BackQuant Glossary
ETH
Ethereum, the second-largest crypto asset by market cap and the second-largest options market. ETH options track BTC closely but show distinct skew and term-structure dynamics, especially around protocol-level catalysts.
Related terms
BTC
Bitcoin, the largest crypto asset by market cap. The dominant underlying for crypto options, with the deepest options market on Deribit. BTC options open interest typically exceeds the rest of the crypto options market combined.
Expected Move
The implied one-standard-deviation price range over a given period, derived from at-the-money option prices. Calculated as roughly spot times ATM IV times sqrt(time to expiry). Useful for sizing trades and setting stops outside the priced-in noise.
Expiry
The date and time at which an options contract settles. After expiry, an option pays out its intrinsic value or expires worthless. Crypto options on Deribit expire Fridays at 08:00 UTC.
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