Quant Desk desk Vol surface

What is the vol surface doing over time — term slope, skew, and the smile?

The Term Structure & Skew Desk is the workstation a vol trader prices structures off: the ATM term-structure curve (is the curve in contango or backwardation), the 25Δ risk reversal / skew over time (are traders paying up for downside fear or upside greed), and the volatility smile at any maturity you pick. Where a surface snapshot shows the whole object at one instant, this view is the trading read — the slopes and skews, with a time dimension on the skew.

~12·Maturities on the curve

25Δ·Risk-reversal skew

~90d·Skew history

BTC·ETH·Underlyings

Underlying As of 2026-07-17

Access status Tool is Quant Desk only — subscribe to view the live term & skew desk.

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Term structure

Backwardation

7d 58.2% · 30d 52.4% · 90d 49.1% — near-dated bid

25Δ risk reversal

+4.1 puts

Downside fear bid · 90-day skew history

Smile · 30d

Steep wings

IV vs moneyness · raw & smoothed

Quant Desk members only

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