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BNB Divergence

Live

Observed mark IV on identical strikes · observed tenors only · thin stays — · not an arb book · research terminal, not an OMS

BNBAggregated · 2 venuesQuotes: USDT · USD

BINUSDT CCLUSD

Live· 5 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

69.4 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Binance

Rich marked IV · observed

Lowest IV venue

Coincall

Cheap marked IV · observed

Observed tenors

Listed expiries with cross-venue mark IV — no 7d/30d fill-ins, thin stays —

Chart

Pairs	Max spread	Rich	Cheap
9	69.4 pts	Binance	Coincall
8	35.1 pts	Binance	Coincall
10	48.2 pts	Binance	Coincall
11	20.8 pts	Binance	Coincall
12	26.6 pts	Binance	Coincall

Cross-venue mark IV spreads

Observed IV difference (pts) on identical contracts — not an arb book

Min spread:Chart

Divergence discrepancy matrix

Observed mark IV only — missing venue IV stays —, never 0. Research terminal, not an OMS.

CONTRACT	VENUES & MARK IV	SPREAD (PTS)	RICH VENUE	CHEAP VENUE
09-29 $800 C	BIN 118.6%CCL 49.3%	69.4 pts	Binance	Coincall
09-29 $740 P	BIN 105.0%CCL 43.5%	61.5 pts	Binance	Coincall
09-29 $810 C	BIN 105.0%CCL 56.5%	48.5 pts	Binance	Coincall
10-02 $720 C	BIN 93.2%CCL 45.0%	48.2 pts	Binance	Coincall
09-29 $755 P	BIN 72.5%CCL 34.8%	37.8 pts	Binance	Coincall
09-30 $790 C	BIN 72.7%CCL 37.6%	35.1 pts	Binance	Coincall
09-29 $780 C	BIN 71.9%CCL 37.2%	34.7 pts	Binance	Coincall
09-30 $795 C	BIN 73.3%CCL 39.1%	34.3 pts	Binance	Coincall
09-29 $790 C	BIN 76.3%CCL 42.6%	33.7 pts	Binance	Coincall
10-02 $670 P	BIN 93.6%CCL 64.1%	29.5 pts	Binance	Coincall
10-30 $800 P	BIN 68.6%CCL 42.0%	26.6 pts	Binance	Coincall
10-02 $640 C	BIN 105.0%CCL 79.2%	25.8 pts	Binance	Coincall
10-30 $860 P	BIN 67.2%CCL 42.7%	24.5 pts	Binance	Coincall
10-02 $670 C	BIN 87.0%CCL 64.1%	22.9 pts	Binance	Coincall
10-09 $900 C	BIN 67.7%CCL 46.9%	20.8 pts	Binance	Coincall
10-30 $700 C	BIN 26.9%CCL 43.2%	16.3 pts	Coincall	Binance
09-29 $790 P	BIN 57.5%CCL 42.6%	14.9 pts	Binance	Coincall
10-30 $900 P	BIN 57.5%CCL 43.6%	13.9 pts	Binance	Coincall
10-30 $640 C	BIN 57.5%CCL 45.8%	11.7 pts	Binance	Coincall
09-29 $740 C	BIN 55.0%CCL 43.5%	11.5 pts	Binance	Coincall
10-02 $840 P	BIN 59.0%CCL 48.4%	10.6 pts	Binance	Coincall
10-09 $900 P	BIN 57.5%CCL 46.9%	10.6 pts	Binance	Coincall
10-02 $700 C	BIN 62.1%CCL 51.5%	10.6 pts	Binance	Coincall
10-30 $730 C	BIN 33.1%CCL 42.4%	9.3 pts	Coincall	Binance
09-29 $800 P	BIN 57.5%CCL 49.3%	8.2 pts	Binance	Coincall
10-02 $700 P	BIN 59.1%CCL 51.5%	7.6 pts	Binance	Coincall
10-09 $760 C	BIN 32.4%CCL 39.5%	7.1 pts	Coincall	Binance
10-09 $740 C	BIN 33.8%CCL 40.3%	6.4 pts	Coincall	Binance
10-09 $780 C	BIN 33.2%CCL 39.3%	6.1 pts	Coincall	Binance
10-09 $820 P	BIN 34.4%CCL 40.4%	6.0 pts	Coincall	Binance
10-02 $760 C	BIN 32.0%CCL 37.9%	5.9 pts	Coincall	Binance
10-30 $780 P	BIN 36.3%CCL 41.9%	5.7 pts	Coincall	Binance
09-30 $730 C	BIN 50.7%CCL 45.5%	5.1 pts	Binance	Coincall
09-30 $775 P	BIN 40.1%CCL 35.0%	5.1 pts	Binance	Coincall
10-09 $720 C	BIN 36.7%CCL 41.7%	5.1 pts	Coincall	Binance
10-30 $730 P	BIN 37.4%CCL 42.4%	5.0 pts	Coincall	Binance
09-30 $785 P	BIN 41.0%CCL 36.4%	4.6 pts	Binance	Coincall
10-09 $680 C	BIN 51.1%CCL 46.6%	4.5 pts	Binance	Coincall
10-30 $700 P	BIN 38.9%CCL 43.2%	4.3 pts	Coincall	Binance
09-30 $770 P	BIN 38.8%CCL 34.7%	4.0 pts	Binance	Coincall
09-30 $780 P	BIN 39.5%CCL 35.5%	4.0 pts	Binance	Coincall
10-02 $840 C	BIN 51.9%CCL 48.4%	3.5 pts	Binance	Coincall
10-09 $760 P	BIN 36.0%CCL 39.5%	3.5 pts	Coincall	Binance
10-30 $800 C	BIN 38.7%CCL 42.0%	3.3 pts	Coincall	Binance
10-09 $840 P	BIN 38.4%CCL 41.6%	3.2 pts	Coincall	Binance
10-02 $740 C	BIN 37.2%CCL 40.4%	3.2 pts	Coincall	Binance
10-30 $780 C	BIN 38.8%CCL 41.9%	3.2 pts	Coincall	Binance
10-30 $860 C	BIN 39.7%CCL 42.7%	2.9 pts	Coincall	Binance
10-09 $740 P	BIN 37.3%CCL 40.3%	2.9 pts	Coincall	Binance
09-30 $730 P	BIN 48.3%CCL 45.5%	2.7 pts	Binance	Coincall

