Crypto VIX Index
Live: the CRYPVIX core — 0.65·BTC + 0.35·ETH 30-day implied volatility (Deribit). The published index adds a crypto-native stress overlay (funding, realized-vol surge) on top of this core.
The view.
Equities have the VIX — one number everyone reads for fear. Crypto's volatility gauges are fragmented, single-asset, and slow. CRYPVIX is a market-wide crypto volatility index, engineered to be sensitive: it rises the instant the market reaches for protection.
It starts from forward-looking implied volatility across BTC and ETH, then layers a crypto-native overlay so it reacts to the funding blowouts and liquidation-driven stress that pure options IV can lag. A faithful thermometer for crypto risk — and the benchmark the AVX harvest strategy trades around.
How it works.
Three mechanicsImplied-vol core
Market-cap-weighted BTC + ETH 30-day implied volatility (DVOL-style). Forward-looking, so it moves before realized vol does.
Crypto-native overlay
Funding extremity and short-term realized-vol surge amplify the level when crypto-specific stress builds — sensitivity that options IV alone misses. (Liquidation cascades layer on live.)
Sensitive by design
30-day VIX-standard tenor. Validated to spike 2.6–2.7× in LUNA and FTX, lead realized vol, and revert cleanly in calm.
The index.
2021 — mid-2026 · interactiveCRYPVIX vs realized volatility
CRYPVIX = mcap-weighted BTC/ETH 30-day implied vol × (1 + 0.35·stress overlay). Realized = 30-day annualized. Sample begins 2021-03 (start of continuous implied-vol history). Index level, not an investment product.
Specification
| Ticker | CRYPVIX |
| Type | Crypto volatility index (the gauge) |
| Universe | BTC + ETH · mcap-weighted 65 / 35 |
| Construction | 30d implied-vol core + crypto-native overlay |
| Inputs | Deribit DVOL · funding · realized vol |
| Tracked by | AVX · Axios Volatility (harvest) |
| Status | Live · validated 2021–26 · available to license |
Why it's different
Single-asset gauges like DVOL tell you Bitcoin's implied vol. CRYPVIX is a market-wide read with a crypto-native overlay — so it captures the funding and liquidation stress that drives crypto fear, not just the options surface. It tracks realized vol at +0.73 and leads it at +0.61.
License or track CRYPVIX.
The methodology and full validation are available to allocators, desks & venues building crypto-vol products.