Term desk
/t/{asset}/term plots ATM IV across expiries. Upward sloping (calmer back) versus inverted (front event-rich) changes whether you buy weeklies or you fade them. Click through to the chain on a tenor that actually has size.
Expected move lives on a tenor. Do not quote “IV 50%” without saying until when.
Skew desk
25Δ risk reversal approximates put-minus-call wing vol. 25Δ butterfly approximates the belly versus wings. A smile versus a smirk is a different trade. Crypto skew is not obligated to look like SPX.
If wings are empty, the skew plot is interpolation theater — check bid/ask.
From surface to structure
Rich front + you think the event is overpriced → consider defined-risk short vol or calendars (advanced). Cheap wings + you want a tail → long OTM or backspreads (advanced). Steep put skew + you want to finance a hedge → collars/risk reversals.
Those are mechanical mappings, not recommendations. Size still rules.
Surfaces and heatmaps
3D IV surfaces are the same data in two dimensions of strike and expiry. Use them to see holes. Do not trade a pretty hill.
/t/{asset}/surfaces.
Match connection
Some venues list dense BTC skew and almost no alt smile. If the desk is empty, the venue list on Match is your next click, not a harder filter.
/v/stats for who has the OI.
Practice
/t/btc/term then /t/btc/skew then /t/btc/strategy. Educational surface literacy.
Feeds labeled live/partial/mock.