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

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XAUT Divergence

Live

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

XAUTAggregated · 2 venuesQuotes: USDC · USD

DRVUSDC CCLUSD

Live· 3 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

5.2 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Coincall

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	3.4 pts	Coincall	Derive
12	4.5 pts	Coincall	Derive
20	5.2 pts	Coincall	Derive

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
10-30 $4,300 C	DRV 20.6%CCL 25.8%	5.2 pts	Coincall	Derive
10-30 $4,300 P	DRV 20.6%CCL 25.8%	5.2 pts	Coincall	Derive
10-30 $4,200 P	DRV 20.8%CCL 25.7%	5.0 pts	Coincall	Derive
10-30 $4,200 C	DRV 20.8%CCL 25.7%	5.0 pts	Coincall	Derive
10-30 $4,400 C	DRV 21.2%CCL 26.1%	4.9 pts	Coincall	Derive
10-30 $4,400 P	DRV 21.2%CCL 26.1%	4.9 pts	Coincall	Derive
10-09 $4,000 C	DRV 21.4%CCL 25.9%	4.5 pts	Coincall	Derive
10-30 $4,100 C	DRV 21.5%CCL 25.9%	4.5 pts	Coincall	Derive
10-30 $4,100 P	DRV 21.5%CCL 25.9%	4.5 pts	Coincall	Derive
10-09 $4,000 P	DRV 21.5%CCL 25.9%	4.4 pts	Coincall	Derive
10-30 $4,000 C	DRV 22.3%CCL 26.4%	4.0 pts	Coincall	Derive
10-30 $4,000 P	DRV 22.3%CCL 26.4%	4.0 pts	Coincall	Derive
10-30 $4,500 P	DRV 22.6%CCL 26.6%	4.0 pts	Coincall	Derive
10-30 $4,500 C	DRV 22.6%CCL 26.6%	4.0 pts	Coincall	Derive
10-09 $4,100 C	DRV 20.4%CCL 24.3%	3.9 pts	Coincall	Derive
10-09 $4,100 P	DRV 20.4%CCL 24.3%	3.9 pts	Coincall	Derive
10-30 $3,800 C	DRV 24.3%CCL 28.2%	3.9 pts	Coincall	Derive
10-30 $3,800 P	DRV 24.3%CCL 28.2%	3.9 pts	Coincall	Derive
10-09 $4,200 C	DRV 20.4%CCL 23.8%	3.5 pts	Coincall	Derive
10-09 $4,200 P	DRV 20.4%CCL 23.8%	3.5 pts	Coincall	Derive
10-02 $4,600 C	DRV 37.6%CCL 41.1%	3.4 pts	Coincall	Derive
10-02 $4,600 P	DRV 37.8%CCL 41.1%	3.3 pts	Coincall	Derive
10-30 $4,600 C	DRV 24.2%CCL 27.2%	3.0 pts	Coincall	Derive
10-30 $4,600 P	DRV 24.2%CCL 27.2%	3.0 pts	Coincall	Derive
10-09 $4,300 C	DRV 21.8%CCL 24.3%	2.4 pts	Coincall	Derive
10-09 $4,300 P	DRV 21.8%CCL 24.3%	2.4 pts	Coincall	Derive
10-02 $4,000 C	DRV 25.6%CCL 28.0%	2.4 pts	Coincall	Derive
10-02 $4,000 P	DRV 25.6%CCL 28.0%	2.4 pts	Coincall	Derive
10-02 $4,400 P	DRV 31.4%CCL 29.1%	2.3 pts	Derive	Coincall
10-02 $4,400 C	DRV 31.3%CCL 29.1%	2.2 pts	Derive	Coincall
10-02 $4,350 C	DRV 28.8%CCL 26.8%	2.1 pts	Derive	Coincall
10-02 $4,350 P	DRV 28.8%CCL 26.8%	2.1 pts	Derive	Coincall
10-02 $4,150 C	DRV 21.1%CCL 22.9%	1.7 pts	Coincall	Derive
10-02 $4,150 P	DRV 21.1%CCL 22.9%	1.7 pts	Coincall	Derive
10-02 $4,100 C	DRV 22.1%CCL 23.8%	1.7 pts	Coincall	Derive
10-02 $4,100 P	DRV 22.1%CCL 23.8%	1.7 pts	Coincall	Derive
10-30 $4,800 C	DRV 27.4%CCL 28.9%	1.5 pts	Coincall	Derive
10-30 $4,800 P	DRV 27.4%CCL 28.9%	1.5 pts	Coincall	Derive

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

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MatchVenue desk Fees & spreads Venue stats All venues Compare

