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HYPE Divergence

Live

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

HYPEAggregated · 3 venuesQuotes: USDC · USD

DRVUSDC PDXUSDC CCLUSD

Live· 6 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

47.0 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
18	39.4 pts	Paradex	Derive
2	15.6 pts	Paradex	Derive
8	47.0 pts	Paradex	Derive
2	14.5 pts	Paradex	Derive
8	15.2 pts	Coincall	Paradex
12	20.7 pts	Coincall	Paradex

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
10-02 $50 P	DRV 105.8%PDX 152.8%	47.0 pts	Paradex	Derive
10-02 $50 C	DRV 106.0%PDX 152.8%	46.8 pts	Paradex	Derive
09-29 $115 C	DRV 106.0%PDX 145.4%	39.4 pts	Paradex	Derive
09-29 $115 P	DRV 106.0%PDX 145.4%	39.4 pts	Paradex	Derive
10-02 $150 C	DRV 104.8%PDX 143.4%	38.6 pts	Paradex	Derive
10-02 $150 P	DRV 104.9%PDX 143.4%	38.5 pts	Paradex	Derive
10-02 $65 C	DRV 106.0%PDX 118.2%CCL 140.2%	34.2 pts	Coincall	Derive
10-02 $65 P	DRV 106.0%PDX 118.2%CCL 140.2%	34.2 pts	Coincall	Derive
09-29 $110 C	DRV 106.0%PDX 133.4%	27.4 pts	Paradex	Derive
09-29 $110 P	DRV 106.0%PDX 133.4%	27.4 pts	Paradex	Derive
09-29 $75 C	DRV 101.5%PDX 122.8%	21.4 pts	Paradex	Derive
09-29 $75 P	DRV 101.5%PDX 122.8%	21.4 pts	Paradex	Derive
12-25 $90 C	PDX 57.4%CCL 78.1%	20.7 pts	Coincall	Paradex
12-25 $90 P	PDX 57.4%CCL 78.1%	20.7 pts	Coincall	Paradex
12-25 $80 C	PDX 58.0%CCL 78.3%	20.3 pts	Coincall	Paradex
12-25 $80 P	PDX 58.0%CCL 78.3%	20.3 pts	Coincall	Paradex
12-25 $100 C	PDX 59.6%CCL 78.0%	18.4 pts	Coincall	Paradex
12-25 $100 P	PDX 59.6%CCL 78.0%	18.4 pts	Coincall	Paradex
12-25 $70 C	PDX 63.2%CCL 78.8%	15.7 pts	Coincall	Paradex
12-25 $70 P	PDX 63.2%CCL 78.8%	15.7 pts	Coincall	Paradex
09-30 $115 C	DRV 102.1%PDX 117.7%	15.6 pts	Paradex	Derive
09-30 $115 P	DRV 102.1%PDX 117.7%	15.6 pts	Paradex	Derive
09-29 $87 C	DRV 76.6%PDX 75.3%CCL 61.0%	15.5 pts	Derive	Coincall
09-29 $87 P	DRV 76.6%PDX 75.3%CCL 61.0%	15.5 pts	Derive	Coincall
09-29 $86 C	DRV 80.7%PDX 79.8%CCL 65.3%	15.5 pts	Derive	Coincall
09-29 $86 P	DRV 80.7%PDX 79.8%CCL 65.3%	15.5 pts	Derive	Coincall
12-25 $110 C	PDX 62.7%CCL 78.1%	15.4 pts	Coincall	Paradex
12-25 $110 P	PDX 62.7%CCL 78.1%	15.4 pts	Coincall	Paradex
10-30 $85 C	PDX 57.3%CCL 72.5%	15.2 pts	Coincall	Paradex
10-30 $85 P	PDX 57.3%CCL 72.5%	15.2 pts	Coincall	Paradex
10-09 $50 C	DRV 103.7%PDX 118.3%	14.5 pts	Paradex	Derive
10-09 $50 P	DRV 103.7%PDX 118.3%	14.5 pts	Paradex	Derive
10-30 $90 C	PDX 57.8%CCL 72.3%	14.4 pts	Coincall	Paradex
10-30 $90 P	PDX 57.8%CCL 72.3%	14.4 pts	Coincall	Paradex
10-30 $80 C	PDX 59.3%CCL 73.0%	13.7 pts	Coincall	Paradex
10-30 $80 P	PDX 59.3%CCL 73.0%	13.7 pts	Coincall	Paradex
10-02 $125 C	DRV 104.9%PDX 118.6%	13.6 pts	Paradex	Derive
10-02 $125 P	DRV 104.9%PDX 118.6%	13.6 pts	Paradex	Derive
09-29 $105 C	DRV 106.0%PDX 119.6%	13.6 pts	Paradex	Derive
09-29 $105 P	DRV 106.0%PDX 119.6%	13.6 pts	Paradex	Derive
09-29 $88 C	DRV 71.8%PDX 71.2%CCL 58.3%	13.5 pts	Derive	Coincall
09-29 $88 P	DRV 71.8%PDX 71.2%CCL 58.3%	13.5 pts	Derive	Coincall
09-29 $85 C	DRV 82.5%PDX 84.0%CCL 70.9%	13.1 pts	Paradex	Coincall
09-29 $85 P	DRV 82.5%PDX 84.0%CCL 70.9%	13.1 pts	Paradex	Coincall
10-30 $95 C	PDX 59.7%CCL 72.2%	12.5 pts	Coincall	Paradex
10-30 $95 P	PDX 59.7%CCL 72.2%	12.5 pts	Coincall	Paradex
12-25 $120 C	PDX 65.9%CCL 78.3%	12.5 pts	Coincall	Paradex
12-25 $120 P	PDX 65.9%CCL 78.3%	12.5 pts	Coincall	Paradex
09-29 $89 C	DRV 68.7%PDX 67.6%CCL 57.1%	11.5 pts	Derive	Coincall
09-29 $89 P	DRV 68.7%PDX 67.6%CCL 57.1%	11.5 pts	Derive	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 venuesDerive Paradex Coincall Feed health →

