> For the complete documentation index, see [llms.txt](https://docs.kaiko.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kaiko.com/rest-api/analytics/derivatives-risk-indicators/implied-volatility-metrics.md).

# 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](https://25446524.fs1.hubspotusercontent-eu1.net/hubfs/25446524/Factsheets/Kaiko%20Implied%20Volatility%20Methodology.pdf). 

### Endpoint

{% code overflow="wrap" %}

```http
https://us.market-api.kaiko.io/v2/data/analytics.v2/implied_volatility_metrics
```

{% endcode %}

### Query Parameters

<table><thead><tr><th width="130">Parameter</th><th width="141">Required</th><th>Description</th><th>Example</th></tr></thead><tbody><tr><td><code>base</code></td><td>Yes</td><td>The desired base as the underlying of the options.</td><td><code>btc</code>, <code>eth</code>, <code>sol</code></td></tr><tr><td><code>quote</code></td><td>Yes</td><td>The quote currency of the options.</td><td><code>usd</code>, <code>usdc</code></td></tr><tr><td><code>exchange</code></td><td>No</td><td>The specific exchange. Default: <code>drbt,okex</code></td><td><code>drbt</code></td></tr><tr><td><code>value_time</code></td><td>No</td><td>Timestamp for which implied volatilities metrics are computed. Default to the latest timestamp available when the request is made.</td><td><code>2026-04-21T00:00:00.000Z</code></td></tr><tr><td><code>days_back</code></td><td>No</td><td>Number of days between <code>value_time</code> and the previous timestamp used for comparison. For example, <code>daysBack=7</code> compares the IV metrics at <code>value_time</code> with those from 7 days earlier. Default: <code>1</code></td><td><code>1</code>, <code>3</code>, <code>7</code>, <code>30</code></td></tr></tbody></table>

### Fields

<table><thead><tr><th width="172.1171875">Field</th><th>Description</th><th width="203.6640625">Formula</th><th>Example</th></tr></thead><tbody><tr><td><code>atm</code></td><td>At the money (ATM) implied volatility.</td><td><code>IV(50Δ call)</code></td><td><code>40.53042509301596</code></td></tr><tr><td><code>atmChange</code></td><td>The change in ATM implied volatility compared to the reference period.</td><td></td><td><code>7.405591456177248</code></td></tr><tr><td><code>riskReversal25</code></td><td>25% delta Risk Reversal: directional skew, measuring call vs. put demand.</td><td><code>IV(25Δ call) − IV(25Δ put)</code></td><td><code>-0.246372750488554</code></td></tr><tr><td><code>riskReversal25Change</code></td><td>The change in 25% delta risk reversal compared to the reference period.</td><td></td><td><code>0.3563815067575433</code></td></tr><tr><td><code>butterfly25</code></td><td>25% delta Butterfly: wing richness relative to ATM.</td><td><code>(IV(25Δ call) + IV(25Δ put)) − 2 * IV(50Δ call)</code></td><td><code>3.7045205302079864</code></td></tr><tr><td><code>butterfly25Change</code></td><td>The change in 25% delta butterfly spread compared to the reference period.</td><td></td><td><code>1.7633060997255683</code></td></tr><tr><td><code>riskReversal15</code></td><td>15% delta Risk Reversal: deeper directional skew, more sensitive to tail demand.</td><td><code>IV(15Δ call) − IV(15Δ put)</code></td><td><code>-0.095984415172001</code></td></tr><tr><td><code>riskReversal15Change</code></td><td>The change in 15% delta risk reversal compared to the reference period.</td><td></td><td><code>-0.224040582481023</code></td></tr><tr><td><code>butterfly15</code></td><td>15% delta Butterfly: wing richness relative to ATM.</td><td><code>(IV(15Δ call) + IV(15Δ put)) − 2 * IV(50Δ call)</code></td><td><code>7.202441581399597</code></td></tr><tr><td><code>butterfly15Change</code></td><td>The change in 15% delta butterfly spread compared to the reference period.</td><td></td><td><code>3.1331810644171725</code></td></tr><tr><td><code>riskReversal10</code></td><td>10% delta Risk Reversal: deeper directional skew, more sensitive to tail demand.</td><td><code>IV(10Δ call) − IV(10Δ put)</code></td><td><code>-0.105875985638655</code></td></tr><tr><td><code>riskReversal10Change</code></td><td>The change in 10% delta risk reversal compared to the reference period.</td><td></td><td><code>-0.224040592481023</code></td></tr><tr><td><code>butterfly10</code></td><td>10% delta Butterfly: deeper wing richness relative to ATM.</td><td><code>(IV(10Δ call) + IV(10Δ put)) − 2 * IV(50Δ call)</code></td><td><code>7.202441581399597</code></td></tr><tr><td><code>butterfly10Change</code></td><td>The change in 10% delta butterfly spread compared to the reference period.</td><td></td><td><code>3.1331810644171725</code></td></tr><tr><td><code>expirationTimestamp</code></td><td>Expiration date/time of the option series.</td><td></td><td><code>2026-05-21 00:00:00</code></td></tr><tr><td><code>base</code></td><td>Base asset of the option.</td><td></td><td><code>btc</code>, <code>eth</code>, <code>sol</code></td></tr><tr><td><code>quote</code></td><td>Quote currency.</td><td></td><td><code>usd</code>, <code>usdc</code></td></tr><tr><td><code>underlyingPrice</code></td><td>Underlying forward for the expiry.</td><td></td><td><code>71283.96315789474</code></td></tr><tr><td><code>underlyingPriceChange</code></td><td>The change in underlying price compared to the reference period.</td><td></td><td><code>3376.3573766447516</code></td></tr><tr><td><code>daysToExpiration</code></td><td>The number of days remaining until expiration (fractional).</td><td></td><td><code>1.4097222222222223</code></td></tr><tr><td><code>exchange</code></td><td>The exchange where the options are traded.</td><td></td><td><code>drbt</code></td></tr></tbody></table>

