Weekly recap of the crypto derivatives markets by BlockScholes. Key Insights: The past three days has seen the US militarily join Israel in its conflict against Iran, bombing three key Iranian nuclear...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/542b2595e28e7ac4015ca9ee607d6195.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>The past three days has seen the US militarily join Israel in its conflict against Iran, bombing three key Iranian nuclear sites. That sent BTC below $100K for the first time since early-May, flattening its term structure of volatility as front-end volatility jumped to 45%. ETH spot price fell to its lowest intraday level since May 9, and short-tenor options led the move in implied volatility, resulting in a term structure inversion which has yet to be resolved fully. Iran retaliated yesterday afternoon which initially sent markets lower once more – though it was later revealed to be a de-escalatory reaction with advance notice to Washington. That then sent markets soaring, a rally extended further by President Trump announcing an official ceasefire between Iran and Israel. BTC now currently trades at $105K.</p><p><strong>Futures Implied Yields</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/9240.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/aab778c464866903c3f53df712ecfdfa.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/2025/06/9913.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8b86b9b450dafaca2a8c320bee5bbdb7.jpg"></a><div></div><div><h2>Perpetual Swap Funding Rate</h2><p><strong>BTC FUNDING RATE</strong> – Funding turns meaningfully positive for the first time since June 17, as BTC spot (now at $105K) recovers from a plunge to $98K.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/2134190.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5cf428c2f8368811ff9a73f8b1c7f4a9.jpg"></a><div></div><div><p><strong>ETH FUNDING RATE</strong> – The more bearish sentiment in ETH options is also apparent in perp funding rates, which have dropped to -0.005%.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/0130.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/ff22ca5a497bb24a0654a58325ef3313.jpg"></a><div></div><div><h2>Futures Implied Yields</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/883.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/f17b982f91c031f035c321030f2e6fed.jpg"></a><div></div><div><p><strong>BTC Futures Implied Yields </strong>– 7-day BTC futures yields are more than 3x higher than the equivalent tenor ETH yield, which is at 1.77%.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/9130.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/3393d2c91f8a1f9ef96e2fa8afa3644b.jpg"></a><div></div><div><p><strong>ETH Futures Implied Yields </strong>– ETH futures-implied yields did not drop significantly negative despite Iran’s retaliatory strikes against the US.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/88465.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/a75efce0309f546256448b3e098e45be.jpg"></a><div></div><div><h2>BTC Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/8894.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/6c44df26f4119ce4877b88a90d7a0c89.jpg"></a><div></div><div><p><strong>BTC SVI ATM IMPLIED VOLATILITY </strong>– After a brief flattening of the term structure yesterday, the volatility curve is once more upward sloping.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/2408.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/d48608d19afdc09f82131a047f544715.jpg"></a><div></div><div><p><strong>BTC 25-Delta Risk Reversal</strong> – With the recovery back above $100K, BTC front- end skew has abated most of its bearish preference for OTM puts.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/081388.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/d9597033f4cb43a1ea29a37faf7ce46c.jpg"></a><div></div><div><h2>ETH Options</h2></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/88132.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/520cd6bdf595fa05a68aa9646568c6b1.jpg"></a><div></div><div><p><strong>ETH SVI ATM IMPLIED VOLATILITY</strong> – ETH’s term structure still contrasts that of BTC – inverted, though at lower outright levels than last week.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/103.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1f8e7271d56527d823e37bd7b14901ec.jpg"></a><div></div><div><p><strong>ETH 25-Delta Risk Reversal</strong> – ETH short-tenor smiles skewed as much as 15% towards OTM puts when Trump announced US strikes on three key Iranian nuclear sites – though that has now abated to a 3% skew towards OTM puts.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/88345.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/055d9aefa07e479f08f0a7d6d990e8ca.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/2025/06/662347.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8f682c2a0b36a381f9147e12dfb9edbd.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/2025/06/92940.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/0ec5fb0b3a998d366610b862aed0990b.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/2025/06/93120.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/1d9ad63d3719421dc032ef9013edc79c.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/2025/06/03100.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5f7cc7403688a34cfe39f0be880afc7e.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/2025/06/01341.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/a0348707dc50151818e8fc95b0fcae5f.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/2025/06/3259812.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/9ff206e1dbb32005edb542834d8a1630.jpg"></a><div></div><div><h2>Listed Expiry Volatility Smiles</h2><p><b>BTC 25-JUL EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/08234.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/1px.png"></a><div></div><div><p><b>ETH 25-JUL EXPIRY </b>– 9:00 UTC Snapshot.</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/1937.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/ae98fd08c54ce43580e6e27d38da98ee.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/2025/06/85234.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/2981e17601c32e9f79a272fb2d84ec79.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/2025/06/23851.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/ea4d19238cc5c55d99599d27ee4a875f.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/2025/06/321908.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/38a0d213a74382e9e1de146c6c3c1d0b.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/2025/06/0248.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/0603c6fc369eee6c9d94817d727bb93a.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 and Thahbib Rahman, <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>2025-06-25T11:26:43+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-26-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 26</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>2025-06-25T11:26:43+00:00</span><span>June 25, 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>2025-06-19T06:58:30+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-options-market-signals-caution/" rel="nofollow">BTC Options Market Signals Caution</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>2025-06-19T06:58:30+00:00</span><span>June 18, 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>2025-06-18T08:22:10+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-25-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 25</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>2025-06-18T08:22:10+00:00</span><span>June 18, 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-26-2025/" rel="nofollow">Crypto Derivatives: Analytics Report – Week 26</a> appeared first on <a href="https://insights.deribit.com/" rel="nofollow">Deribit Insights</a>.</p>

