DVOL: The VIX of the Crypto World
The Deribit Volatility Index (DVOL) calculates 30-day forward-looking annualized implied volatility for Bitcoin and Ethereum, functioning as the crypto equivalent of TradFi’s Cboe VIX.By tracking the term structure (contango vs backwardation in IV across maturities) and options skew (the relative pricing of puts vs calls), institutional traders evaluate market sentiment and assess whether options premium is overvalued or cheap.
Comprehensive Cluster Guide
Read Master Guide The Master Guide to Crypto Options Greeks & GEX+ Positioning
Master crypto options Greeks: Gamma Exposure (GEX+), Vanna, and Charm. Learn how Deribit institutional dealer hedging dictates Bitcoin volatility and intraday price boundaries.
Institutional Tooling
Open GEX+ Dashboard
Compare current implied volatility against historical dealer gamma bands.
Open GEX+ DashboardFrequently Asked Questions
What is a typical baseline DVOL reading for Bitcoin?
Historically, Bitcoin DVOL fluctuates between 40% (extreme low-volatility compression) and 90%+ (severe macro distress or euphoric bull run acceleration).