Options Skew Analytics

CIFR option chain

Strikes around the forward, as they were quoted at the close

Data as of 25 September 2026 (end of day)

2026-10-02(7 days)ATM 93.19%±2.29skew -10.83
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
514$4.35$5.30—$13.00—————
010$3.85$5.60—$13.50100.71%$0.01$0.03493572
146$3.40$4.20—$14.0095.62%$0.02$0.0476442
0169$2.94$3.80—$14.5092.66%$0.04$0.063516
6194$2.56$3.05—$15.0090.80%$0.08$0.095,580311
1571,475$2.19$2.48—$15.5086.15%$0.11$0.141,138485
461,231$1.71$2.35—$16.0088.32%$0.20$0.251,0531,390
221,119$1.44$1.90—$16.5089.38%$0.33$0.391,915753
3621,045$1.23$1.35—$17.0089.35%$0.51$0.552,8761,440
653472$0.97$1.10—$17.5092.94%$0.74$0.82558695
9,1892,714$0.76$0.8593.27%$18.00—$1.01$1.088,947913
2,117800$0.59$0.6795.46%$18.50—$1.33$1.44933197
5,3141,580$0.47$0.5298.09%$19.00—$1.68$1.808,03048
6,1371,249$0.36$0.41100.21%$19.50—$1.92$2.2825841
6,1064,422$0.29$0.31102.43%$20.00—$2.40$2.72172273
4,3913,232$0.19$0.25102.42%$20.50—$2.80$3.2087
11,0021,426$0.18$0.19107.15%$21.00—$3.25$3.659566
100424$0.10$0.16106.06%$21.50—$3.75$4.101020
5276,417$0.07$0.13107.79%$22.00—$4.05$4.655780
118424$0.05$0.10108.84%$22.50—$3.65$5.2560
1672,937$0.04$0.08111.30%$23.00—$4.90$5.551030

Forward $17.76. The 25-delta put carries -10.83 volatility points over the 25-delta call.

2026-10-09(14 days)ATM 92.26%±3.21skew -5.58
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
035$4.75$6.60—$12.5096.56%$0.02$0.051066
012$4.40$6.15—$13.00—————
013$3.95$5.70—$13.50—————
06$3.65$4.15—$14.00—————
013$3.10$4.80—$14.5093.56%$0.16$0.2429112
0153$2.75$3.95—$15.0090.54%$0.24$0.2923048
—————$15.5089.93%$0.34$0.40164170
100465$2.05$2.61—$16.0090.48%$0.48$0.55486166
2255$1.82$2.06—$16.5090.02%$0.63$0.7333720
28401$1.52$1.75—$17.0090.60%$0.85$0.93941176
85534$1.31$1.46—$17.5090.19%$1.08$1.16737271
164134$1.10$1.2292.18%$18.00—$1.36$1.47560153
314131$0.92$1.0293.00%$18.50—$1.52$1.8247114
369535$0.75$0.8593.25%$19.00—$1.97$2.17721240
133644$0.61$0.7193.85%$19.50—$2.08$2.50281
1,8323,251$0.56$0.5896.78%$20.00—$2.69$2.97793
4272$0.41$0.5096.07%$20.50—————
13346$0.34$0.4297.42%$21.00—$3.30$4.801940
—————$21.50—$3.65$4.45100
55502$0.22$0.3199.93%$22.00—$4.30$4.75130
1755$0.18$0.25100.26%$22.50—$4.80$5.3011

Forward $17.74. The 25-delta put carries -5.58 volatility points over the 25-delta call.

2026-10-16(21 days)ATM 93.69%±3.99skew -4.78
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0121$4.60$5.90—$13.00—————
01$4.20$5.30—$13.50—————
0221$3.65$4.95—$14.0093.95%$0.23$0.304,5009
01$3.40$3.80—$14.5094.26%$0.33$0.403228
802,796$3.05$3.45—$15.0093.00%$0.44$0.509,356207
06$2.63$3.90—$15.5092.86%$0.57$0.65326132
115,724$2.39$2.69—$16.0092.01%$0.73$0.802,683628
1836$2.17$2.31—$16.5092.51%$0.92$1.013034
1,0309,825$1.86$2.03—$17.0093.48%$1.14$1.264,693185
72189$1.62$1.79—$17.5093.41%$1.39$1.50186176
1,2607,837$1.41$1.5493.62%$18.00—$1.66$1.785,922269
565462$1.20$1.3593.81%$18.50—$1.96$2.14153102
3982,343$1.05$1.1895.03%$19.00—$2.28$2.436969
551595$0.91$1.0295.61%$19.50—$2.63$2.8349613
4,00123,685$0.79$0.8996.59%$20.00—$2.99$3.20973103
884141$0.64$0.7795.81%$20.50—$3.30$3.6010
7,64018,394$0.58$0.6697.36%$21.00—$3.65$4.052252
146409$0.49$0.5797.64%$21.50—$4.15$4.5010
12223,209$0.41$0.5098.14%$22.00—$4.45$4.9517,09620
2420$0.36$0.59105.76%$22.50—$4.75$5.4501
1915,049$0.31$0.3799.62%$23.00—$4.70$5.902090

