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DVOL

The BTC equivalent of the VIX - derived from the market prices of a wide range of BTC options, it reflects the options market's forward-looking expectation of volatility, not realized (historical) volatility.

DVOL

What it measures

Deribit's BTC volatility index - the options market's forward-looking (implied) expectation of future volatility, derived from a wide range of listed option prices.

Formula

A third-party index (Deribit), analogous in spirit to the VIX for equities.

Normal range

Varies with market conditions; read via its own historical percentile on the Flows page rather than a fixed threshold.

How it fails

Implied volatility is priced by options traders' expectations, not a measurement of what volatility will actually turn out to be - it can be persistently higher or lower than subsequent realized volatility depending on how option supply/demand is positioned.

Related metrics

Realized Volatility, Put/Call Skew

Bull read

Low DVOL alongside a bullish price trend suggests the options market isn't pricing much near-term turbulence.

Bear read

Low implied volatility does not prevent a sudden realized move - it only reflects what the options market currently expects, not a guarantee.

Worked example

No worked example. This metric’s underlying data is shown only in this project’s internal lab view, per its source’s licence terms - no worked example on the public site.

Full metric page not published yet.