
No. It measures implied magnitude, not bullish or bearish direction.
Is DVOL identical to VIX?⌄
No. They use different underlying options markets and methodologies.
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