Forward $17.75. The 25-delta put carries -4.78 volatility points over the 25-delta call.

2026-10-23(28 days)ATM 99.57%±4.91skew -4.07
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$13.0099.03%$0.20$0.322244
01$4.20$5.75—$13.5092.21%$0.24$0.32620
02$3.80$5.05—$14.0094.50%$0.36$0.4415156
04$3.45$4.75—$14.5091.13%$0.41$0.541182
287$3.20$3.60—$15.0092.24%$0.58$0.6736695
0380$2.90$3.35—$15.5092.04%$0.75$0.818240
100533$2.55$3.05—$16.0092.87%$0.94$1.01374239
630$2.24$2.73—$16.5092.58%$1.13$1.2297370
10095$2.00$2.49—$17.0093.75%$1.34$1.5121213
3121$1.90$2.03—$17.5096.79%$1.59$1.88185119
82483$1.68$1.8494.79%$18.00—$1.90$2.0417334
241242$1.43$1.8799.60%$18.50—$2.03$2.611681
5079$1.24$1.6698.83%$19.00—$2.26$3.05701
455$1.10$1.4297.65%$19.50—$2.24$3.30400
5791$1.00$1.1696.04%$20.00—$3.00$3.65210
135$0.79$1.25100.08%$20.50—$2.90$4.05120
54561$0.74$1.17103.28%$21.00—$3.75$4.4510
8048$0.67$0.95101.28%$21.50—————
12293$0.57$0.6996.11%$22.00—$4.10$5.3010
228$0.52$0.6197.28%$22.50—$4.90$5.6522
9155$0.47$0.68103.09%$23.00—$5.30$6.1520

Forward $17.79. The 25-delta put carries -4.07 volatility points over the 25-delta call.

2026-10-30(35 days)ATM 97.67%±5.40skew -0.62
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$5.10$6.85—$12.50—————
01$4.75$6.45—$13.00—————
02$4.35$6.05—$13.5098.45%$0.38$0.5313537
15$3.95$4.90—$14.0094.12%$0.47$0.56121196
02$3.60$4.45—$14.5095.64%$0.60$0.741237
319$3.35$3.95—$15.0094.50%$0.76$0.851,13685
106$3.10$3.65—$15.5096.28%$0.92$1.1040555
0110$2.74$3.45—$16.0094.69%$1.11$1.2414640
1150$2.54$3.10—$16.5096.71%$1.28$1.5823946
31,050$2.28$2.73—$17.0096.17%$1.56$1.7558656
10821$2.09$2.34—$17.5099.88%$1.78$2.201413
99367$1.85$2.3298.01%$18.00—$2.06$2.391,445178
32773$1.66$2.1198.24%$18.50—$2.18$2.70269305
4280$1.46$1.8696.56%$19.00—$2.70$3.1025154
2026$1.34$1.6697.09%$19.50—$2.90$3.6040
287194$1.20$1.6099.72%$20.00—$3.30$3.90171
320$1.01$1.3896.78%$20.50—————
26137$0.94$1.1595.71%$21.00—$3.80$4.65100
—————$21.50—$4.25$5.10100
6105$0.74$1.0098.03%$22.00—$4.70$5.50400
2225$0.57$0.7796.90%$23.00—$5.70$6.4040

Forward $17.86. The 25-delta put carries -0.62 volatility points over the 25-delta call.

