DVOL is Deribit's 30-day forward-looking implied volatility index, methodologically similar to the VIX. It's computed from the prices of near-the-money BTC and ETH options with roughly 30 days to expiry, producing a single annualized percentage that represents the market's expected 1-month volatility.

How is DVOL calculated?

Deribit uses a variance-swap replication methodology similar to the VIX: weighted averages of out-of-the-money put and call prices across a strip of strikes for the 30-day tenor, converted to an annualized volatility figure. The exact formula is published in Deribit's documentation.

What is IV Rank vs IV Percentile?

IV Rank = (current IV − 1Y low) / (1Y high − 1Y low) × 100 — tells you where current IV sits within its 1-year range. IV Percentile = percentage of days in the last year when IV closed below today's level — tells you how common the current level is. Rank handles range position; percentile handles skewed distributions more robustly.

When should I buy or sell volatility based on DVOL?

Historically, IV Rank above 50 and IV Percentile above 70 favor vol selling strategies (sell strangles, iron condors) because mean reversion is more likely. IV Rank below 30 and percentile below 30 favor vol buying (long straddles, long options) because cheap vol historically expands. Always combine with realized volatility context — if RV is rising and DVOL is falling, vol-buying edges up.

How does DVOL differ from the VIX?

Both use the same variance-swap methodology. DVOL measures 30-day forward IV on Deribit BTC and ETH options; the VIX measures 30-day forward IV on S&P 500 options. Crypto has structurally higher realized volatility than equities, so DVOL typically sits 40–80 while the VIX sits 15–30. During macro risk-off events, both spike together.

Skip to content

SharpeTerminal
/

Derivatives

Funding RateGU
FuturesGF
OptionsGO
Insider SellingGB
Pump & DumpGV

Arbitrage

Spot–Perp Arbitrage
Cross-Exchange Arbitrage

Screener

DEX ScreenerGD
Token ScannerGZ
Gem FinderGG
Rug CheckGR

Sectors

HeatmapGH
NarrativesGT
Exchange ListingsGY
EcosystemsGK
MemecoinsGE
Sector TrackerGS
Chain TrackerGC
StablecoinsGJ

Sentiment

MindshareGI
NewsGN
Web TrafficGW

Research

CorrelationGL
Market CapGM
Coin CompareGX
Price PredictionGP

Projects

KatanaGQ

Support
Feedback

Dvol

Terminal
Options
Dvol

DVOL — Crypto Options

DVOL — Crypto Options