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DATA · IMPLIED VOLATILITY

Crypto Options Implied Volatility: Null vs Zero - Handle Missing Fields Correctly

Implied volatility exists only where there's a price to invert. Quotes with no bid or ask can't produce a meaningful bid or ask IV.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Deribit's ticker gives bid_iv, ask_iv and mark_iv for options, plus greeks. mark_iv is computed from the mark price and always present; bid and ask IVs relate to best bid and ask, which can be null when there are no orders. When no bid exists, a bid IV of 0 should not be read as 'zero volatility' — check the corresponding best_bid_price first. For surfaces, use mark_iv for completeness and bid/ask IV only where both quotes exist, flagging the difference.

Fields and what missing values mean

FieldNull / absent meansZero / empty means
mark_ivAlways for options—
best_bid_priceNo bids—
bid_ivCheck bid exists first0 with no bid: not real
ask_ivCheck ask exists first—
greeksOptions only—
Implied Volatility: how to read each fieldImplied Volatility: how to read each field: mark_iv — Always for options; best_bid_price — No bids; bid_iv — Check bid exists first; ask_iv — Check ask exists first; greeks — Options only.mark_ivAlways for optionsbest_bid_priceNo bidsbid_ivCheck bid exists firstask_ivCheck ask exists firstgreeksOptions only
Implied Volatility: missing vs zero, field by field. Original ChartsPod editorial graphic.

Check Crypto Options Implied Volatility against a live market before relying on it.

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Handling policy

Policy for this sourcePolicy for this source: Check quotes before quote IVs; Use mark_iv for surfaces; Flag strikes without two-sided quotes; Record interest rate and underlying; Same snapshot time.POLICY FOR THIS SOURCECheck quotes before quote IVsUse mark_iv for surfacesFlag strikes without two-sided quotesRecord interest rate and underlyingSame snapshot time
Apply this policy to every implied volatility request. Original ChartsPod editorial graphic.

Illustrative: a skew chart built from bid_iv shows far puts at 0% IV. Those strikes had no bids; mark_iv shows 85%.

Conclusion

Related: Crypto Options Chain Data: Null vs Zero - Handle Missing Fields Correctly, AI Crypto Options Analysis: How to Check Timestamps Before Trusting the Answer.

For surfaces, use mark_iv for completeness and bid/ask IV only where both quotes exist, flagging the difference.

Compare Crypto Options Implied Volatility across Binance, Bybit, OKX and Hyperliquid markets.

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Questions readers ask

Why might bid IV be 0?

There may be no bid; check best_bid_price.

Which IV is always available?

mark_iv for options.

What else affects IV?

The interest rate and underlying price used.

Sources and methodology

Field definitions come from DEX Screener's API reference, CoinGecko's onchain API documentation and Binance's Spot API documentation, read 17 October 2026. Where a schema was not visible in the documentation, this guide says so and describes defensive handling rather than asserting field behaviour.

  1. Deribit API: ticker — bid_iv, ask_iv, mark_iv, greeks; nullable best bid/ask.
  2. Deribit API: get_book_summary_by_currency — nullable bid/ask/mid/last/low/price_change; options-only mark_iv, interest_rate, underlying_price; OI units.
  3. Deribit Insights: Genesis Volatility options data guide — skew, smile, term structure.

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.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.