### Request examples

{% tabs %}
{% tab title="cURL" %}
**Use this example to retrieve IV Metrics for BTC.**

{% code overflow="wrap" %}

```url
curl --compressed \
  -H 'Accept: application/json' \
  -H 'X-Api-Key: <client-api-key>' \
  'https://us.market-api.kaiko.io/v2/data/analytics.v2/implied_volatility_metrics?base=btc&value_time=2026-03-31T00:00:00Z&quote=usd&exchange=drbt&days_back=1'
```

{% endcode %}
{% endtab %}

{% tab title="Python" %}
**Use this example to retrieve IV Metrics for BTC.**

{% code overflow="wrap" %}

```python
##### 1. Import dependencies #####
import requests
import pandas as pd

##### 2. Choose the value of the query's parameters #####
# ---- Required parameters ---- #

base = "btc"
quote= "usd"
value_time = "2026-04-21T00:00:00.000Z"

# ---- API key configuration ---- #
api_key = "YOUR_API_KEY"

##### 3. Get the data #####

# ---- Function to run an API call ---- #
# Get the data in a dataframe --------- #

def get_kaiko_data(api_key: str, base: str, value_time: str):
    headers = {'Accept': 'application/json', 'X-Api-Key': api_key}

    url = 'https://us.market-api.kaiko.io/v2/data/analytics.v2/implied_volatility_metrics'

    params = {
        "base": base,
        "quote": quote,
        "value_time": value_time,
    }

    try:
        res = requests.get(url, headers=headers, params=params)
        res.raise_for_status()
        data = res.json()

        if 'data' not in data:
            print("No data returned.")
            return pd.DataFrame()

        df = pd.DataFrame(data['data'])
        return df

    except requests.exceptions.RequestException as e:
        print(f"API request error: {e}")
        return pd.DataFrame()
        
# ---- Get the data ---- #
df = get_kaiko_data(api_key=api_key, base=base, value_time=value_time)
print(df)
```

