Weekly Crypto Derivatives Signals Across Funding, Futures, and Options
Summary
This weekly report compares BTC and ETH market signals using perpetual swap funding, futures implied yields, options volatility, and put-call skew. It describes a brief rise in ETH funding after Ether reclaimed $3,000, alongside futures pricing that suggested a relatively stronger BTC outlook. Both assets’ options markets retained a downside-protection premium, although ETH’s skew was less bearish across maturities. Short-dated implied volatility declined, and the report relates this to a broader fall in volatility expectations, also seen in traditional-market volatility indexes.
The report also references risk appetite measures that had begun to recover from historically low levels despite relatively unchanged spot prices over the week. Its evidence consists of reported market observations and dashboard snapshots, rather than a specified forecasting method or independently detailed data series. The conclusions are therefore a time-specific sentiment assessment; the report provides no backtest or evidence that these indicators predict subsequent returns. It covers conditions around late December 2025 and should be read in that period’s context.
Key ideas
- Funding rates rose sharply for ETH before returning toward neutral, while BTC funding also responded to a market rally.
- Futures pricing indicated relatively stronger BTC sentiment than ETH sentiment.
- Options skew showed demand for downside protection in both assets, with ETH less bearish than BTC.
- Short-tenor implied volatility fell as broader volatility expectations declined.
- A recovering risk appetite index contrasted with nearly flat BTC and ETH spot prices.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.