Implied volatility metrics
What is this endpoint for?
The IV Metrics endpoint gives you a standardized, at-a-glance read on the shape and sentiment of the crypto options market. Feed the endpoint a currency and a value time, and you'll receive five scalar indices extracted from Kaiko's calibrated implied volatility surface for every existing maturities.
Read our Implied Volatility Methodology here.
Endpoint
https://us.market-api.kaiko.io/v2/data/analytics.v2/implied_volatility_metricsQuery Parameters
base
Yes
The desired base as the underlying of the options.
btc, eth, sol
quote
Yes
The quote currency of the options.
usd, usdc
exchange
No
The specific exchange. Default: drbt,okex
drbt
value_time
No
Timestamp for which implied volatilities metrics are computed. Default to the latest timestamp available when the request is made.
2026-04-21T00:00:00.000Z
days_back
No
Number of days between value_time and the previous timestamp used for comparison. For example, daysBack=7 compares the IV metrics at value_time with those from 7 days earlier. Default: 1
1, 3, 7, 30
Fields
atm
At the money (ATM) implied volatility.
IV(50Δ call)
40.53042509301596
atmChange
The change in ATM implied volatility compared to the reference period.
7.405591456177248
riskReversal25
25% delta Risk Reversal: directional skew, measuring call vs. put demand.
IV(25Δ call) − IV(25Δ put)
-0.246372750488554
riskReversal25Change
The change in 25% delta risk reversal compared to the reference period.
0.3563815067575433
butterfly25
25% delta Butterfly: wing richness relative to ATM.
(IV(25Δ call) + IV(25Δ put)) − 2 * IV(50Δ call)
3.7045205302079864
butterfly25Change
The change in 25% delta butterfly spread compared to the reference period.
1.7633060997255683
riskReversal15
15% delta Risk Reversal: deeper directional skew, more sensitive to tail demand.
IV(15Δ call) − IV(15Δ put)
-0.095984415172001
riskReversal15Change
The change in 15% delta risk reversal compared to the reference period.
-0.224040582481023
butterfly15
15% delta Butterfly: wing richness relative to ATM.
(IV(15Δ call) + IV(15Δ put)) − 2 * IV(50Δ call)
7.202441581399597
butterfly15Change
The change in 15% delta butterfly spread compared to the reference period.
3.1331810644171725
riskReversal10
10% delta Risk Reversal: deeper directional skew, more sensitive to tail demand.
IV(10Δ call) − IV(10Δ put)
-0.105875985638655
riskReversal10Change
The change in 10% delta risk reversal compared to the reference period.
-0.224040592481023
butterfly10
10% delta Butterfly: deeper wing richness relative to ATM.
(IV(10Δ call) + IV(10Δ put)) − 2 * IV(50Δ call)
7.202441581399597
butterfly10Change
The change in 10% delta butterfly spread compared to the reference period.
3.1331810644171725
expirationTimestamp
Expiration date/time of the option series.
2026-05-21 00:00:00
base
Base asset of the option.
btc, eth, sol
quote
Quote currency.
usd, usdc
underlyingPrice
Underlying forward for the expiry.
71283.96315789474
underlyingPriceChange
The change in underlying price compared to the reference period.
3376.3573766447516
daysToExpiration
The number of days remaining until expiration (fractional).
1.4097222222222223
exchange
The exchange where the options are traded.
drbt
Request examples
Use this example to retrieve IV Metrics for BTC.
Use this example to retrieve IV Metrics for BTC.
Response examples
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