{"success":true,"engine":"Black Belt Labs","metric_id":"M10028","name":"Variance Risk Premium","category":"derivatives","classification":"classic","update_frequency":"daily","inputs":["Aggregated crypto market data","Exchange market data","Prediction-market data","Social, news and sentiment data","Traditional-markets and macro data"],"inputs_are":"types of input","lookback_windows":["3 DAY","31 DAY"],"lookback_basis":"windows found in the implementation (INTERVAL clauses)","formula":"Deribit DVOL implied volatility minus BBL-computed 30-day realized BTC volatility (annualized, from hourly prices), in volatility points. Positive = options priced rich vs delivered volatility; negative = cheap. The gate for judging whether protective options are worth their premium.","formula_published":true,"definition_version":"1.0","definition_history":[{"version":"1.0","effective_from":"2026-09-09T17:46:42Z","change_note":"initial recorded definition"}],"methods":["progr","quant-hw","quant-sim"],"disclaimer":"Madjik metrics are informational market indicators computed by Black Belt Labs. They are not investment advice, an offer, or a recommendation to buy or sell any asset."}