Weekly BTC and ETH Derivatives: Yields, Funding, Skew, and Volatility

Summary

This weekly market recap describes BTC and ETH futures, perpetual funding, options implied volatility, volatility surfaces, and put-call skew. It reports that futures remained above spot while yields trended lower for BTC and stayed broadly steady for ETH. BTC funding rose during a demand-driven move into long exposure, while ETH funding did not rise as much despite a similar spot rally.

The options discussion notes sideways or lower at-the-money implied volatility, a broad cooling in BTC’s volatility surface, and an increase in ETH one-month 10-delta put volatility. Skew had moved away from the earlier preference for calls, with ETH showing a stronger tilt toward puts than BTC. These are descriptive observations from a single weekly snapshot, including dated smile calibrations; the document supplies no underlying charts, numerical series, trade rules, or performance evidence. The reported patterns therefore characterize that period rather than establish persistent behavior or a forecast.

Key ideas

• BTC and ETH futures traded above spot, while BTC yields eased and ETH yields were relatively stable.
• BTC perpetual funding rose more sharply than ETH funding during demand for long exposure.
• At-the-money implied volatility was broadly flat or slightly lower, with ETH levels above BTC at comparable tenors.
• BTC’s volatility surface cooled, while ETH saw higher implied volatility in short-dated out-of-the-money puts.
• Put-call skew shifted toward puts, especially across ETH tenors.

Tags

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