A directional timing rule for the ETH USDT perpetual swap on OKX. The signal comes from a different market, the Deribit ETH options market. Each day we compute the implied-minus-realized vol spread: vrp = DVOL (Deribit 30-day ETH implied vol index, supplementary key `deribit_dvol`, loaded by supp_loaders.load_deribit_dvol; hourly from 2021-03-24) minus RV, where RV is the annualized close-to-close realized vol over the last 14 daily ETH bars. We z-score vrp against its own trailing 365 daily values. When z > +entry_z, options buyers are paying an unusually large fear premium over what the market actually delivers, so we go LONG for hold_days. When z < -entry_z, options are complacent relative to realized turbulence, so we go SHORT. The economic cause is the dealer/hedger channel: a rich premium means dealers are short puts, and as the premium bleeds their hedges are bought back (vanna/charm flows), so the underlying drifts up. An IV-below-RV state marks exhausted, under-hedged moves that tend to give back. This is a new mechanism family. Every prior DVOL/options run in the corpus TRADED options (dead per L102); this one uses options only as information and trades the cheap linear swap. ETHUSDT.OKX 1-DAY bars come from OkxCollector and are complete from 2020-01-02 to 2026-10-01 with 0 missing bars. PRE-STUDY (point-in-time, DVOL lagged one full day, entry_z=0.5, 7-day non-overlapping hold, net of 0.10% RT): 164 trades, avg +1.33%/trade, win 52%. By year (count, mean net per trade): 2022 26/+2.4%, 2023 31/+0.1%, 2024 42/+0.9%, 2025 37/+1.1%, 2026 28/+2.5%. Longs +1.7%, shorts +0.9%. The RV14 neighborhood is stable (Sharpe 0.53-0.78). RV30 variants were weak. Rejected before writing this: HL-vs-Binance funding carry (decayed by 2026), new-listing short (mean ~0), and spot-perp premium carry (fires only 2020-21).