25-Delta Options Skew in Crypto: How to Read the Data With Price Context
25-delta skew compares the implied volatility of puts and calls equally far out of the money. It shows which side traders pay more to own.
Short answer
25-delta skew (often as a risk reversal) = IV of the 25-delta call − IV of the 25-delta put for one tenor. Negative values mean puts are richer — traders paying more for downside protection; positive values mean calls are richer. Deribit's options data guide covers skew among the key measures. Read changes with price: skew turning more negative as price falls shows protection demand; calls getting richer in a rally shows upside chasing.
Worked example
| Option | IV |
|---|---|
| 25-delta call | 54% |
| 25-delta put | 61% |
| Risk reversal (call − put) | −7 vol points |
Price context
| Skew move | Price | Reading |
|---|---|---|
| More negative | Falling | Protection demand |
| More positive | Rising | Upside chasing |
| Flat | Moving | Balanced demand |
Using it
Related: Options Volatility Smiles in Crypto: How to Read the Data With Price Context, At-the-Money Implied Volatility in Crypto: How to Read the Data With Price Context.
Check 25-delta skew beside price in ChartsPod.
Open BTC/USDT in ChartsPodRead changes with price: skew turning more negative as price falls shows protection demand; calls getting richer in a rally shows upside chasing.
Put 25-Delta Options Skew in Crypto next to price, flow and positioning in one workspace.
Open a ChartsPod workspaceQuestions readers ask
What is 25-delta skew?
Call IV minus put IV at 25 delta.
What does negative skew mean?
Puts are more expensive.
Which tenor?
Fix one, e.g. 30 days.
Sources and methodology
Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.
- Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.
- Deribit API: get_book_summary_by_currency — open interest units, mark_iv, underlying price, estimated delivery price.
- ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.
This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.
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