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ZEC Divergence

Live

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

ZECAggregated · 2 venuesQuotes: USDC

DRVUSDC PDXUSDC

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

Chart

Max IV discrepancy

82.3 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Derive

Rich marked IV · observed

Lowest IV venue

Paradex

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
10	73.4 pts	Derive	Paradex
23	31.5 pts	Derive	Paradex
17	82.3 pts	Paradex	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
10-02 $600 P	DRV 2.1%PDX 3.0%	2.1 pts	Derive	Paradex
10-02 $600 C	DRV 2.1%PDX 3.0%	2.0 pts	Derive	Paradex
10-30 $200 C	DRV 197.8%PDX 2.8%	82.3 pts	Paradex	Derive
10-30 $200 P	DRV 197.8%PDX 2.8%	82.3 pts	Paradex	Derive
10-02 $700 P	DRV 2.1%PDX 2.8%	73.4 pts	Paradex	Derive
10-02 $700 C	DRV 2.1%PDX 2.8%	66.8 pts	Paradex	Derive
10-30 $400 C	DRV 172.5%PDX 2.3%	58.3 pts	Paradex	Derive
10-30 $500 C	DRV 165.0%PDX 2.1%	47.5 pts	Paradex	Derive
10-02 $800 C	DRV 2.1%PDX 2.6%	44.6 pts	Paradex	Derive
10-02 $800 P	DRV 2.1%PDX 2.6%	44.6 pts	Paradex	Derive
10-02 $850 P	DRV 2.1%PDX 2.5%	40.6 pts	Paradex	Derive
10-30 $400 P	DRV 193.3%PDX 2.3%	37.4 pts	Paradex	Derive
10-30 $1,500 C	DRV 124.9%PDX 89.7%	35.1 pts	Derive	Paradex
10-30 $1,500 P	DRV 124.6%PDX 89.7%	34.8 pts	Derive	Paradex
10-02 $850 C	DRV 2.1%PDX 2.5%	33.9 pts	Paradex	Derive
10-30 $650 C	DRV 155.7%PDX 188.8%	33.1 pts	Paradex	Derive
10-30 $650 P	DRV 155.7%PDX 188.8%	33.1 pts	Paradex	Derive
10-30 $1,600 C	DRV 124.3%PDX 91.3%	33.0 pts	Derive	Paradex
10-30 $1,600 P	DRV 123.8%PDX 91.3%	32.5 pts	Derive	Paradex
10-30 $1,400 C	DRV 126.8%PDX 95.0%	31.8 pts	Derive	Paradex
10-30 $1,400 P	DRV 126.8%PDX 95.0%	31.8 pts	Derive	Paradex
10-16 $1,550 C	DRV 125.3%PDX 93.9%	31.5 pts	Derive	Paradex
10-30 $500 P	DRV 181.1%PDX 2.1%	31.4 pts	Paradex	Derive
10-16 $1,575 C	DRV 125.0%PDX 93.7%	31.3 pts	Derive	Paradex
10-16 $1,575 P	DRV 125.0%PDX 93.7%	31.3 pts	Derive	Paradex
10-16 $1,500 C	DRV 126.4%PDX 95.1%	31.2 pts	Derive	Paradex
10-16 $1,500 P	DRV 126.4%PDX 95.1%	31.2 pts	Derive	Paradex
10-16 $1,550 P	DRV 125.1%PDX 93.9%	31.2 pts	Derive	Paradex
10-16 $1,625 P	DRV 125.1%PDX 94.1%	31.0 pts	Derive	Paradex
10-16 $1,600 C	DRV 124.7%PDX 93.8%	30.9 pts	Derive	Paradex
10-16 $1,600 P	DRV 124.7%PDX 93.8%	30.9 pts	Derive	Paradex
10-16 $1,525 C	DRV 125.2%PDX 94.4%	30.8 pts	Derive	Paradex
10-16 $1,525 P	DRV 125.2%PDX 94.4%	30.8 pts	Derive	Paradex
10-16 $1,650 C	DRV 125.3%PDX 94.7%	30.6 pts	Derive	Paradex
10-16 $1,650 P	DRV 125.3%PDX 94.7%	30.6 pts	Derive	Paradex
10-16 $1,625 C	DRV 124.5%PDX 94.1%	30.4 pts	Derive	Paradex
10-16 $1,675 C	DRV 125.5%PDX 95.4%	30.1 pts	Derive	Paradex
10-16 $1,675 P	DRV 125.5%PDX 95.4%	30.1 pts	Derive	Paradex
10-02 $900 P	DRV 2.1%PDX 2.4%	30.0 pts	Paradex	Derive
10-16 $1,700 C	DRV 125.7%PDX 96.3%	29.4 pts	Derive	Paradex
10-30 $1,700 P	DRV 124.6%PDX 95.6%	29.0 pts	Derive	Paradex
10-30 $700 P	DRV 153.0%PDX 181.5%	28.5 pts	Paradex	Derive
10-16 $1,450 C	DRV 126.1%PDX 97.6%	28.5 pts	Derive	Paradex
10-16 $1,450 P	DRV 126.1%PDX 97.6%	28.5 pts	Derive	Paradex
10-16 $1,700 P	DRV 124.7%PDX 96.3%	28.5 pts	Derive	Paradex
10-16 $1,400 C	DRV 129.0%PDX 100.9%	28.2 pts	Derive	Paradex
10-30 $1,700 C	DRV 123.7%PDX 95.6%	28.1 pts	Derive	Paradex
10-16 $1,750 C	DRV 126.3%PDX 98.3%	28.0 pts	Derive	Paradex
10-16 $1,750 P	DRV 126.3%PDX 98.3%	28.0 pts	Derive	Paradex
10-02 $1,600 C	DRV 127.5%PDX 99.6%	27.9 pts	Derive	Paradex

