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IBIT options analytics

IBIT · ETF

Data as of 23 September 2026 (end of day)

IBIT options are pricing a 30-day at-the-money volatility of 38.0%, a move of about ±10.9% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 1.05 volatility points more than the puts.

Longer-dated options carry more: 90-day volatility is 7% above 30-day.

Current readings

30-day ATM implied volatilityⓘ
38.01%

Prices a move of about ±10.9% over 30 days, or ±2.4% on a typical day.

25-delta risk reversalⓘ
-1.05

Calls carry 1.05 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+0.77

The wings carry 0.77 volatility points more than at-the-money.

Term structure slopeⓘ
1.074

90-day volatility is 7% above 30-day.

Where 30-day implied volatility sits

Against 5 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$47.88
30-day implied forward
$48.00
60-day ATM IV
40.13%
90-day ATM IV
40.82%
180-day ATM IV
41.71%
Expirations used
18
Total open interest
5,804,042
Put / call open interest
0.64

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 5 sessions

32%34%36%38%40%42%2026-09-17 — 30-day ATM IV 33%2026-09-18 — 30-day ATM IV 37%2026-09-21 — 30-day ATM IV 40%2026-09-22 — 30-day ATM IV 39%2026-09-23 — 30-day ATM IV 38%17 Sep18 Sep21 Sep22 Sep23 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2338.01%-1.051.074$47.88
2026-09-2238.70%-0.621.062$48.83
2026-09-2139.83%-1.601.057$49.01
2026-09-1836.50%-0.501.084$46.02
2026-09-1732.82%+1.691.144$43.30

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-2.0-1.00.01.02.02026-09-17 — 25-delta RR (volatility points) 1.72026-09-18 — 25-delta RR (volatility points) -0.52026-09-21 — 25-delta RR (volatility points) -1.62026-09-22 — 25-delta RR (volatility points) -0.62026-09-23 — 25-delta RR (volatility points) -1.117 Sep18 Sep21 Sep22 Sep23 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

2d (2026-09-25) · 5d (2026-09-28) · 7d (2026-09-30)

30%40%50%60%2026-09-25 (2d) — 5Δ C — IV 50.68%2026-09-25 (2d) — 10Δ C — IV 45.61%2026-09-25 (2d) — 15Δ C — IV 44.44%2026-09-25 (2d) — 20Δ C — IV 43.62%2026-09-25 (2d) — 25Δ C — IV 42.90%2026-09-25 (2d) — 30Δ C — IV 42.16%2026-09-25 (2d) — 35Δ C — IV 41.68%2026-09-25 (2d) — 40Δ C — IV 41.34%2026-09-25 (2d) — 45Δ C — IV 41.14%2026-09-25 (2d) — ATM — IV 41.16%2026-09-25 (2d) — 45Δ P — IV 41.28%2026-09-25 (2d) — 40Δ P — IV 41.44%2026-09-25 (2d) — 35Δ P — IV 41.64%2026-09-25 (2d) — 30Δ P — IV 41.95%2026-09-25 (2d) — 25Δ P — IV 42.59%2026-09-25 (2d) — 20Δ P — IV 44.08%2026-09-25 (2d) — 15Δ P — IV 45.80%2026-09-25 (2d) — 10Δ P — IV 49.49%2026-09-25 (2d) — 5Δ P — IV 56.35%2d2026-09-28 (5d) — 5Δ C — IV 41.50%2026-09-28 (5d) — 10Δ C — IV 38.71%2026-09-28 (5d) — 15Δ C — IV 37.53%2026-09-28 (5d) — 20Δ C — IV 36.32%2026-09-28 (5d) — 25Δ C — IV 35.73%2026-09-28 (5d) — 30Δ C — IV 35.47%2026-09-28 (5d) — 35Δ C — IV 35.35%2026-09-28 (5d) — 40Δ C — IV 35.17%2026-09-28 (5d) — 45Δ C — IV 34.86%2026-09-28 (5d) — ATM — IV 34.75%2026-09-28 (5d) — 45Δ P — IV 34.72%2026-09-28 (5d) — 40Δ P — IV 34.72%2026-09-28 (5d) — 35Δ P — IV 34.80%2026-09-28 (5d) — 30Δ P — IV 34.96%2026-09-28 (5d) — 25Δ P — IV 35.37%2026-09-28 (5d) — 20Δ P — IV 36.08%2026-09-28 (5d) — 15Δ P — IV 37.27%2026-09-28 (5d) — 10Δ P — IV 39.21%2026-09-28 (5d) — 5Δ P — IV 44.91%5d2026-09-30 (7d) — 5Δ C — IV 45.22%2026-09-30 (7d) — 10Δ C — IV 40.40%2026-09-30 (7d) — 15Δ C — IV 39.08%2026-09-30 (7d) — 20Δ C — IV 38.25%2026-09-30 (7d) — 25Δ C — IV 37.48%2026-09-30 (7d) — 30Δ C — IV 37.02%2026-09-30 (7d) — 35Δ C — IV 36.79%2026-09-30 (7d) — 40Δ C — IV 36.67%2026-09-30 (7d) — 45Δ C — IV 36.47%2026-09-30 (7d) — ATM — IV 36.29%2026-09-30 (7d) — 45Δ P — IV 36.17%2026-09-30 (7d) — 40Δ P — IV 36.11%2026-09-30 (7d) — 35Δ P — IV 36.09%2026-09-30 (7d) — 30Δ P — IV 36.17%2026-09-30 (7d) — 25Δ P — IV 36.51%2026-09-30 (7d) — 20Δ P — IV 37.38%2026-09-30 (7d) — 15Δ P — IV 38.39%2026-09-30 (7d) — 10Δ P — IV 40.86%2026-09-30 (7d) — 5Δ P — IV 45.98%7d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta2d5d7d
5Δ call50.68%41.50%45.22%
10Δ call45.61%38.71%40.40%
15Δ call44.44%37.53%39.08%
20Δ call43.62%36.32%38.25%
25Δ call42.90%35.73%37.48%
30Δ call42.16%35.47%37.02%
35Δ call41.68%35.35%36.79%
40Δ call41.34%35.17%36.67%
45Δ call41.14%34.86%36.47%
ATM41.16%34.75%36.29%
45Δ put41.28%34.72%36.17%
40Δ put41.44%34.72%36.11%
35Δ put41.64%34.80%36.09%
30Δ put41.95%34.96%36.17%
25Δ put42.59%35.37%36.51%
20Δ put44.08%36.08%37.38%
15Δ put45.80%37.27%38.39%
10Δ put49.49%39.21%40.86%
5Δ put56.35%44.91%45.98%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-252$47.8541.16%42.59%42.90%-0.31+1.5827
2026-09-285$47.8534.75%35.37%35.73%-0.36+0.8035
2026-09-307$47.8636.29%36.51%37.48%-0.97+0.7142
2026-10-029$47.8837.72%38.21%39.07%-0.85+0.9249
2026-10-0512$47.8936.29%36.76%37.71%-0.94+0.9531
2026-10-0714$47.9036.96%37.26%38.22%-0.97+0.7933
2026-10-0916$47.9237.52%37.96%38.93%-0.97+0.9241
2026-10-1623$47.9637.60%38.16%38.95%-0.79+0.9551
2026-10-2330$48.0038.01%38.26%39.31%-1.05+0.7741
2026-10-3037$48.0438.40%38.58%39.51%-0.94+0.6440
2026-11-2058$48.1640.18%40.61%41.22%-0.61+0.7447
2026-11-3068$48.2039.97%40.68%41.09%-0.41+0.9130
2026-12-1886$48.3340.79%41.47%41.84%-0.36+0.8756
2027-01-15114$48.4940.95%41.60%41.89%-0.30+0.7991
2027-02-19149$48.6841.19%41.86%42.23%-0.38+0.8628
2027-03-19177$48.8541.68%42.34%42.84%-0.49+0.9180
2027-05-21240$49.2642.13%43.26%43.59%-0.32+1.2926
2027-06-17267$49.4642.37%43.36%43.89%-0.53+1.2585