Loading listed desk

HYPE Divergence

Live

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

HYPEAggregated · 3 venuesQuotes: USDC · USD

DRVUSDC PDXUSDC CCLUSD

Live· 6 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

47.0 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
18	39.4 pts	Paradex	Derive
2	15.6 pts	Paradex	Derive
8	47.0 pts	Paradex	Derive
2	14.5 pts	Paradex	Derive
8	15.2 pts	Coincall	Paradex
12	20.7 pts	Coincall	Paradex

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
10-02 $50 P	DRV 105.8%PDX 152.8%	47.0 pts	Paradex	Derive
10-02 $50 C	DRV 106.0%PDX 152.8%	46.8 pts	Paradex	Derive
09-29 $115 C	DRV 106.0%PDX 145.4%	39.4 pts	Paradex	Derive
09-29 $115 P	DRV 106.0%PDX 145.4%	39.4 pts	Paradex	Derive
10-02 $150 C	DRV 104.8%PDX 143.4%	38.6 pts	Paradex	Derive
10-02 $150 P	DRV 104.9%PDX 143.4%	38.5 pts	Paradex	Derive
10-02 $65 C	DRV 106.0%PDX 118.2%CCL 140.2%	34.2 pts	Coincall	Derive
10-02 $65 P	DRV 106.0%PDX 118.2%CCL 140.2%	34.2 pts	Coincall	Derive
09-29 $110 C	DRV 106.0%PDX 133.4%	27.4 pts	Paradex	Derive
09-29 $110 P	DRV 106.0%PDX 133.4%	27.4 pts	Paradex	Derive
09-29 $75 C	DRV 101.5%PDX 122.8%	21.4 pts	Paradex	Derive
09-29 $75 P	DRV 101.5%PDX 122.8%	21.4 pts	Paradex	Derive
12-25 $90 C	PDX 57.4%CCL 78.1%	20.7 pts	Coincall	Paradex
12-25 $90 P	PDX 57.4%CCL 78.1%	20.7 pts	Coincall	Paradex
12-25 $80 C	PDX 58.0%CCL 78.3%	20.3 pts	Coincall	Paradex
12-25 $80 P	PDX 58.0%CCL 78.3%	20.3 pts	Coincall	Paradex
12-25 $100 C	PDX 59.6%CCL 78.0%	18.4 pts	Coincall	Paradex
12-25 $100 P	PDX 59.6%CCL 78.0%	18.4 pts	Coincall	Paradex
12-25 $70 C	PDX 63.2%CCL 78.8%	15.7 pts	Coincall	Paradex
12-25 $70 P	PDX 63.2%CCL 78.8%	15.7 pts	Coincall	Paradex
09-30 $115 C	DRV 102.1%PDX 117.7%	15.6 pts	Paradex	Derive
09-30 $115 P	DRV 102.1%PDX 117.7%	15.6 pts	Paradex	Derive
