# Skew, Constant Maturity, Constant Delta

## Overview

Option skew (often visualized as the volatility smile) refers to the difference in implied volatility between options that have the same expiration date and absolute delta but different strikes. It is a primary indicator of market sentiment, reflecting the premium traders are willing to pay for upside speculation versus downside protection.

We provide continuous, constant-maturity skew metrics derived using the risk reversal methodology. Our skew metrics are calculated as the spread between the implied volatility (IV) of a call option and the IV of a put option at the same absolute delta and expiration. These metrics are available for exchange-pairs.

Because we define skew as call minus put, the sign of the metric indicates the directional bias of the market:

* Positive skew (> 0): Bullish sentiment. Call options are more expensive than put options. This indicates the market is pricing in a higher probability of an upward move or is willing to pay a premium for leveraged upside exposure.
* Negative skew (< 0): Bearish sentiment. Put options are more expensive than call options. This is indicates the market is pricing in "crash risk" or paying a premium for downside protection.
* Zero skew (\~ 0): Neutral sentiment. The market perceives the probability of upside and downside volatility to be roughly equal.

## Metrics

There are 130 skew metrics across various combinations of delta and tenor. The metrics follow the naming convention:\
\
`volatility_implied_skew_delta_[delta]_[tenor]_expiration`

The following dimensions and their values are:

* `[delta]`: `05`, `10`, `15`, `20`, `25`, `30`, `35`, `40`, `45`, `50`
* `[tenor]`: `1d`, `2d`, `3d`, `7d`, `14d`, `21d`, `30d`, `60d`, `90d`, `120d`, `180d`, `270d`, `1y`

<table data-full-width="true"><thead><tr><th width="447.125">Metric</th><th>Description</th><th width="100">Frequency</th><th width="100">Coverage</th></tr></thead><tbody><tr><td><code>volatility_implied_skew_delta_05_1d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_2d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_3d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_7d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_14d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_21d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_30d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_60d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_90d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_120d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_180d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_270d_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_05_1y_expiration</code></td><td>The skew derived from a call and put option with 5 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_05_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_1d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_2d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_3d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_7d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_14d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_21d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_30d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_60d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_90d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_120d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_180d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_270d_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_10_1y_expiration</code></td><td>The skew derived from a call and put option with 10 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_10_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_1d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_2d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_3d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_7d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_14d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_21d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_30d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_60d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_90d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_120d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_180d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_270d_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_15_1y_expiration</code></td><td>The skew derived from a call and put option with 15 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_15_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_1d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_2d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_3d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_7d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_14d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_21d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_30d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_60d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_90d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_120d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_180d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_270d_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_20_1y_expiration</code></td><td>The skew derived from a call and put option with 20 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_20_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_1d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_2d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_3d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_7d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_14d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_21d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_30d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_60d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_90d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_120d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_180d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_270d_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_25_1y_expiration</code></td><td>The skew derived from a call and put option with 25 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_25_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_1d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_2d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_3d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_7d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_14d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_21d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_30d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_60d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_90d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_120d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_180d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_270d_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_30_1y_expiration</code></td><td>The skew derived from a call and put option with 30 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_30_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_1d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_2d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_3d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_7d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_14d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_21d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_30d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_60d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_90d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_120d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_180d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_270d_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_35_1y_expiration</code></td><td>The skew derived from a call and put option with 35 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_35_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_1d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_2d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_3d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_7d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_14d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_21d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_30d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_60d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_90d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_120d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_180d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_270d_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_40_1y_expiration</code></td><td>The skew derived from a call and put option with 40 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_40_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_1d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_2d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_3d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_7d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_14d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_21d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_30d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_60d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_90d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_120d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_180d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_270d_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_45_1y_expiration</code></td><td>The skew derived from a call and put option with 45 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_45_1y_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_1d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 1 day in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_1d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_2d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 2 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_2d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_3d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 3 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_3d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_7d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 7 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_7d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_14d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 14 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_14d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_21d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 21 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_21d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_30d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 30 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_30d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_60d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 60 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_60d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_90d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 90 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_90d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_120d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 120 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_120d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_180d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 180 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_180d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_270d_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 270 days in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_270d_expiration">🔗</a></td></tr><tr><td><code>volatility_implied_skew_delta_50_1y_expiration</code></td><td>The skew derived from a call and put option with 50 delta expiring 1 year in the future.</td><td>1h, 1d</td><td><a href="https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_delta_50_1y_expiration">🔗</a></td></tr></tbody></table>

## Data Sources and Methodology

Our skew metrics are calculated as the spread between the implied volatility (IV) of a call option and the IV of a put option at the same absolute delta and expiration:

$$
\text{Skew}*{\Delta, T} = IV*{\text{Call}, \Delta, T} - IV\_{\text{Put}, \Delta, T}
$$

* $$IV\_{\text{Call}}$$: The interpolated implied volatility of the out-of-the-money (OTM) call.
* $$IV\_{\text{Put}}$$: The interpolated implied volatility of the out-of-the-money (OTM) put.
* $$\Delta$$ (Delta): The absolute moneyness (e.g., 25 Delta).
* $$T$$ (Tenor): The standardized time to expiration (e.g., 30 days).

The $$IV\_{\text{Call}}$$ and $$IV\_{\text{Put}}$$ are represented by our [Implied Volatility, Constant Maturity, Constant Delta](https://docs.coinmetrics.io/market-data/market-data-overview/volatility/implied-volatility-constant-maturity-constant-delta) metrics.

## Coverage

{% embed url="<https://coverage.coinmetrics.io/search-results?query=volatility_implied_skew_%2A>" %}

## API Endpoints

The metrics are served through the following endpoints:

* [/timeseries/exchange-pair-metrics](https://docs.coinmetrics.io/api/v4/#tag/Timeseries/operation/getTimeseriesExchangePairMetrics)

## Examples

#### **Example for Exchange Asset Metrics**

A sample of the `volatility_implied_skew_delta_25_30d_expiration` metric for the exchange\_asset `deribit-btc-usd` from our `/timeseries/exchange-pair-metrics` API endpoint is provided below. You can view this example in your browser [here](https://api.coinmetrics.io/v4/timeseries/exchange-pair-metrics?exchange_pairs=deribit-btc-usd\&metrics=volatility_implied_skew_delta_25_30d_expiration\&limit_per_exchange_pair=3\&frequency=1d\&api_key=YOUR_API_KEY).

```json
[
  {
    "exchange_pair": "deribit-btc-usd",
    "time": "2025-12-10T00:00:00.000000000Z",
    "volatility_implied_skew_delta_25_30d_expiration": "-0.053488245675982"
  },
  {
    "exchange_pair": "deribit-btc-usd",
    "time": "2025-12-11T00:00:00.000000000Z",
    "volatility_implied_skew_delta_25_30d_expiration": "-0.052877510737897"
  },
  {
    "exchange_pair": "deribit-btc-usd",
    "time": "2025-12-12T00:00:00.000000000Z",
    "volatility_implied_skew_delta_25_30d_expiration": "-0.049064410889147"
  }
]
```

## Frequently Asked Questions

#### What units are the implied volatility metrics in? <a href="#what-units-are-the-realized-volatility-metrics-in" id="what-units-are-the-realized-volatility-metrics-in"></a>

The metrics are presented in raw units. For instance, a value of `0.5223685` should be interpreted as `52.23685%`.


---

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