Options dataChart Chart option Chart GEX Overview Book Chain Screemer RFQ / blocks Charts dash Charts Studio Sentinel

AnalyticsVol dash Greeks dash Flow dash GEX Liq map Term Tape Options flow On-chain Greeks Strike insight Heatmaps IV surface Vol index Strategy Sources

TradFiTradFi hub TradFi flow Calendar

MatchVenue desk Fees & spreads Venue stats All venues Compare

Pair venuesBinance Coincall Feed health →

Loading listed desk

BNB Divergence

Live

Observed mark IV on identical strikes · observed tenors only · thin stays — · not an arb book · research terminal, not an OMS

BNBAggregated · 2 venuesQuotes: USDT · USD

BINUSDT CCLUSD

Live· 5 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

69.4 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Binance

Rich marked IV · observed

Lowest IV venue

Coincall

Cheap marked IV · observed

Observed tenors

Listed expiries with cross-venue mark IV — no 7d/30d fill-ins, thin stays —

Chart

Pairs	Max spread	Rich	Cheap
9	69.4 pts	Binance	Coincall
8	35.1 pts	Binance	Coincall
10	48.2 pts	Binance	Coincall
11	20.8 pts	Binance	Coincall
12	26.6 pts	Binance	Coincall

Cross-venue mark IV spreads

Observed IV difference (pts) on identical contracts — not an arb book

Min spread:Chart

Divergence discrepancy matrix

Observed mark IV only — missing venue IV stays —, never 0. Research terminal, not an OMS.

