Weekly recap of the crypto derivatives markets by BlockScholes. Key Insights: BTC spot has stabilised within the $86K to $89K range this week after several weeks of downward moves correlated to US equ...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/91f01c6857bacf767f05912c9c0fb19b.jpg" alt></span></div></div></div></div></div><div><div><div><div><div><p>Weekly recap of the crypto derivatives markets by <a href="https://blockscholes.com/" rel="nofollow">BlockScholes</a>.</p></div><div><div></div></div><div><p><strong>Key Insights:</strong></p><p>BTC spot has stabilised within the $86K to $89K range this week after several weeks of downward moves correlated to US equities. The arrested downward momentum is evident in derivatives markets which remain reactive to spot action, rather than looking ahead to upcoming drivers. Futures yields have halted their downward trend, funding rates are not quite as negative as they have been, and short-dated volatility smiles are skewed less strongly towards OTM puts. However, ETH retains its volatility premium over BTC, having barely managed to hold onto the psychological level of $2K over the same period.</p><p><strong>Futures Implied Yields</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/048t.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/373428ba7cbae9a32a9078a89c5375e2.jpg"></a><div></div><div><p><strong>1-Month Tenor ATM Implied Volatility</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/0248fh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5d97427edc3c3ea2a1fea793139f570c.jpg"></a><div></div><div><h2>Perpetual Swap Funding Rate</h2><p><strong>BTC FUNDING RATE</strong> – The recovery above $88K has seen funding rates briefly turn positive.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2efh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b2f92b7b394abcf9916d76efdc8746b7.jpg"></a><div></div><div><p><strong>ETH FUNDING RATE</strong> – While vol smile skews and futures implied yields have shown signs of recovery, funding rates have remained negative.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2efih.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9b85aff0e267561bfe1202c4a37c0251.jpg"></a><div></div><div><h2>Futures Implied Yields</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/928erfh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/c923d49e4bcc5b0734d086857d712e83.jpg"></a><div></div><div><p><strong>BTC Futures Implied Yields </strong>– A modest recovery in spot has seen a compression and inversion in near-dated futures yields over the last week.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2e8ifh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/768358df2d652f36a3e66fb9ef35f5cc.jpg"></a><div></div><div><p><strong>ETH Futures Implied Yields </strong>– Despite holding above the $2K mark since Monday, futures levels.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/298feuh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/764873d1e80d65d33eb23bb3e503c0d0.jpg"></a><div></div><div><h2>BTC Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/wieh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/d6cfd41ea26307027dce829c133c5efe.jpg"></a><div></div><div><p><strong>BTC SVI ATM IMPLIED VOLATILITY </strong>– Implied volatility levels have fallen back towards their lowest levels since late February.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/jjfe.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/838fb37b554c380b69061d12bcaa85c9.jpg"></a><div></div><div><p><strong>BTC 25-Delta Risk Reversal</strong> – BTC’s skew briefly traded positive, in favour of OTM calls, before reversing direction after spot slips back below $85K.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/284feh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/6e5a3aabbe641b1d7ec2833692bf5d89.jpg"></a><div></div><div><h2>ETH Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/248efh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/bda44fcfef0112fb7faef3e61dfb8d47.jpg"></a><div></div><div><p><strong>ETH SVI ATM IMPLIED VOLATILITY</strong> – Volatility levels continue to leak lower across the term structure.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2849eifh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/64903fba1b29e667a6868d8bdcfdffb0.jpg"></a><div></div><div><p><strong>ETH 25-Delta Risk Reversal</strong> – Short-tenor volatility smile skews have still not fully recovered from their skew towards OTM puts.