Weekly BTC and ETH Derivatives Signals Across Futures, Funding, and Options
Summary
This weekly market recap summarizes Bitcoin and Ether futures yields, perpetual swap funding, option volatility, risk reversals, and implied volatility surfaces. It reports that short-dated futures yields were volatile, with Bitcoin turning negative late in the week while Ether moved oppositely. Positive funding rates for both perpetual swaps suggested demand for long exposure, stronger in BTC. At-the-money implied volatility was low for both assets, and 25-delta risk reversals had turned negative, indicating a premium for downside puts.
The surface discussion notes generally falling implied volatility, with some relative resilience in BTC out-of-the-money puts and ETH one-month, low-delta puts. The report describes a 30-day hourly historical distribution used to calculate z-scores for surface metrics, and gives a fixed UTC snapshot convention. These are descriptive readings rather than a trading rule: the excerpt includes no full tables or charts, and its signals are tied to one week and a particular observation time. Funding, yields, and option skew can change quickly and do not by themselves establish future returns.
Key ideas
- Positive perpetual funding rates indicate that longs were paying shorts, with the reported BTC rate exceeding ETH’s.
- BTC and ETH at-the-money implied volatility was near low levels during the covered week.
- Negative 25-delta risk reversals reflected a premium for downside protection in both assets.
- Short-term futures yields diverged between BTC and ETH near the end of the reporting period.
- The report standardizes surface z-scores against hourly implied-volatility observations from the preceding 30 days.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.