CONTRACT	VENUES & MARK IV	SPREAD (PTS)	RICH VENUE	CHEAP VENUE
09-29 $800 C	BIN 118.6%CCL 49.3%	69.4 pts	Binance	Coincall
09-29 $740 P	BIN 105.0%CCL 43.5%	61.5 pts	Binance	Coincall
09-29 $810 C	BIN 105.0%CCL 56.5%	48.5 pts	Binance	Coincall
10-02 $720 C	BIN 93.2%CCL 45.0%	48.2 pts	Binance	Coincall
09-29 $755 P	BIN 72.5%CCL 34.8%	37.8 pts	Binance	Coincall
09-30 $790 C	BIN 72.7%CCL 37.6%	35.1 pts	Binance	Coincall
09-29 $780 C	BIN 71.9%CCL 37.2%	34.7 pts	Binance	Coincall
09-30 $795 C	BIN 73.3%CCL 39.1%	34.3 pts	Binance	Coincall
09-29 $790 C	BIN 76.3%CCL 42.6%	33.7 pts	Binance	Coincall
10-02 $670 P	BIN 93.6%CCL 64.1%	29.5 pts	Binance	Coincall
10-30 $800 P	BIN 68.6%CCL 42.0%	26.6 pts	Binance	Coincall
10-02 $640 C	BIN 105.0%CCL 79.2%	25.8 pts	Binance	Coincall
10-30 $860 P	BIN 67.2%CCL 42.7%	24.5 pts	Binance	Coincall
10-02 $670 C	BIN 87.0%CCL 64.1%	22.9 pts	Binance	Coincall
10-09 $900 C	BIN 67.7%CCL 46.9%	20.8 pts	Binance	Coincall
10-30 $700 C	BIN 26.9%CCL 43.2%	16.3 pts	Coincall	Binance
09-29 $790 P	BIN 57.5%CCL 42.6%	14.9 pts	Binance	Coincall
10-30 $900 P	BIN 57.5%CCL 43.6%	13.9 pts	Binance	Coincall
10-30 $640 C	BIN 57.5%CCL 45.8%	11.7 pts	Binance	Coincall
09-29 $740 C	BIN 55.0%CCL 43.5%	11.5 pts	Binance	Coincall
10-02 $840 P	BIN 59.0%CCL 48.4%	10.6 pts	Binance	Coincall
10-09 $900 P	BIN 57.5%CCL 46.9%	10.6 pts	Binance	Coincall
10-02 $700 C	BIN 62.1%CCL 51.5%	10.6 pts	Binance	Coincall
10-30 $730 C	BIN 33.1%CCL 42.4%	9.3 pts	Coincall	Binance
09-29 $800 P	BIN 57.5%CCL 49.3%	8.2 pts	Binance	Coincall
10-02 $700 P	BIN 59.1%CCL 51.5%	7.6 pts	Binance	Coincall
10-09 $760 C	BIN 32.4%CCL 39.5%	7.1 pts	Coincall	Binance
10-09 $740 C	BIN 33.8%CCL 40.3%	6.4 pts	Coincall	Binance
10-09 $780 C	BIN 33.2%CCL 39.3%	6.1 pts	Coincall	Binance
10-09 $820 P	BIN 34.4%CCL 40.4%	6.0 pts	Coincall	Binance
10-02 $760 C	BIN 32.0%CCL 37.9%	5.9 pts	Coincall	Binance
10-30 $780 P	BIN 36.3%CCL 41.9%	5.7 pts	Coincall	Binance
09-30 $730 C	BIN 50.7%CCL 45.5%	5.1 pts	Binance	Coincall
09-30 $775 P	BIN 40.1%CCL 35.0%	5.1 pts	Binance	Coincall
10-09 $720 C	BIN 36.7%CCL 41.7%	5.1 pts	Coincall	Binance
10-30 $730 P	BIN 37.4%CCL 42.4%	5.0 pts	Coincall	Binance
09-30 $785 P	BIN 41.0%CCL 36.4%	4.6 pts	Binance	Coincall
10-09 $680 C	BIN 51.1%CCL 46.6%	4.5 pts	Binance	Coincall
10-30 $700 P	BIN 38.9%CCL 43.2%	4.3 pts	Coincall	Binance
09-30 $770 P	BIN 38.8%CCL 34.7%	4.0 pts	Binance	Coincall
09-30 $780 P	BIN 39.5%CCL 35.5%	4.0 pts	Binance	Coincall
10-02 $840 C	BIN 51.9%CCL 48.4%	3.5 pts	Binance	Coincall
10-09 $760 P	BIN 36.0%CCL 39.5%	3.5 pts	Coincall	Binance
10-30 $800 C	BIN 38.7%CCL 42.0%	3.3 pts	Coincall	Binance
10-09 $840 P	BIN 38.4%CCL 41.6%	3.2 pts	Coincall	Binance
10-02 $740 C	BIN 37.2%CCL 40.4%	3.2 pts	Coincall	Binance
10-30 $780 C	BIN 38.8%CCL 41.9%	3.2 pts	Coincall	Binance
10-30 $860 C	BIN 39.7%CCL 42.7%	2.9 pts	Coincall	Binance
10-09 $740 P	BIN 37.3%CCL 40.3%	2.9 pts	Coincall	Binance
09-30 $730 P	BIN 48.3%CCL 45.5%	2.7 pts	Binance	Coincall

Options dataChart Chart option Chart GEX Overview Book Chain Screemer RFQ / blocks Charts dash Charts Studio Sentinel

AnalyticsVol dash Greeks dash Flow dash GEX Liq map Term Tape Options flow On-chain Greeks Strike insight Heatmaps IV surface Vol index Strategy Sources

TradFiTradFi hub TradFi flow Calendar

MatchVenue desk Fees & spreads Venue stats All venues Compare

Pair venuesBinance Coincall Feed health →