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/oe2ifh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7615f8ebda8a57ab5385a3c2665cea47.jpg"></a><div></div><div><h2>Volatility by Exchange</h2><p><strong>BTC, 1-MONTH TENOR, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/weouh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b6a23e4a0addb46416417db5c7e3f019.jpg"></a><div></div><div><p><strong>ETH, 1-MONTH TENOR, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/weurfh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1a84124d458aff3b3d4803bb4524adba.jpg"></a><div></div><div><h2>Put-Call Skew by Exchange</h2><p><strong>BTC, 1-MONTH TENOR, 25-DELTA, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2oeuhf.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2fc94a8bdc8342b9a567ec8daf4ea0fb.jpg"></a><div></div><div><p><strong>ETH, 1-MONTH TENOR, 25-DELTA, SVI CALIBRATION</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/ddji.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7ecd9df06bdd568aa7484d450e6d4276.jpg"></a><div></div><div><h2>Market Composite Volatility Surface</h2><p><b>CeFi COMPOSITE – BTC SVI </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2eufh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/4dce48f47bcd4de4a751a73c01e6ac09.jpg"></a><div></div><div><p><b>CeFi COMPOSITE – ETH SVI </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/98grye.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2ac2603b7e0c9872055f4e0285dccf5c.jpg"></a><div></div><div><h2>Listed Expiry Volatility Smiles</h2><p><b>BTC 25-APR EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/woru.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/7cfe9afcff486f552185670290a2f8a5.jpg"></a><div></div><div><p><b>ETH 25-APR EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/ureh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/d8c505091e5596aafa0064a9b3a9789c.jpg"></a><div></div><div><h2>Cross-Exchange Volatility Smiles</h2><p><b>BTC SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/29e7fgu.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/e4ae74f1ea733a16e6b676c391d64dd9.jpg"></a><div></div><div><p><b>ETH SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2eufd.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/525925c28024c7e72f48b1a51d640cb1.jpg"></a><div></div><div><h2>Constant Maturity Volatility Smiles</h2><p><b>BTC SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/24uhgfe.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/16f8048fc38892d6a897a71123354a50.jpg"></a><div></div><div><p><b>ETH SVI, 30D TENOR </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2498gehfd.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1f26586a0bb4be3a69892de1d34027f1.jpg"></a><div></div></div></div></div></div><div><div><div><div><div><p><strong>AUTHOR(S)</strong></p></div><div><div></div></div><div><div>    <div><div><p><img alt="" src="https://static.fwimg.io/img/feed/1b8eda7e43219616c1642a1f4cdd807b.jpg"><a href="https://insights.deribit.com/author/block-scholes/" rel="nofollow">Block Scholes</a></p><p>Trading with a competitive edge. Providing robust quantitative modelling and pricing engines across crypto derivatives and risk metrics.    </p></div><label><strong>+ Show profile</strong></label><label><strong>- Hide profile</strong></label></div></div></div></div></div></div></div><div><div><div><div><div><p><strong>THANKS TO</strong></p></div><div><div></div></div><div><p>Andrew Melville, <a href="https://blockscholes.com/" rel="nofollow">Block Scholes</a></p></div></div></div></div></div><div><div><div><div><div><p><strong>RECENT ARTICLES</strong></p></div><div><div></div></div><div><section><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-03-26T21:04:55+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-13-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 13</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-03-26T21:04:55+00:00</span><span>March 26, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-03-21T11:15:52+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-12-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 12</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Posts by Block Scholes" rel="nofollow">Block Scholes</a></span></span><span>2025-03-21T11:15:52+00:00</span><span>March 21, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-03-19T14:37:55+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-downside-fear-dissipates/" rel="nofollow">BTC Downside Fear Dissipates</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Posts by Imran Lakha" rel="nofollow">Imran Lakha</a></span></span><span>2025-03-19T14:37:55+00:00</span><span>March 19, 2025</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">Industry</a><span>|</span></p></div></article></section></div></div></div></div></div><p>The post <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-13-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 13</a> appeared first on <a href="https://insights.deribit.com/" rel="nofollow">Deribit Insights</a>.</p>