Crypto Derivatives: Analytics Report – Week 26

由BlockScholes提供的加密衍生品市場周度回顧。Key洞察：過去三天，美國軍事上支援以色列與伊朗的衝突，轟炸了三個關鍵的伊朗核設施...

<div><div><div><div><div><span><img src="https://static.fwimg.io/img/feed/542b2595e28e7ac4015ca9ee607d6195.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>過去三天，美國軍事上支援以色列與伊朗的衝突，轟炸了三個關鍵的伊朗核設施。這使大餅跌破10萬美元，為近來首次，平緩了其波動性期限結構，前端波動性躍升至45%。以太現貨價格跌至5月9日以來的最低日內水平，短期期權引領隱含波動率變化，導致期限結構倒置，尚未完全解決。伊朗昨天下午進行了報復，最初導致市場再次下跌 - 但後來被證明是一個經過華盛頓預先通知的緩和性反應。隨後市場大幅上漲，特朗普總統宣佈伊朗和以色列之間的正式停火，進一步延續了這波漲勢。大餅目前交易價格為10.5萬美元。</p><p><strong>期貨隱含收益</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/9240.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/aab778c464866903c3f53df712ecfdfa.jpg"></a><div></div><div><p><strong>1個月期限平值期權隱含波動率</strong></p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/9913.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/8b86b9b450dafaca2a8c320bee5bbdb7.jpg"></a><div></div><div><h2>永續合約資金費率</h2><p><strong>大餅資金費率</strong> - 資金費率首次明顯轉為正值，自6月17日以來首次，大餅現貨（現在為10.5萬美元）從跌至9.8萬美元的低點回升。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/2134190.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/5cf428c2f8368811ff9a73f8b1c7f4a9.jpg"></a><div></div><div><p><strong>以太資金費率</strong> - 以太期權中更加看跌的情緒也反映在永續合約資金費率上，已降至-0.005%。</p></div><a href="https://insights.deribit.com/wp-content/uploads/2025/06/0130.jpg" rel="nofollow"><img src="https://static.fwimg.io/img/feed/ff22ca5a497bb24a0654a58325ef3313.jpg"></a><div></div>

[後續內容保持不變，僅展示了部分翻譯]</p><p>以具有競爭力的優勢進行交易。在加密衍生品和風險指標領域提供強大的定量建模和定價引擎。</p></div><label><strong>+ 顯示個人資料</strong></label><label><strong>- 隱藏個人資料</strong></label></div></div></div></div></div></div></div><div><div><div><div><div><p><strong>感謝</strong></p></div><div><div></div></div><div><p>Andrew Melville 和 Thahbib Rahman，<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>2025-06-25T11:26:43+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-26-2025/" rel="nofollow">加密衍生品：分析報告 – 第26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>2025-06-25T11:26:43+00:00</span><span>2025年6月25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="Imran Lakha的文章" rel="nofollow">Imran Lakha</a></span></span><span>2025-06-19T06:58:30+00:00</span><h4><a href="https://insights.deribit.com/industry/btc-options-market-signals-caution/" rel="nofollow">BTC期權市場發出謹慎訊號</a></h4><p><span><span><a href="https://insights.deribit.com/author/imran-lakha/" title="Imran Lakha的文章" rel="nofollow">Imran Lakha</a></span></span><span>2025-06-19T06:58:30+00:00</span><span>2025年6月18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>2025-06-18T08:22:10+00:00</span><h4><a href="https://insights.deribit.com/industry/crypto-derivatives-analytics-report-week-25-2025/" rel="nofollow">加密衍生品：分析報告 – 第25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>2025-06-18T08:22:10+00:00</span><span>2025年6月18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-26-2025/" rel="nofollow">加密衍生品：分析報告 – 第26周</a>，來源為 <a href="https://insights.deribit.com/" rel="nofollow">Deribit洞察</a>。</p>

加密衍生品:分析報告 – 第26周

下週重點預告
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來源：Galaxy Research
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