XRP Divergence

Live

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

XRPAggregated · 4 venuesQuotes: Coin · USDT · USDC · USD

DRBCoin BINUSDT DRVUSDC CCLUSD

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

Chart

Max IV discrepancy

50.6 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
37	50.6 pts	Coincall	Derive
2	14.6 pts	Derive	Coincall
11	36.8 pts	Coincall	Binance

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 $1 P	DRV 121.7%CCL 172.3%	50.6 pts	Coincall	Derive
10-02 $1 C	DRV 122.3%CCL 172.3%	50.0 pts	Coincall	Derive
10-02 $2 C	BIN 133.7%DRV 101.6%CCL 89.2%	44.5 pts	Binance	Coincall
10-02 $2 P	BIN 57.5%DRV 101.6%CCL 89.2%	44.1 pts	Derive	Binance
10-30 $2 P	BIN 38.7%DRV 68.0%CCL 75.6%	36.8 pts	Coincall	Binance
10-02 $1 C	BIN 57.5%DRV 92.9%CCL 87.5%	35.4 pts	Derive	Binance
10-02 $2 P	BIN 57.5%DRV 91.9%CCL 77.7%	34.4 pts	Derive	Binance
10-02 $1 C	BIN 57.5%CCL 91.3%	33.8 pts	Coincall	Binance
10-02 $1 C	BIN 57.5%CCL 83.9%	26.4 pts	Coincall	Binance
10-02 $2 P	BIN 57.5%DRV 83.6%CCL 70.7%	26.1 pts	Derive	Binance
10-02 $2 P	BIN 57.5%DRV 81.0%CCL 69.4%	23.5 pts	Derive	Binance
10-02 $1 C	BIN 57.5%CCL 80.6%	23.1 pts	Coincall	Binance
10-30 $1 C	BIN 57.5%DRV 79.7%CCL 78.8%	22.2 pts	Derive	Binance
10-30 $2 P	BIN 57.5%CCL 78.5%	21.0 pts	Coincall	Binance
10-02 $2 P	BIN 87.1%DRV 71.6%CCL 66.9%	20.2 pts	Binance	Coincall
10-02 $1 C	BIN 57.5%CCL 77.7%	20.2 pts	Coincall	Binance
10-30 $1 C	BIN 57.5%DRV 73.9%CCL 77.4%	19.9 pts	Coincall	Binance
10-30 $2 P	BIN 57.5%CCL 76.8%	19.3 pts	Coincall	Binance
10-02 $1 C	BIN 57.5%DRV 76.6%CCL 72.8%	19.1 pts	Derive	Binance
10-02 $1 P	BIN 53.4%DRV 72.1%CCL 69.4%	18.8 pts	Derive	Binance
10-30 $1 C	BIN 57.5%DRV 68.4%CCL 76.1%	18.6 pts	Coincall	Binance
10-30 $2 P	BIN 57.5%DRV 74.0%CCL 75.9%	18.4 pts	Coincall	Binance
10-02 $2 P	BIN 57.5%CCL 75.7%	18.2 pts	Coincall	Binance
10-30 $1 C	BIN 57.5%DRV 67.6%CCL 75.7%	18.2 pts	Coincall	Binance
10-30 $2 P	BIN 57.5%DRV 71.1%CCL 75.6%	18.1 pts	Coincall	Binance
10-30 $2 P	BIN 57.5%DRV 68.8%CCL 75.5%	18.0 pts	Coincall	Binance
10-02 $1 C	BIN 57.5%CCL 75.1%	17.6 pts	Coincall	Binance
10-02 $1 P	BIN 105.0%DRV 92.9%CCL 87.5%	17.5 pts	Binance	Coincall
10-02 $2 P	BIN 57.5%DRV 74.7%CCL 67.0%	17.2 pts	Derive	Binance
10-02 $1 P	BIN 97.4%CCL 80.6%	16.7 pts	Binance	Coincall
10-02 $1 C	BIN 57.5%DRV 74.0%CCL 71.0%	16.5 pts	Derive	Binance
10-02 $2 P	BIN 57.5%CCL 73.8%	16.3 pts	Coincall	Binance
10-02 $1 P	DRV 121.7%CCL 137.9%	16.2 pts	Coincall	Derive
10-02 $1 C	DRV 122.3%CCL 137.9%	15.6 pts	Coincall	Derive
10-02 $2 P	BIN 61.1%DRV 76.7%CCL 67.5%	15.6 pts	Derive	Binance
10-02 $2 P	BIN 57.5%DRV 72.9%CCL 66.8%	15.4 pts	Derive	Binance
10-02 $2 C	BIN 89.1%CCL 73.8%	15.2 pts	Binance	Coincall
10-02 $2 P	BIN 57.5%CCL 72.2%	14.7 pts	Coincall	Binance
10-09 $2 C	DRV 94.4%CCL 79.7%	14.6 pts	Derive	Coincall
10-09 $2 P	DRV 94.4%CCL 79.7%	14.6 pts	Derive	Coincall
10-02 $1 C	BIN 57.5%DRV 72.1%CCL 69.4%	14.6 pts	Derive	Binance
10-02 $2 C	BIN 85.2%DRV 83.2%CCL 70.7%	14.6 pts	Binance	Coincall
10-02 $2 C	BIN 81.4%DRV 91.9%CCL 77.7%	14.2 pts	Derive	Coincall
10-30 $1 P	BIN 61.6%DRV 67.6%CCL 75.7%	14.0 pts	Coincall	Binance
10-02 $2 C	DRV 96.9%CCL 83.2%	13.7 pts	Derive	Coincall
10-02 $2 P	DRV 96.9%CCL 83.2%	13.7 pts	Derive	Coincall
10-02 $2 C	DRV 86.5%CCL 73.0%	13.6 pts	Derive	Coincall
10-02 $2 P	DRV 86.5%CCL 73.0%	13.6 pts	Derive	Coincall
10-02 $1 C	BIN 57.5%DRV 71.0%CCL 68.2%	13.5 pts	Derive	Binance
10-02 $1 C	BIN 57.5%DRV 70.9%CCL 67.4%	13.4 pts	Derive	Binance

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