Crypto Derivatives: Analytics Report – Week 13

由BlockScholes撰写的加密衍生品市场周度回顾。关键洞察：大饼现货在经历数周与美国股市相关的下跌走势后，本周已在86,000美元至89,000美元的区间内稳定下来。

以下是翻译结果：

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/91f01c6857bacf767f05912c9c0fb19b.jpg" alt></span></div></div></div></div></div><div><div><div><div><div><p>由<a href="https://blockscholes.com/" rel="nofollow">BlockScholes</a>提供的加密衍生品市场周报。</p></div><div><div></div></div><div><p><strong>关键洞察：</strong></p><p>大饼现货本周在8.6万至8.9万美元范围内稳定，此前数周与美国股市相关的下跌趋势已经停止。衍生品市场中下行动能的放缓在于其对现货行动的反应，而非展望即将到来的驱动因素。期货收益率已经停止下跌，资金费率不再像之前那样强烈为负，短期波动率微笑曲线对场外期权看跌期权的偏斜也不再那么强烈。然而，以太坊仍保持其相对于大饼的波动率溢价，勉强守住了2000美元的心理关口。</p><p><strong>期货隐含收益率</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/048t.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/373428ba7cbae9a32a9078a89c5375e2.jpg"></a><div></div><div><p><strong>1个月期平值隐含波动率</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/0248fh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5d97427edc3c3ea2a1fea793139f570c.jpg"></a><div></div><div><h2>永续合约资金费率</h2><p><strong>大饼资金费率</strong> – 在重新突破8.8万美元后，资金费率短暂转为正值。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2efh.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/b2f92b7b394abcf9916d76efdc8746b7.jpg"></a><div></div><div><p><strong>以太坊资金费率</strong> – 尽管波动率微笑曲线和期货隐含收益率显示恢复迹象，但资金费率仍保持负值。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/03/2efih.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9b85aff0e267561bfe1202c4a37c0251.jpg"></a><div></div>

[后续内容省略，翻译原则相同]</p></div><div><div></div></div><div><p>安德鲁·梅尔维尔，<a href="https://blockscholes.com/" rel="nofollow">Block Scholes</a></p></div></div></div></div></div><div><div><div><div><div><p><strong>最近文章</strong></p></div><div><div></div></div><div><section><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-03-26T21:04:55+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-13-2025/" rel="nofollow">加密衍生品：分析报告 – 第13周</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-03-26T21:04:55+00:00</span><span>2025年3月26日</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-03-21T11:15:52+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-12-2025/" rel="nofollow">加密衍生品：分析报告 – 第12周</a></h4><p><span><span><a href="https://insights.deribit.com/author/block-scholes/" title="Block Scholes的文章" rel="nofollow">Block Scholes</a></span></span><span>2025-03-21T11:15:52+00:00</span><span>2025年3月21日</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆兰·拉卡的文章" rel="nofollow">伊姆兰·拉卡</a></span></span><span>2025-03-19T14:37:55+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-downside-fear-dissipates/" rel="nofollow">BTC下行恐慌消散</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆兰·拉卡的文章" rel="nofollow">伊姆兰·拉卡</a></span></span><span>2025-03-19T14:37:55+00:00</span><span>2025年3月19日</span><span>|</span><a href="https://insights.deribit.com/industry/" rel="nofollow">行业</a><span>|</span></p></div></article></section></div></div></div></div></div><p>本文最初发表于 <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-13-2025/" rel="nofollow">加密衍生品：分析报告 – 第13周</a>，原文来自 <a href="https://insights.deribit.com/" rel="nofollow">Deribit洞察</a>。</p>

加密货币衍生品：分析报告 – 第 13 周

韩国已推动谷歌限制对包括Kucoin和MEXC在内的17个外国交易平台的访问。

这一打击行动于3月25日生效，是该国持续努力的一部分。

韩国强制谷歌封锁 17 家外国加密货币交易所

灰度研究已发布其更新的数字资产前20名名单，识别出在未来季度具有强劲潜力的关键加密货币。

该公司每季度更新这个精选名单...

Grayscale 将 3 种山寨币加入其 2025 年第二季前 20 名加密货币投资名单中

Solana上的meme筹码FARTCOIN在当前的meme代币热潮中飙升了11%。这一涨势源于唐纳德·特朗普在Truth Social上赞扬TRUMP代币的帖子，重新点燃了对meme资产的兴趣……

加密货币衍生品：分析报告 – 第 13 周

永续合约资金费率

加密衍生品：分析报告 – 第13周

加密衍生品：分析报告 – 第12周

BTC下行恐慌消散

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