{% endcode %}
{% endtab %}
{% endtabs %}

### Response examples

{% tabs %}
{% tab title="IV Metrics" %}

```json
{
    "query": {
        "base": "btc",
        "quote": "usd",
        "value_time": "2026-03-31T00:00:00Z",
        "request_time": "2026-08-01T12:46:33.862Z"
    },
    "time": "2026-09-01T12:46:33.862Z",
    "timestamp": 1788266794104,
    "result": "success",
    "data": [
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1774944000000,
            "daysToExpiration": 0.3333333333333333,
            "underlyingPrice": 66688.90096575381,
            "underlyingPriceChange": 746.6977124771074,
            "atm": 43.77971232461352,
            "atmChange": -11.566902354396234,
            "riskReversal25": -4.208081567534244,
            "riskReversal25Change": 6.215623005597152,
            "riskReversal15": -8.331911034901516,
            "riskReversal15Change": 8.263036908955243,
            "riskReversal10": -12.834455464482645,
            "riskReversal10Change": 8.247198874245612,
            "butterfly25": 3.091864209994597,
            "butterfly25Change": -1.01927815227981,
            "butterfly15": 8.110431741073839,
            "butterfly15Change": -1.6652124768285717,
            "butterfly10": 13.674823998927678,
            "butterfly10Change": -1.3307918996063393
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1775030400000,
            "daysToExpiration": 1.3333333333333333,
            "underlyingPrice": 66739.28359973205,
            "underlyingPriceChange": 795.4291626103368,
            "atm": 52.909484596848536,
            "atmChange": -2.9579913163117197,
            "riskReversal25": -8.35704647717909,
            "riskReversal25Change": 2.9681177602857147,
            "riskReversal15": -14.455655627303933,
            "riskReversal15Change": 2.7651645384988726,
            "riskReversal10": -19.81852207580191,
            "riskReversal10Change": 1.1631462312904688,
            "butterfly25": 3.3895404845302863,
            "butterfly25Change": -0.09461952899337689,
            "butterfly15": 8.522481994884245,
            "butterfly15Change": 0.1961983049254883,
            "butterfly10": 13.739319112230788,
            "butterfly10Change": 0.8461942439366652
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1775116800000,
            "daysToExpiration": 2.3333333333333335,
            "underlyingPrice": 66763.83584704799,
            "underlyingPriceChange": 845.5919667066482,
            "atm": 53.32208342451581,
            "atmChange": -2.2720687755555247,
            "riskReversal25": -10.245209898044408,
            "riskReversal25Change": -0.7612864605666516,
            "riskReversal15": -17.291723844887017,
            "riskReversal15Change": -2.099269557406295,
            "riskReversal10": -23.015969931943182,
            "riskReversal10Change": -3.601574417312868,
            "butterfly25": 4.7992563795218075,
            "butterfly25Change": 0.9871256251819602,
            "butterfly15": 11.663980062950188,
            "butterfly15Change": 2.5751969958024716,
            "butterfly10": 18.170075383246484,
            "butterfly10Change": 4.187479048483993
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1775203200000,
            "daysToExpiration": 3.3333333333333335,
            "underlyingPrice": 66773.31321323414,
            "underlyingPriceChange": 801.5324026079034,
            "atm": 54.323771330035676,
            "atmChange": 0.09296430856697668,
            "riskReversal25": -9.88292348567667,
            "riskReversal25Change": 0.3313015087994913,
            "riskReversal15": -17.22339108067692,
            "riskReversal15Change": -0.845673587563013,
            "riskReversal10": -23.470751666873994,
            "riskReversal10Change": -2.584312384927074,
            "butterfly25": 5.544603300881889,
            "butterfly25Change": 0.6189575146923119,
            "butterfly15": 13.635872821994312,
            "butterfly15Change": 1.8789098854322361,
            "butterfly10": 21.412028418785653,
            "butterfly10Change": 3.3225935151333346
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1775808000000,
            "daysToExpiration": 10.333333333333334,
            "underlyingPrice": 66751.51506573302,
            "underlyingPriceChange": 790.7421954158781,
            "atm": 53.355606314582595,
            "atmChange": -0.17726155844774638,
            "riskReversal25": -11.214382591116426,
            "riskReversal25Change": -0.4129591272885662,
            "riskReversal15": -17.6581197021927,
            "riskReversal15Change": -1.0782800898028384,
            "riskReversal10": -22.212551057972377,
            "riskReversal10Change": -1.8218749009159794,
            "butterfly25": 4.15687993309605,
            "butterfly25Change": 0.6016776683697458,
            "butterfly15": 9.857366007760064,
            "butterfly15Change": 1.396449388260649,
            "butterfly10": 15.10474158485708,
            "butterfly10Change": 2.06879621590447
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1776412800000,
            "daysToExpiration": 17.333333333333332,
            "underlyingPrice": 66734.92109430616,
            "underlyingPriceChange": 767.8198165054346,
            "atm": 52.786529477022846,
            "atmChange": 0.21946842500388897,
            "riskReversal25": -10.183420916042486,
            "riskReversal25Change": -0.524088790515961,
            "riskReversal15": -16.023645060319673,
            "riskReversal15Change": -0.7187633571963303,
            "riskReversal10": -20.16130288231532,
            "riskReversal10Change": -0.7708334669210899,
            "butterfly25": 3.6613265613735706,
            "butterfly25Change": 0.439709168035435,
            "butterfly15": 8.686834201811209,
            "butterfly15Change": 1.0403877108813049,
            "butterfly10": 13.31970592550023,
            "butterfly10Change": 1.5943835760817961
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1777017600000,
            "daysToExpiration": 24.333333333333332,
