Backtesting Arena

Get Deribit IV Snapshot

arena_get_iv_snapshot

Read-only

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]

Tool call template

Replace each placeholder with a value matching the input schema. Only required parameters are included; add optional parameters as needed.

{
  "id": 1,
  "jsonrpc": "2.0",
  "method": "tools/call",
  "params": {
    "arguments": {
      "currency": "<currency>"
    },
    "name": "arena_get_iv_snapshot"
  }
}

Input Schema

Name	Required	Description	Default
`currency`	Yes	Currency to fetch IV snapshot for
`include_implied`	No	Default 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.

Changed1 schema field changedOct 29, 2026
- removedInput schema / additionalProperties
```
Removed value: -false
```

Changed3 schema fields changedAug 25, 2026

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"
+]

Changed1 schema field changedAug 14, 2026

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"
+}

First observedJul 13, 2026

TDQS

A4.6/5.0

Behavior5/5

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

With readOnlyHint already covering the safety profile, the description adds substantial non-obvious behavior: the trailing VRP is computed from chain ATM IV rather than DVOL, the last 30 days carry premium_complete=false and are excluded from every aggregate, the two premium measures carried opposite signs on 17.3%/30.5% of paired days, and the data source and history horizons are disclosed. This is exactly the kind of context annotations cannot express.

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?

Front-loaded with the decision question and the headline contents, and the return-value list precedes the caveats. It is longer than necessary — the all-caps emphasis ('TRAILING', 'FORWARD', 'NOT interchangeable', 'so the two cannot be confused') and the repeated warning about the trailing/forward distinction restate the same point more than once.

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?

There is no output schema, so the description carries the full burden of explaining returns, and it does: field names, maturities, the derived premium, the optional implied block, and the null-handling rule for recent dates. An agent can invoke this correctly and interpret the response without further documentation.

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

Parameters4/5

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

Schema coverage is 100%, so the baseline is 3; the description goes beyond it by explaining what include_implied actually changes semantically (a forward premium computed as DVOL(t) minus the realized vol of the FOLLOWING 30 days) rather than just restating that it adds an 'implied' block. Currency semantics are left to the schema enum.

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?

States a specific verb and resource ('Latest Deribit volatility snapshot for BTC or ETH') and enumerates exactly what comes back: DVOL, constant-maturity ATM IV at 30/60/90/180d, 30d realized vol, and vol_risk_premium_30d. The 'snapshot' framing plus the explicit history start dates distinguish it from the history-oriented siblings such as arena_get_volatility_history.

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?

Gives concrete usage context by framing the output as answering 'are options priced expensively right now?' and states precisely the condition that selects the optional mode (include_implied=true for the forward question). It does not, however, name a sibling alternative or state when a different volatility tool should be used instead, so it stops short of full routing guidance.

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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