What the metric means

An implied-volatility surface combines option smiles across multiple expiries, showing how the market prices volatility across both strike or moneyness and maturity dimensions.

Controls and fields

  • Choose BTC, ETH or SOL.
  • Select the observation date and time.
  • Inspect both axes and the color or height scale before comparing regions.

How to read it

  • Read slices by expiry and by moneyness before interpreting the full shape.
  • Check whether sharp features align with actual quotes or interpolation gaps.
  • Compare snapshots using the same axes and scale.

Read the three dimensions together: Days is the remaining time to expiry, Strike Price is the option strike, and the surface height is IV. The hover tooltip gives the coordinates and IV for one point; here it shows 264 days, an 82k strike and 38.77% IV. A different hovered strike can show a different IV even at the same snapshot time. Check Time and timezone, and compare the same coordinates and scale across snapshots.

BTC implied volatility surface with Days, Strike Price and IV axes. Tooltip: 264 days, strike 82k, IV 38.77%. Snapshot 2026/10/05 10:19 UTC+3.

Useful for

  • Locate smile and term-structure features together.
  • Identify regions for contract-level quote checks.
  • Compare surface changes through time.
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