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

18 listed expirations produced a usable reading

34%36%38%40%42%44%2026-09-25 — 2 days — at-the-money IV 41.16%2026-09-28 — 5 days — at-the-money IV 34.75%2026-09-30 — 7 days — at-the-money IV 36.29%2026-10-02 — 9 days — at-the-money IV 37.72%2026-10-05 — 12 days — at-the-money IV 36.29%2026-10-07 — 14 days — at-the-money IV 36.96%2026-10-09 — 16 days — at-the-money IV 37.52%2026-10-16 — 23 days — at-the-money IV 37.60%2026-10-23 — 30 days — at-the-money IV 38.01%2026-10-30 — 37 days — at-the-money IV 38.40%2026-11-20 — 58 days — at-the-money IV 40.18%2026-11-30 — 68 days — at-the-money IV 39.97%2026-12-18 — 86 days — at-the-money IV 40.79%2027-01-15 — 114 days — at-the-money IV 40.95%2027-02-19 — 149 days — at-the-money IV 41.19%2027-03-19 — 177 days — at-the-money IV 41.68%2027-05-21 — 240 days — at-the-money IV 42.13%2027-06-17 — 267 days — at-the-money IV 42.37%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-09-252 days$47.8541.16%$47.8727
2026-09-285 days$47.8534.75%$47.8935
2026-09-307 days$47.8636.29%$47.9342
2026-10-029 days$47.8837.72%$47.9749
2026-10-0512 days$47.8936.29%$48.0031
2026-10-0714 days$47.9036.96%$48.0333
2026-10-0916 days$47.9237.52%$48.0741
2026-10-1623 days$47.9637.60%$48.1751
2026-10-2330 days$48.0038.01%$48.2941
2026-10-3037 days$48.0438.40%$48.4040
2026-11-2058 days$48.1640.18%$48.7847
2026-11-3068 days$48.2039.97%$48.9230
2026-12-1886 days$48.3340.79%$49.2856
2027-01-15114 days$48.4940.95%$49.7891
2027-02-19149 days$48.6841.19%$50.3928
2027-03-19177 days$48.8541.68%$50.9580
2027-05-21240 days$49.2642.13%$52.2226
2027-06-17267 days$49.4642.37%$52.8285

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
38.01%
60 days
40.13%
90 days
40.82%
180 days
41.71%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 5 sessions

0.951.001.051.101.151.202026-09-17 — 90-day over 30-day 1.142026-09-18 — 90-day over 30-day 1.082026-09-21 — 90-day over 30-day 1.062026-09-22 — 90-day over 30-day 1.062026-09-23 — 90-day over 30-day 1.0717 Sep18 Sep21 Sep22 Sep23 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.