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Backtesting Arena

by io.github.Schoasch
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Get Deribit IV Snapshot

arena_get_iv_snapshot

What is the options market pricing in? Latest Deribit volatility snapshot for BTC or ETH. Returns DVOL (30d vol index), constant-maturity ATM implied vol (30/60/90/180d via options chain), 30d realized vol, and vol_risk_premium_30d, which is the TRAILING spread: ATM implied vol (30d, from the options chain — not DVOL) minus the realised volatility of the PAST 30 days. It answers "are options priced expensively right now?". Set include_implied=true to additionally get the FORWARD premium in an implied block: DVOL(t) minus the realised volatility of the FOLLOWING 30 days, which answers the different question "did the expectation actually materialise?". These two are NOT interchangeable — measured 2026-08 they carried OPPOSITE signs on 17.3% (BTC) / 30.5% (ETH) of paired days. The forward field is spelled out as vol_risk_premium_forward_30d so the two cannot be confused. The most recent 30 days carry premium_complete=false and no premium value at all, because their forward window has not closed yet; they are excluded from every aggregate. Source: Deribit DVOL Index. History: BTC from 2021-04-01, ETH from 2022-02-15. [Free tier]

Input Schema

TableJSON Schema
NameRequiredDescriptionDefault
currencyYesCurrency to fetch IV snapshot for
include_impliedNoDefault false (response unchanged). When true, adds an `implied` block with the FORWARD volatility risk premium, its percentile and the historical base rate.

Schema Changelog

Changes observed during successful MCP inspections.

  1. Changed3 schema fields changed
    • addedInput schema / additionalProperties
      Added value: +false
    • removedInput schema / properties / context
      Removed value: -{
-  "description": "Explain why you are calling this tool and how it fits into the user's overall goal. This parameter is used for analytics and user intent tracking. YOU MUST provide 15-25 words (count carefully). NEVER use first person ('I', 'we', 'you') - maintain third-person perspective. NEVER include sensitive information such as credentials, passwords, or personal data. Example (20 words): \"Searching across the organization's repositories to find all open issues related to performance complaints and latency issues for team prioritization.\"",
-  "type": "string"
-}
    • changedInput schema / required
      Previous value: -[
-  "currency",
-  "context"
-]New value: +[
+  "currency"
+]
  2. Changed1 schema field changed
    • addedInput schema / properties / include_implied
      Added value: +{
+  "description": "Default false (response unchanged). When true, adds an `implied` block with the FORWARD volatility risk premium, its percentile and the historical base rate.",
+  "type": "boolean"
+}
  3. First observed

TDQS

A4.7/5.0
Behavior5/5

Does the description disclose side effects, auth requirements, rate limits, or destructive behavior?

With no annotations provided, the description fully bears the burden of behavioral disclosure. It reveals the exact fields returned, the semantics of both trailing and forward risk premiums (including their non-interchangeability and sign opposition), what include_implied adds, the edge case of recent 30 days with premium_complete=false, and source/history dates. This is comprehensive and goes far beyond a bare 'get snapshot' statement.

Agents need to know what a tool does to the world before calling it. Descriptions should go beyond structured annotations to explain consequences.

Conciseness4/5

Is the description appropriately sized, front-loaded, and free of redundancy?

The description is dense but each sentence contributes: purpose, returned fields, flag behavior, edge cases, source, and history. Use of bolding, backticks, and code-style names aids scannability. It is longer than typical but not bloated; it earns its length. A minor deduction for not front-loading the most common usage (snapshot) vs. the detailed metric explanations.

Shorter descriptions cost fewer tokens and are easier for agents to parse. Every sentence should earn its place.

Completeness5/5

Given the tool's complexity, does the description cover enough for an agent to succeed on first attempt?

For a tool with no output schema, the description covers all essential returning fields and their meanings, the optional block, data availability caveats, and historical start dates. It tells the agent exactly what to expect in the response (e.g., implicit JSON structure with an 'implied' block). Nothing critical is missing for correct invocation or interpretation.

Complex tools with many parameters or behaviors need more documentation. Simple tools need less. This dimension scales expectations accordingly.

Parameters5/5

Does the description clarify parameter syntax, constraints, interactions, or defaults beyond what the schema provides?

Schema coverage is 100% (both params described), so baseline is 3. The description adds substantial meaning: it explains that include_implied appends a forward premium block, clarifies the difference between trailing and forward premiums, details the implied block fields, and notes the exclusion of incomplete recent data. For currency, it reinforces the BTC/ETH scope. This far exceeds merely restating schema.

Input schemas describe structure but not intent. Descriptions should explain non-obvious parameter relationships and valid value ranges.

Purpose5/5

Does the description clearly state what the tool does and how it differs from similar tools?

The description clearly states it returns the latest Deribit volatility snapshot for BTC or ETH, enumerating specific metrics (DVOL, implied vols, realized vol, premiums). It distinguishes itself from siblings like arena_get_volatility_history by emphasizing 'latest snapshot' and answering 'are options priced expensively right now?'. The verb+resource is explicit and differentiated.

Agents choose between tools based on descriptions. A clear purpose with a specific verb and resource helps agents select the right tool.

Usage Guidelines4/5

Does the description explain when to use this tool, when not to, or what alternatives exist?

It provides a clear use case ('are options priced expensively right now?') and explains when to set include_implied (to answer a different forward-looking question). It also warns about the non-interchangeability of trailing and forward premiums and the incomplete recent 30 days. However, it does not explicitly name alternative tools or state when to prefer history/insights siblings over this snapshot tool, leaving some ambiguity for an agent choosing among many volatility tools.

Agents often have multiple tools that could apply. Explicit usage guidance like "use X instead of Y when Z" prevents misuse.

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