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 Feed health →

Loading listed desk

ZEC Divergence

Live

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

ZECAggregated · 2 venuesQuotes: USDC

DRVUSDC PDXUSDC

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

Chart

Max IV discrepancy

82.3 pts

Highest cross-venue spread · observed

Dislocated contracts

Above 1.5 pts · this tenor

Highest IV venue

Derive

Rich marked IV · observed

Lowest IV venue

Paradex

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
10	73.4 pts	Derive	Paradex
23	31.5 pts	Derive	Paradex
17	82.3 pts	Paradex	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
10-02 $600 P	DRV 2.1%PDX 3.0%	2.1 pts	Derive	Paradex
10-02 $600 C	DRV 2.1%PDX 3.0%	2.0 pts	Derive	Paradex
10-30 $200 C	DRV 197.8%PDX 2.8%	82.3 pts	Paradex	Derive
10-30 $200 P	DRV 197.8%PDX 2.8%	82.3 pts	Paradex	Derive
10-02 $700 P	DRV 2.1%PDX 2.8%	73.4 pts	Paradex	Derive
10-02 $700 C	DRV 2.1%PDX 2.8%	66.8 pts	Paradex	Derive
10-30 $400 C	DRV 172.5%PDX 2.3%	58.3 pts	Paradex	Derive
10-30 $500 C	DRV 165.0%PDX 2.1%	47.5 pts	Paradex	Derive
10-02 $800 C	DRV 2.1%PDX 2.6%	44.6 pts	Paradex	Derive
10-02 $800 P	DRV 2.1%PDX 2.6%	44.6 pts	Paradex	Derive
10-02 $850 P	DRV 2.1%PDX 2.5%	40.6 pts	Paradex	Derive
10-30 $400 P	DRV 193.3%PDX 2.3%	37.4 pts	Paradex	Derive
10-30 $1,500 C	DRV 124.9%PDX 89.7%	35.1 pts	Derive	Paradex
10-30 $1,500 P	DRV 124.6%PDX 89.7%	34.8 pts	Derive	Paradex
10-02 $850 C	DRV 2.1%PDX 2.5%	33.9 pts	Paradex	Derive
10-30 $650 C	DRV 155.7%PDX 188.8%	33.1 pts	Paradex	Derive
10-30 $650 P	DRV 155.7%PDX 188.8%	33.1 pts	Paradex	Derive
10-30 $1,600 C	DRV 124.3%PDX 91.3%	33.0 pts	Derive	Paradex
10-30 $1,600 P	DRV 123.8%PDX 91.3%	32.5 pts	Derive	Paradex
10-30 $1,400 C	DRV 126.8%PDX 95.0%	31.8 pts	Derive	Paradex
