Stay updated with the latest crypto market insights as we analyze institutional research on derivatives trends.
Key Market Observations
- Diverging Sentiment: BTC options show bearish skews at short tenors, while ETH maintains a 10–15 volatility premium with neutral/call-favored skews.
- Funding Rates: Persistent short-position charges in perpetual swaps since June 9th, reflecting leveraged exposure demand.
- Yield Recovery: Futures-implied yields rebound to last week’s levels, compressing term structures in BTC and ETH.
Core Metrics
Futures Implied Yield (1-Month Tenor)
- BTC: Term structure flattens as short-dated yields align with longer expiries.
- ETH: Trades in tight yield ranges mirroring BTC’s recovery.
ATM Implied Volatility (1-Month Tenor)
- BTC: Short-tenor vols dip slightly (24H).
- ETH: Maintains 10–15-point premium over BTC.
👉 Explore real-time volatility trends
Sentiment Analysis
BTC Sentiment
- Bearish short-tenor skews dominate.
- 25-delta risk reversals trend upward toward neutrality.
ETH Sentiment
- Bullish bias persists, driven by ETF optimism since May.
- Call skews strengthen at longer tenors.
Derivatives Deep Dive
Perpetual Swap Funding Rates
| Asset | Trend |
|---------|----------------------------------------|
| BTC | Longs pay funding for leveraged exposure.|
| ETH | Consistently positive rates vs. BTC. |
Options Market
- BTC SVI Volatility: Rangebound; slight drop in short-tenor vols.
- ETH SVI Volatility: Elevated but stable, reflecting higher risk appetite.
👉 Compare cross-exchange volatility smiles
FAQs
Q1: Why does ETH trade at a volatility premium?
A: Higher demand for call options and ETF speculation widen ETH’s premium.
Q2: Are current funding rates sustainable?
A: Rates reflect market leverage but may shift with spot price movements.
Q3: What drives BTC’s bearish skew?
A: Short-term put demand outweighs calls amid price uncertainty.
Disclaimers
- Not financial advice. Volatility risks are inherent.
- Past performance ≠ future results. Conduct independent research.
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