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撰寫的加密衍生品市場周度回顧。關鍵洞察：大餅現貨在經歷數週與美國股市相關的下跌走勢後，本週已在86,000美元至89,000美元的區間內穩定下來。

以下是翻譯結果：

<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場週報。</p></div><div><div></div></div><div><p><strong>關鍵洞察：</strong></p><p>大餅現貨本週在8.6萬至8.9萬美元範圍內穩定，此前數週與美國股市相關的下跌趨勢已經停止。衍生品市場中下行動能的放緩在於其對現貨行動的反應，而非展望即將到來的驅動因素。期貨收益率已經停止下跌，資金費率不再像之前那樣強烈為負，短期波動率微笑曲線對場外期權看跌期權的偏斜也不再那麼強烈。然而，以太坊仍保持其相對於大餅的波動率溢價，勉強守住了2000美元的心理關口。</p><p><strong>期貨隱含收益率</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個月期平值隱含波動率</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>永續合約資金費率</h2><p><strong>大餅資金費率</strong> – 在重新突破8.8萬美元后，資金費率短暫轉為正值。</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>以太坊資金費率</strong> – 儘管波動率微笑曲線和期貨隱含收益率顯示恢復跡象，但資金費率仍保持負值。</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>

[後續內容省略，翻譯原則相同]</p></div><div><div></div></div><div><p>安德魯·梅爾維爾，<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：分析報告 – 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">行業</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：分析報告 – 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">行業</a><span>|</span></p></div></article><article><div><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="伊姆蘭·拉卡的文章" rel="nofollow">伊姆蘭·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="伊姆蘭·拉卡的文章" rel="nofollow">伊姆蘭·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">行業</a><span>|</span></p></div></article></section></div></div></div></div></div><p>本文最初發表於 <a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-13-2025/" rel="nofollow">加密衍生品：分析報告 – 第13周</a>，原文來自 <a href="https://insights.deribit.com/" rel="nofollow">Deribit洞察</a>。</p>

加密貨幣衍生品：分析報告 – 第 13 週

韓國已推動谷歌限制對包括Kucoin和MEXC在內的17個外國交易平臺的訪問。

這一打擊行動於3月25日生效，是該國持續努力的一部分。

韓國強制谷歌封鎖 17 家外國加密貨幣交易所

灰度研究已釋出其更新的數字資產前20名名單，識別出在未來季度具有強勁潛力的關鍵加密貨幣。

該公司每季度更新這個精選名單...

Grayscale 將 3 種山寨幣加入其 2025 年第二季前 20 名加密貨幣投資名單中

Solana上的meme籌碼FARTCOIN在當前的meme代幣熱潮中飆升了11%。這一漲勢源於唐納德·特朗普在Truth Social上讚揚TRUMP代幣的帖子，重新點燃了對meme資產的興趣……

加密貨幣衍生品：分析報告 – 第 13 週

永續合約資金費率

加密衍生品：分析報告 – 第13周

加密衍生品：分析報告 – 第12周

BTC下行恐慌消散

下載 APP 參與福利活動