10-30 $1,400 P	DRV 126.8%PDX 95.0%	31.8 pts	Derive	Paradex
10-16 $1,550 C	DRV 125.3%PDX 93.9%	31.5 pts	Derive	Paradex
10-30 $500 P	DRV 181.1%PDX 2.1%	31.4 pts	Paradex	Derive
10-16 $1,575 C	DRV 125.0%PDX 93.7%	31.3 pts	Derive	Paradex
10-16 $1,575 P	DRV 125.0%PDX 93.7%	31.3 pts	Derive	Paradex
10-16 $1,500 C	DRV 126.4%PDX 95.1%	31.2 pts	Derive	Paradex
10-16 $1,500 P	DRV 126.4%PDX 95.1%	31.2 pts	Derive	Paradex
10-16 $1,550 P	DRV 125.1%PDX 93.9%	31.2 pts	Derive	Paradex
10-16 $1,625 P	DRV 125.1%PDX 94.1%	31.0 pts	Derive	Paradex
10-16 $1,600 C	DRV 124.7%PDX 93.8%	30.9 pts	Derive	Paradex
10-16 $1,600 P	DRV 124.7%PDX 93.8%	30.9 pts	Derive	Paradex
10-16 $1,525 C	DRV 125.2%PDX 94.4%	30.8 pts	Derive	Paradex
10-16 $1,525 P	DRV 125.2%PDX 94.4%	30.8 pts	Derive	Paradex
10-16 $1,650 C	DRV 125.3%PDX 94.7%	30.6 pts	Derive	Paradex
10-16 $1,650 P	DRV 125.3%PDX 94.7%	30.6 pts	Derive	Paradex
10-16 $1,625 C	DRV 124.5%PDX 94.1%	30.4 pts	Derive	Paradex
10-16 $1,675 C	DRV 125.5%PDX 95.4%	30.1 pts	Derive	Paradex
10-16 $1,675 P	DRV 125.5%PDX 95.4%	30.1 pts	Derive	Paradex
10-02 $900 P	DRV 2.1%PDX 2.4%	30.0 pts	Paradex	Derive
10-16 $1,700 C	DRV 125.7%PDX 96.3%	29.4 pts	Derive	Paradex
10-30 $1,700 P	DRV 124.6%PDX 95.6%	29.0 pts	Derive	Paradex
10-30 $700 P	DRV 153.0%PDX 181.5%	28.5 pts	Paradex	Derive
10-16 $1,450 C	DRV 126.1%PDX 97.6%	28.5 pts	Derive	Paradex
10-16 $1,450 P	DRV 126.1%PDX 97.6%	28.5 pts	Derive	Paradex
10-16 $1,700 P	DRV 124.7%PDX 96.3%	28.5 pts	Derive	Paradex
10-16 $1,400 C	DRV 129.0%PDX 100.9%	28.2 pts	Derive	Paradex
10-30 $1,700 C	DRV 123.7%PDX 95.6%	28.1 pts	Derive	Paradex
10-16 $1,750 C	DRV 126.3%PDX 98.3%	28.0 pts	Derive	Paradex
10-16 $1,750 P	DRV 126.3%PDX 98.3%	28.0 pts	Derive	Paradex
10-02 $1,600 C	DRV 127.5%PDX 99.6%	27.9 pts	Derive	Paradex

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 Feed health →