What the numbers mean
Premium = DVOL - HV30. A positive value means current option prices imply more volatility than the market delivered over the trailing 30 days. A negative value means trailing realized volatility is higher than current implied volatility.
DVOL
Deribit's forward-looking volatility index for the asset.
HV30
Annualized historical volatility calculated by the VRP Engine over the trailing 30 days.
Percentile
Share of hourly premium observations at or below today's value since data collection began.
This is a current market comparison, not a forecast of future realized volatility. A high premium is not by itself a recommendation to sell options. Direction, jumps, liquidity, skew, fees, and position sizing still determine the outcome.