Early access·Soft launch — data analytics only (no order execution). Feeds may be partial. Not financial advice. Sources·Terms·Account

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BTC Divergence

Live

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

BTCAggregated · 9 venuesQuotes: Coin · USDT · USDC · USD · RFQ

DRBCoin BYBUSDT OKXUSDT BINUSDT DRVUSDC THXUSD PDXUSDC PDMRFQ CCLUSD

Live· 4 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

52.1 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Paradex

Rich marked IV · observed

Lowest IV venue

Derive

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
26	52.1 pts	Paradex	Derive
10	37.3 pts	Paradex	Derive
8	17.4 pts	OKX	Bybit
6	17.9 pts	OKX	Bybit

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 $95,000 C	DRB 78.1%DRV 41.3%PDX 93.3%CCL 78.1%	52.1 pts	Paradex	Derive
09-29 $95,000 P	DRB 78.1%DRV 41.3%PDX 93.3%CCL 78.1%	52.1 pts	Paradex	Derive
09-29 $75,000 C	DRB 75.2%DRV 54.3%PDX 93.1%CCL 75.2%	38.9 pts	Paradex	Derive
09-29 $75,000 P	DRB 75.2%DRV 54.3%PDX 93.1%CCL 75.2%	38.9 pts	Paradex	Derive
10-02 $65,000 C	DRB 72.9%BIN 77.8%DRV 61.4%PDX 98.7%CCL 72.9%	37.3 pts	Paradex	Derive
10-02 $65,000 P	DRB 72.9%BIN 77.8%DRV 61.4%PDX 98.7%CCL 72.9%	37.3 pts	Paradex	Derive
09-29 $92,000 C	DRB 63.3%DRV 41.3%PDX 76.0%CCL 63.3%	34.7 pts	Paradex	Derive
09-29 $92,000 P	DRB 63.3%DRV 41.3%PDX 76.0%CCL 63.3%	34.7 pts	Paradex	Derive
09-29 $91,000 C	DRB 58.3%BYB 55.1%OKX 38.4%PDX 69.8%CCL 58.3%	31.5 pts	Paradex	OKX
09-29 $91,000 P	DRB 58.3%BYB 55.1%OKX 38.4%PDX 69.8%CCL 58.3%	31.5 pts	Paradex	OKX
09-29 $76,000 C	DRB 75.1%DRV 54.3%PDX 84.4%CCL 75.1%	30.1 pts	Paradex	Derive
09-29 $76,000 P	DRB 75.1%DRV 54.3%PDX 84.4%CCL 75.1%	30.1 pts	Paradex	Derive
09-29 $74,000 C	DRB 75.6%PDX 101.7%CCL 75.6%	26.1 pts	Paradex	Deribit
09-29 $74,000 P	DRB 75.6%PDX 101.7%CCL 75.6%	26.1 pts	Paradex	Deribit
09-29 $90,000 C	DRB 53.7%BYB 51.0%OKX 37.9%DRV 41.3%PDX 63.5%CCL 53.7%	25.6 pts	Paradex	OKX
09-29 $90,000 P	DRB 53.7%BYB 51.0%OKX 37.9%DRV 41.3%PDX 63.5%CCL 53.7%	25.6 pts	Paradex	OKX
09-29 $89,000 C	DRB 48.9%BYB 46.8%OKX 37.1%BIN 48.9%PDX 57.0%CCL 48.9%	19.9 pts	Paradex	OKX
09-29 $89,000 P	DRB 48.9%BYB 46.8%OKX 37.1%BIN 48.9%PDX 57.0%CCL 48.9%	19.9 pts	Paradex	OKX
10-02 $66,000 C	BYB 76.2%OKX 80.8%DRV 61.4%	19.4 pts	OKX	Derive
10-02 $66,000 P	BYB 76.2%OKX 80.8%DRV 61.4%	19.4 pts	OKX	Derive
12-25 $30,000 C	DRB 84.2%BYB 68.5%OKX 86.4%BIN 81.9%CCL 84.2%	17.9 pts	OKX	Bybit