09-29 $87 C	DRV 76.6%PDX 75.3%CCL 61.0%	15.5 pts	Derive	Coincall
09-29 $87 P	DRV 76.6%PDX 75.3%CCL 61.0%	15.5 pts	Derive	Coincall
09-29 $86 C	DRV 80.7%PDX 79.8%CCL 65.3%	15.5 pts	Derive	Coincall
09-29 $86 P	DRV 80.7%PDX 79.8%CCL 65.3%	15.5 pts	Derive	Coincall
12-25 $110 C	PDX 62.7%CCL 78.1%	15.4 pts	Coincall	Paradex
12-25 $110 P	PDX 62.7%CCL 78.1%	15.4 pts	Coincall	Paradex
10-30 $85 C	PDX 57.3%CCL 72.5%	15.2 pts	Coincall	Paradex
10-30 $85 P	PDX 57.3%CCL 72.5%	15.2 pts	Coincall	Paradex
10-09 $50 C	DRV 103.7%PDX 118.3%	14.5 pts	Paradex	Derive
10-09 $50 P	DRV 103.7%PDX 118.3%	14.5 pts	Paradex	Derive
10-30 $90 C	PDX 57.8%CCL 72.3%	14.4 pts	Coincall	Paradex
10-30 $90 P	PDX 57.8%CCL 72.3%	14.4 pts	Coincall	Paradex
10-30 $80 C	PDX 59.3%CCL 73.0%	13.7 pts	Coincall	Paradex
10-30 $80 P	PDX 59.3%CCL 73.0%	13.7 pts	Coincall	Paradex
10-02 $125 C	DRV 104.9%PDX 118.6%	13.6 pts	Paradex	Derive
10-02 $125 P	DRV 104.9%PDX 118.6%	13.6 pts	Paradex	Derive
09-29 $105 C	DRV 106.0%PDX 119.6%	13.6 pts	Paradex	Derive
09-29 $105 P	DRV 106.0%PDX 119.6%	13.6 pts	Paradex	Derive
09-29 $88 C	DRV 71.8%PDX 71.2%CCL 58.3%	13.5 pts	Derive	Coincall
09-29 $88 P	DRV 71.8%PDX 71.2%CCL 58.3%	13.5 pts	Derive	Coincall
09-29 $85 C	DRV 82.5%PDX 84.0%CCL 70.9%	13.1 pts	Paradex	Coincall
09-29 $85 P	DRV 82.5%PDX 84.0%CCL 70.9%	13.1 pts	Paradex	Coincall
10-30 $95 C	PDX 59.7%CCL 72.2%	12.5 pts	Coincall	Paradex
10-30 $95 P	PDX 59.7%CCL 72.2%	12.5 pts	Coincall	Paradex
12-25 $120 C	PDX 65.9%CCL 78.3%	12.5 pts	Coincall	Paradex
12-25 $120 P	PDX 65.9%CCL 78.3%	12.5 pts	Coincall	Paradex
09-29 $89 C	DRV 68.7%PDX 67.6%CCL 57.1%	11.5 pts	Derive	Coincall
09-29 $89 P	DRV 68.7%PDX 67.6%CCL 57.1%	11.5 pts	Derive	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 venuesDerive Paradex Coincall Feed health →