Live 30-day implied volatility for Bitcoin and Ethereum from Deribit — the industry-standard options exchange. DVOL is the crypto equivalent of the VIX: the higher it reads, the more turbulence options markets are pricing in over the next month.
DVOL (the Deribit Volatility Index) is a real-time measure of the options market's expectation for 30-day annualized volatility. Like the equity VIX, it synthesizes option prices across strikes and expiries to extract a single forward-looking volatility number. It does NOT predict direction — only the magnitude of expected moves.
A rising DVOL can indicate either fear (puts being bought aggressively) or anticipation of large moves in either direction. Historically, extreme DVOL readings (>100) have coincided with macro dislocations, cascade liquidations, or capitulation events. Compressed DVOL (<40) suggests complacency and has historically preceded volatility mean-reversion.
The spread between implied volatility (DVOL) and realized volatility (historical vol) is a classic vol-arb signal. When DVOL substantially exceeds HV30, options may be rich relative to actual market behavior. Compare on the Realized Volatility Gauge →
DVOL is Deribit's 30-day implied volatility index for Bitcoin and Ethereum, analogous to the VIX for equities. It measures the options market's expectation of annualized price volatility over the next 30 days, derived from real-time options pricing across strikes and expiries. A higher DVOL signals markets are pricing more extreme potential moves.
Historically, BTC DVOL ranges from around 40 to 120+. Readings below 40 are considered "Calm" (relatively rare); 40–65 is "Normal"; 65–90 is "Elevated"; 90–120 is "High"; above 120 is "Extreme" and has historically coincided with sharp market dislocations. The long-run average has typically been in the 55–70 range.
Implied volatility (IV / DVOL) is forward-looking — it reflects what options markets expect price volatility to be over the next 30 days. Realized (historical) volatility (RV / HV30) is backward-looking — it measures actual price movements over a past window. When IV significantly exceeds RV, options are considered "expensive." When IV is below RV, options may be "cheap" relative to actual market behavior.
Data comes directly from Deribit's public REST API (get_volatility_index_data), freely available with no key required. Deribit is the largest crypto options exchange by open interest and the industry-standard source for BTC and ETH implied volatility. This tool refreshes the data hourly.
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Liquid State is a crypto market intelligence platform. Nothing on this page constitutes financial advice. DVOL reflects options market pricing, not a directional forecast.