By and large, the BTC term structure shows reduced or at least somewhat abated fears with futures no longer signalling a death march lower. Kraken and Bitmex seemingly price in some marginal downside but when compared to prior yields, it's fair to say these levels are not overly concerning.
Despite Kraken posting circa 3% lower than Deribit in terms of basis, the above charts highlight the sharp departure from normality that BTC futures posted on Kraken a week ago.
Over in ETH the term structure paints a similarly glum outlook. Rates look range bound with a hint of meh!
As presented above and on an annualised basis, Kraken again presents itself as the outlier with curves pointing lowest across all exchanges, suggesting a localised bias with users driving futures prices slightly off the perceived average. With this said it might prove interesting to study whether this spread persists or whether it's likely to converge or whether Kraken's curves swing to the other extreme during risk-on periods.
ATM Vol in BTC continues its drift lower with 1wk now posting 46 vol. Accompanying this saunter lower, Puts well and truly dominate here with Skews all sitting comfortably above 0.
A quick glance at the ETH smile for Dec22 and Mar23 shows that despite ATM coming lower, convexity has seemingly increased with prices pivoting the 1.8k level and 3k leve in Dec22 and Mar23 respectively i.e. either side of ATM but with a delta relatively close, IV has dropped to closer mirror ATM but beyond the above listed pivot points IV has climbed.