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XAUT Divergence

Live

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

XAUTAggregated · 2 venuesQuotes: USDC · USD

DRVUSDC CCLUSD

Live· 3 observed tenors · 50 mark-IV pairs· data analytics · not order executionData sources →

Chart

Max IV discrepancy

5.2 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Coincall

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	3.4 pts	Coincall	Derive
12	4.5 pts	Coincall	Derive
20	5.2 pts	Coincall	Derive

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
10-30 $4,300 C	DRV 20.6%CCL 25.8%	5.2 pts	Coincall	Derive
10-30 $4,300 P	DRV 20.6%CCL 25.8%	5.2 pts	Coincall	Derive
10-30 $4,200 P	DRV 20.8%CCL 25.7%	5.0 pts	Coincall	Derive
10-30 $4,200 C	DRV 20.8%CCL 25.7%	5.0 pts	Coincall	Derive
10-30 $4,400 C	DRV 21.2%CCL 26.1%	4.9 pts	Coincall	Derive
10-30 $4,400 P	DRV 21.2%CCL 26.1%	4.9 pts	Coincall	Derive
10-09 $4,000 C	DRV 21.4%CCL 25.9%	4.5 pts	Coincall	Derive
10-30 $4,100 C	DRV 21.5%CCL 25.9%	4.5 pts	Coincall	Derive
10-30 $4,100 P	DRV 21.5%CCL 25.9%	4.5 pts	Coincall	Derive
10-09 $4,000 P	DRV 21.5%CCL 25.9%	4.4 pts	Coincall	Derive
10-30 $4,000 C	DRV 22.3%CCL 26.4%	4.0 pts	Coincall	Derive
10-30 $4,000 P	DRV 22.3%CCL 26.4%	4.0 pts	Coincall	Derive
10-30 $4,500 P	DRV 22.6%CCL 26.6%	4.0 pts	Coincall	Derive
10-30 $4,500 C	DRV 22.6%CCL 26.6%	4.0 pts	Coincall	Derive
10-09 $4,100 C	DRV 20.4%CCL 24.3%	3.9 pts	Coincall	Derive
10-09 $4,100 P	DRV 20.4%CCL 24.3%	3.9 pts	Coincall	Derive
10-30 $3,800 C	DRV 24.3%CCL 28.2%	3.9 pts	Coincall	Derive
10-30 $3,800 P	DRV 24.3%CCL 28.2%	3.9 pts	Coincall	Derive
10-09 $4,200 C	DRV 20.4%CCL 23.8%	3.5 pts	Coincall	Derive
10-09 $4,200 P	DRV 20.4%CCL 23.8%	3.5 pts	Coincall	Derive
10-02 $4,600 C	DRV 37.6%CCL 41.1%	3.4 pts	Coincall	Derive
10-02 $4,600 P	DRV 37.8%CCL 41.1%	3.3 pts	Coincall	Derive
10-30 $4,600 C	DRV 24.2%CCL 27.2%	3.0 pts	Coincall	Derive
10-30 $4,600 P	DRV 24.2%CCL 27.2%	3.0 pts	Coincall	Derive
10-09 $4,300 C	DRV 21.8%CCL 24.3%	2.4 pts	Coincall	Derive
10-09 $4,300 P	DRV 21.8%CCL 24.3%	2.4 pts	Coincall	Derive
10-02 $4,000 C	DRV 25.6%CCL 28.0%	2.4 pts	Coincall	Derive
10-02 $4,000 P	DRV 25.6%CCL 28.0%	2.4 pts	Coincall	Derive
10-02 $4,400 P	DRV 31.4%CCL 29.1%	2.3 pts	Derive	Coincall
10-02 $4,400 C	DRV 31.3%CCL 29.1%	2.2 pts	Derive	Coincall
10-02 $4,350 C	DRV 28.8%CCL 26.8%	2.1 pts	Derive	Coincall
10-02 $4,350 P	DRV 28.8%CCL 26.8%	2.1 pts	Derive	Coincall
10-02 $4,150 C	DRV 21.1%CCL 22.9%	1.7 pts	Coincall	Derive
10-02 $4,150 P	DRV 21.1%CCL 22.9%	1.7 pts	Coincall	Derive
10-02 $4,100 C	DRV 22.1%CCL 23.8%	1.7 pts	Coincall	Derive
10-02 $4,100 P	DRV 22.1%CCL 23.8%	1.7 pts	Coincall	Derive
10-30 $4,800 C	DRV 27.4%CCL 28.9%	1.5 pts	Coincall	Derive
10-30 $4,800 P	DRV 27.4%CCL 28.9%	1.5 pts	Coincall	Derive

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 Coincall Feed health →