12-25 $30,000 P	DRB 84.2%BYB 68.5%OKX 86.4%BIN 81.9%CCL 84.2%	17.9 pts	OKX	Bybit
10-30 $46,000 C	BYB 60.8%OKX 78.1%	17.4 pts	OKX	Bybit
10-30 $46,000 P	BYB 60.8%OKX 78.1%	17.4 pts	OKX	Bybit
10-30 $48,000 C	DRB 72.8%BYB 58.6%OKX 74.6%BIN 73.8%CCL 72.8%	16.0 pts	OKX	Bybit
10-30 $48,000 P	DRB 72.8%BYB 58.6%OKX 74.6%BIN 73.8%CCL 73.2%	16.0 pts	OKX	Bybit
10-02 $68,000 C	BYB 70.8%OKX 76.4%DRV 61.4%	15.0 pts	OKX	Derive
10-02 $68,000 P	BYB 70.8%OKX 76.4%DRV 61.4%	15.0 pts	OKX	Derive
09-29 $78,000 P	DRB 68.6%BYB 56.9%OKX 58.8%DRV 54.3%PDX 66.6%CCL 68.8%	14.6 pts	Coincall	Derive
10-30 $50,000 C	DRB 69.6%BYB 56.5%OKX 71.0%BIN 70.2%CCL 69.6%	14.5 pts	OKX	Bybit
10-30 $50,000 P	DRB 69.6%BYB 56.5%OKX 71.0%BIN 70.2%CCL 69.7%	14.5 pts	OKX	Bybit
09-29 $88,000 C	DRB 48.3%BYB 42.5%OKX 36.0%DRV 40.6%PDX 50.5%CCL 48.3%	14.5 pts	Paradex	OKX
09-29 $88,000 P	DRB 48.3%BYB 42.5%OKX 36.0%DRV 40.6%PDX 50.5%CCL 48.3%	14.5 pts	Paradex	OKX
09-29 $78,000 C	DRB 68.6%BYB 56.9%OKX 58.8%DRV 54.3%PDX 66.6%CCL 68.6%	14.3 pts	Deribit	Derive
12-25 $35,000 C	DRB 76.5%BYB 63.0%OKX 77.3%BIN 74.3%CCL 76.5%	14.2 pts	OKX	Bybit
12-25 $35,000 P	DRB 76.5%BYB 63.0%OKX 77.3%BIN 74.3%CCL 76.5%	14.2 pts	OKX	Bybit
10-30 $52,000 C	DRB 67.0%BYB 54.5%OKX 67.5%BIN 67.0%CCL 67.0%	13.0 pts	OKX	Bybit
10-30 $52,000 P	DRB 67.0%BYB 54.5%OKX 67.5%BIN 67.0%CCL 67.0%	13.0 pts	OKX	Bybit
10-02 $70,000 C	DRB 71.4%BYB 65.4%OKX 71.0%BIN 69.5%DRV 61.4%PDX 74.2%CCL 71.5%	12.9 pts	Paradex	Derive
10-02 $70,000 P	DRB 71.4%BYB 65.4%OKX 71.0%BIN 69.5%DRV 61.4%PDX 74.2%CCL 71.7%	12.9 pts	Paradex	Derive
09-29 $94,000 C	DRB 75.0%PDX 87.8%CCL 75.0%	12.8 pts	Paradex	Deribit
09-29 $94,000 P	DRB 75.0%PDX 87.8%CCL 75.0%	12.8 pts	Paradex	Deribit
10-02 $100,000 C	DRB 63.2%OKX 64.9%BIN 60.2%DRV 52.1%PDX 59.8%CCL 63.2%	12.8 pts	OKX	Derive
10-02 $100,000 P	DRB 63.2%OKX 64.9%BIN 60.2%DRV 52.1%PDX 59.8%CCL 63.2%	12.8 pts	OKX	Derive
09-29 $93,000 C	DRB 69.7%PDX 82.0%CCL 69.7%	12.3 pts	Paradex	Deribit
09-29 $93,000 P	DRB 69.7%PDX 82.0%CCL 69.7%	12.3 pts	Paradex	Deribit
09-29 $87,500 C	DRB 46.4%BYB 40.4%OKX 35.2%BIN 44.6%PDX 47.3%CCL 46.4%	12.1 pts	Paradex	OKX
09-29 $87,500 P	DRB 46.4%BYB 40.4%OKX 35.2%BIN 44.6%PDX 47.3%CCL 46.4%	12.1 pts	Paradex	OKX
12-25 $250,000 C	DRB 71.9%BYB 60.1%CCL 71.9%	11.8 pts	Coincall	Bybit
12-25 $250,000 P	DRB 71.9%BYB 60.1%CCL 71.9%	11.8 pts	Deribit	Bybit

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