Reading Bitcoin and Ether Futures, Funding, and Options Signals

Summary

This weekly market recap describes conditions in Bitcoin and Ether futures, perpetual swaps, and options. It compares annualized futures yields and funding rates, then reviews at-the-money implied volatility, 25-delta risk reversals, volatility surfaces, and calibrated smiles. The report presents a 10:00 UTC snapshot convention and says its volatility z-scores use the prior 30 days of hourly data, grouped by option delta and tenor.

The reported signals include negative short-dated Ether futures yields, elevated Bitcoin perpetual funding, and downside skew in parts of both assets’ options markets. Volatility term structures steepened as longer-dated implied volatility rose, while Ether’s surface showed relatively greater demand for out-of-the-money puts. These observations offer a compact framework for monitoring derivatives positioning and volatility across maturities. They are descriptive snapshots, not a tested trading strategy; the text provides no full tables, numerical series, or evidence that the signals forecast subsequent prices.

Key ideas

• The report compares annualized yields across Bitcoin and Ether futures tenors.
• Bitcoin perpetual funding is elevated, while Ether funding is described as relatively low.
• Risk reversals and volatility surfaces show differences in put skew across assets and maturities.
• The volatility z-score uses 30 days of hourly observations for a matching delta and tenor.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.