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As of 2026-05-31T18:05:15.077Z, the ETH Skew Delta 25 reading is put-skew -5.20% vs call-skew 3.00%. Market sentiment is flagged as Elevated Fear - Put skew significantly elevated above historical average, indicating heightened downside protection demand.. Historical context: 8th percentile over 30 days, 4th over 90 days, 2th over one year. Anomaly: Put Skew increased by 1.8% in the last 4 hours, indicating potential market stress or large hedging flow.
Independent analytics, not affiliated with Deribit.
| Vs. | 7D | 14D | 30D | 60D |
|---|---|---|---|---|
| 7D | - | +0.5% | +1.2% | +2.1% |
| 14D | -0.5% | - | +0.7% | +1.6% |
| 30D | -1.2% |
25-delta skew (Skew Delta 25) is the implied volatility spread between the 25-delta put and 25-delta call: Skew = IV(25Δ put) − IV(25Δ call). A negative value means puts cost more than calls — the market is pricing in more downside risk. It is the industry-standard measure of options skew because 25-delta strikes offer the best balance of liquidity and sensitivity.
Negative put skew means the market is paying a premium for downside protection. In BTC and ETH options, extreme negative skew (below −7%) typically reflects panic or elevated fear of a large selloff. Moderate negative skew (−3% to −5%) is normal. Positive skew is rare and signals strong bullish demand for call options.
Term structure is implied volatility plotted across different expiry dates. Contango (rising IV with time) is the normal state — near-term options are cheaper because there is less time for large moves. Backwardation (falling IV with time) indicates near-term stress or event risk. The ATM IV spread between front-month and back-month is a reliable regime indicator.
The 30D, 90D, and 1Y percentile ranks show where the current skew level sits relative to its own history. A 90th-percentile reading means put skew is more expensive than 90% of the past observations — historically elevated fear. Sub-20th-percentile means unusually cheap put protection relative to history.
| -0.7% |
| - |
| +0.9% |
| 60D | -2.1% | -1.6% | -0.9% | - |
Put skew significantly elevated above historical average, indicating heightened downside protection demand.
Market Rating: Elevated Fear (High) - Put skew at -5.2% is significantly above historical average (-6.0%), indicating heightened fear.
Risk Assessment: High - Deviation of 0.8% from historical average suggests increased hedging activity.
⚠️ ELEVATED RISK: Elevated put skew suggests increased downside protection demand. Monitor for potential market stress.
Term Structure: Flat volatility curve (Short-term IV 72.0% vs Long-term 68.0%) indicates balanced market expectations across timeframes.
Call Skew: Elevated at 3.0% suggests strong upside positioning, potentially indicating bullish sentiment or call buying activity.
A skew anomaly alert fires when the current 25-delta skew deviates significantly from its recent moving average — typically a sudden spike in put implied volatility not accompanied by a corresponding spot move. This often precedes increased hedging demand or a positioning squeeze around a near-term expiry.
Historical Context shows where the current Put Skew ranks compared to historical values.
Percentiles indicate what percentage of historical values were lower than the current value. Higher percentiles mean the current Put Skew is more extreme.
30D/90D/1Y refer to the time periods used for comparison (30 days, 90 days, 1 year).
Put Skew increased by 1.8% in the last 4 hours, indicating potential market stress or large hedging flow.