{"pair":"btc/usd","currency":"BTC","atm_iv":36.68,"skew":-0.184,"skew_definition":"25-delta risk reversal: call IV minus put IV, in vol points (negative = puts bid), Deribit, the same computation MSXI publishes (indices/shared/fetchers/skew.py); its tenor is skew_tenor_days","skew_tenor_days":47.9,"skew_window":"primary_40_55d","skew_source":"msxi","skew_otm8_put_minus_call":4.67,"put_otm8_iv":40.42,"call_otm8_iv":35.75,"skew_change":"2026-10-25: skew is now MSXI's 25-delta call minus put. It was put minus call at strikes ~8% out of the money (moneyness 0.92/1.08), published as put_25d_iv/call_25d_iv; that measure continues as skew_otm8_put_minus_call, put_otm8_iv and call_otm8_iv. A missing leg is now null, not 0.","ts_ratio":0.9687,"spot":76462.18,"preview":true,"note":"Preview — ATM IV, skew, term structure only, unsigned","canonical":"v1|IV-PREVIEW|btc/usd|BTC|76462.18|36.68|-0.184|0.9687","signature":"d1a91e54c82299303188ebaf1bc690caf99fffc6d737723d90cde8160092370a646c2c74c971d27c130833b1fa88a0f38983b07c3ea1c131a6819aa7548cc407","digest":"4b64ef5814dddd647682e050909438c5140db23767f2b1fef79cb9ec09185b9e","pubkey":"7ab07fbe7d08cd16823e5eb0db0e21f3f38e9366d5fd00d14e95df0fb9b51a1a","signed":true,"preview_cached":true,"cache_age_minutes":38}