2026-11-20(56 days)ATM 100.60%±7.03skew -2.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0115$9.40$11.20—$8.00—————
01$8.50$10.00—$9.00—————
0121$7.65$8.40—$10.00104.50%$0.17$0.2122441
0156$6.70$8.30—$11.00101.90%$0.29$0.315431
014$6.00$6.50—$12.00102.42%$0.42$0.561,2351
0397$5.30$6.55—$13.00100.96%$0.67$0.751,05722
0299$4.55$5.25—$14.00101.01%$0.99$1.043,24683
45,726$4.00$4.45—$15.00100.14%$1.32$1.414,29154
02,555$3.55$3.75—$16.00100.05%$1.75$1.84604115
3214,391$3.05$3.25—$17.00100.61%$2.24$2.372,338252
1912,884$2.64$2.77100.61%$18.00—$2.80$2.928,696145
36918,465$2.26$2.38100.58%$19.00—$3.40$3.6059311
16916,602$1.93$2.05100.74%$20.00—$4.05$4.25883107
148,006$1.65$1.76100.93%$21.00—$4.75$4.952375
21538,114$1.41$1.52101.32%$22.00—$5.50$5.753140
465,663$1.20$1.47104.71%$23.00—$6.25$6.552840
563,037$1.03$1.13101.98%$24.00—$6.95$7.552180
22938,689$0.89$0.97102.40%$25.00—$7.85$8.302760
121,023$0.76$0.85102.97%$26.00—$8.30$9.20380
62,094$0.66$0.74103.62%$27.00—$9.10$10.201130
504,181$0.57$0.64103.99%$28.00—$9.90$11.15110

Forward $17.84. The 25-delta put carries -2.26 volatility points over the 25-delta call.

2026-12-18(84 days)ATM 99.53%±8.56skew -3.22
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
026$9.55$10.80—$8.00—————
040$8.65$10.20—$9.00—————
500491$7.80$8.70—$10.00—————
05$6.95$8.50—$11.0096.87%$0.37$0.591750
0155$6.25$7.70—$12.0099.90%$0.63$0.911,3770
1751$5.55$6.95—$13.0097.84%$0.97$1.082,5320
0204$5.00$6.30—$14.0097.34%$1.33$1.401,21022
1410,122$4.50$4.80—$15.0097.75%$1.73$1.8417,46039
3786$3.95$4.55—$16.0097.74%$2.20$2.3085411
211,367$3.60$3.80—$17.0098.11%$2.72$2.842,8213
552,375$3.15$3.4098.19%$18.00—$3.25$3.452,74452
574,063$2.82$3.0098.56%$19.00—$3.85$4.106294
3,7669,508$2.46$2.7599.48%$20.00—$4.50$4.758681
16787$2.17$2.4799.89%$21.00—$5.20$5.501390
374,962$1.92$2.1599.30%$22.00—$5.95$6.252361
31,527$1.72$1.8799.15%$23.00—$6.75$7.00940
7785$1.51$1.77100.81%$24.00—$7.35$7.95600
3,7902,941$1.35$1.4799.36%$25.00—$8.15$8.851170
0685$1.17$1.3599.79%$26.00—$8.35$9.70420
3032,123$1.08$1.1699.94%$27.00—$9.40$10.55150
0374$0.93$1.11100.97%$28.00—$10.05$11.4060

Forward $17.92. The 25-delta put carries -3.22 volatility points over the 25-delta call.

2027-01-15(112 days)ATM 97.43%±9.70skew -0.67
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
112$9.65$10.30—$8.00—————
026$8.80$10.40—$9.00—————
015,901$8.15$8.85—$10.0098.60%$0.46$0.5614,9969
086$7.25$8.75—$11.0098.33%$0.56$0.927250
313,388$6.70$7.10—$12.0098.19%$1.00$1.0518,8712,094
0284$5.90$7.30—$13.0097.02%$1.29$1.3887110
35137$5.45$6.05—$14.0096.49%$1.66$1.764,50410
532,974$4.90$5.20—$15.0096.32%$2.09$2.208,95828
231,719$4.40$4.70—$16.0096.20%$2.58$2.682,5051
615,525$4.00$4.25—$17.0097.16%$3.10$3.303,42114
1472,534$3.60$3.8596.39%$18.00—$3.65$3.852,0545
1256,385$3.25$3.4596.25%$19.00—$4.25$4.505,4563
54347,213$2.91$3.1095.95%$20.00—$4.90$5.151,6765
14011,447$2.65$2.8997.61%$21.00—$5.60$5.851,2941
73,017$2.36$2.5796.72%$22.00—$6.35$6.6018,4080
812,283$2.13$2.4498.35%$23.00—$7.05$7.353970
03,720$1.92$2.2298.47%$24.00—$7.85$8.152850
2514,356$1.72$1.9897.87%$25.00—$8.60$9.103920
01,482$1.56$1.8498.64%$26.00—$8.90$9.95920
362,681$1.41$1.5296.50%$27.00—$10.25$10.7027940
6415$1.30$1.3997.17%$28.00—$10.45$11.651170

Forward $17.97. The 25-delta put carries -0.67 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.