            "underlyingPrice": 66769.40935573772,
            "underlyingPriceChange": 761.1547767822631,
            "atm": 51.81466626029203,
            "atmChange": 0.4671398153379869,
            "riskReversal25": -9.81886052181921,
            "riskReversal25Change": -0.22773739545914395,
            "riskReversal15": -15.448616345777921,
            "riskReversal15Change": -0.4514290955923883,
            "riskReversal10": -19.422279632083175,
            "riskReversal10Change": -0.6622663488734233,
            "butterfly25": 3.8695790562186403,
            "butterfly25Change": 0.2660326345940405,
            "butterfly15": 9.196845964079628,
            "butterfly15Change": 0.6359128980590896,
            "butterfly10": 14.121460338927946,
            "butterfly10Change": 0.9748421150958251
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1780041600000,
            "daysToExpiration": 59.333333333333336,
            "underlyingPrice": 66925.7663937458,
            "underlyingPriceChange": 791.475743835792,
            "atm": 50.57667695868516,
            "atmChange": 0.018851817867428622,
            "riskReversal25": -9.128186516132189,
            "riskReversal25Change": 0.20870918528706994,
            "riskReversal15": -14.429401624489536,
            "riskReversal15Change": 0.17929378833321152,
            "riskReversal10": -18.231661888110636,
            "riskReversal10Change": 0.06427584368398698,
            "butterfly25": 3.3983176684789385,
            "butterfly25Change": 0.11585302990799562,
            "butterfly15": 8.074554311991463,
            "butterfly15Change": 0.28510090104344954,
            "butterfly10": 12.393826639660759,
            "butterfly10Change": 0.44296547857393875
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1782460800000,
            "daysToExpiration": 87.33333333333333,
            "underlyingPrice": 67101.21907748375,
            "underlyingPriceChange": 815.8611620113079,
            "atm": 49.81557568872005,
            "atmChange": -0.018557064957683167,
            "riskReversal25": -6.876053241793876,
            "riskReversal25Change": 0.30867410397447514,
            "riskReversal15": -11.916563632778455,
            "riskReversal15Change": 0.40966590943714465,
            "riskReversal10": -16.25941744845631,
            "riskReversal10Change": 0.4214370049198237,
            "butterfly25": 3.855925321005614,
            "butterfly25Change": 0.06649553656491491,
            "butterfly15": 9.486681211536492,
            "butterfly15Change": 0.194360726633235,
            "butterfly10": 14.96680778717824,
            "butterfly10Change": 0.3477459211045044
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1790323200000,
            "daysToExpiration": 178.33333333333334,
            "underlyingPrice": 67614.21103627124,
            "underlyingPriceChange": 839.7755951862346,
            "atm": 50.7413566881773,
            "atmChange": -0.3115526607052814,
            "riskReversal25": -8.249123643654464,
            "riskReversal25Change": 0.4492382082180839,
            "riskReversal15": -12.940423298587575,
            "riskReversal15Change": 0.5146875674412072,
            "riskReversal10": -16.22479853930985,
            "riskReversal10Change": 0.43615175111419546,
            "butterfly25": 3.6718031027368028,
            "butterfly25Change": 0.16680044436878916,
            "butterfly15": 8.754088753189777,
            "butterfly15Change": 0.3993083163852731,
            "butterfly10": 13.480269548831203,
            "butterfly10Change": 0.6045426450135523
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1798185600000,
            "daysToExpiration": 269.3333333333333,
            "underlyingPrice": 68296.68511462072,
            "underlyingPriceChange": 816.1051804025628,
            "atm": 51.00858930578338,
            "atmChange": -0.14473501871818684,
            "riskReversal25": -7.361576692874266,
            "riskReversal25Change": 0.015469104004260714,
            "riskReversal15": -11.535080725047642,
            "riskReversal15Change": -0.007016876691409379,
            "riskReversal10": -14.458811148937698,
            "riskReversal10Change": -0.04475872738705533,
            "butterfly25": 3.327124198422169,
            "butterfly25Change": -0.011251136678012585,
            "butterfly15": 7.935770510848769,
            "butterfly15Change": -0.028033301790102882,
            "butterfly10": 12.22740048881613,
            "butterfly10Change": -0.04620298594664973
        },
        {
            "base": "btc",
            "quote": "usd",
            "exchange": "drbt",
            "expirationTimestamp": 1806048000000,
            "daysToExpiration": 360.3333333333333,
            "underlyingPrice": 68927.36411237593,
            "underlyingPriceChange": 787.5765680319018,
            "atm": 51.58353335060506,
            "atmChange": 0.1200907170086225,
            "riskReversal25": -6.054408876643393,
            "riskReversal25Change": -0.2648394238791809,
            "riskReversal15": -9.975199954276931,
            "riskReversal15Change": -0.3459920923207278,
            "riskReversal10": -13.077091571702319,
            "riskReversal10Change": -0.349671557542095,
            "butterfly25": 2.8383168392103357,
            "butterfly25Change": 0.09041363740536212,
            "butterfly15": 6.835599132518169,
            "butterfly15Change": 0.19338494162127517,
            "butterfly10": 10.612376834541877,
            "butterfly10Change": 0.26676848701706035
        }
    ],
    "access": {
        "access_range": {
            "start_timestamp": 1763683200000,
            "end_timestamp": null
        },
        "data_range": {
            "start_timestamp": null,
            "end_timestamp": null
        }
    }
}
```

{% endtab %}
{% endtabs %}


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.kaiko.com/rest-api/analytics/derivatives-risk-indicators/implied-volatility-metrics.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.