Term Structure Backwardation
As of April 21, 2026 (end-of-day snapshot). Pages update daily after the market close.
Where the implied-volatility term structure is most inverted — near-dated IV meaningfully higher than far-dated. The signature setup for event-pricing regimes: pre-earnings, pre-FOMC, pre-FDA, pre-macro print. The post-event collapse of the front end is a classic calendar-spread setup.
Top 50 by Slope
The live term-structure backwardation leaderboard loads after the page hydrates. Rows are ranked by the most-negative term_structure_slope (far IV minus near IV), surfacing names pricing in imminent events.
Methodology
Ranked by term_structure_slope ascending. Slope is defined as (far IV − near IV), so most-negative values represent the deepest inversion. Filters: total_oi ≥ 50,000, spot ≥ $5. Sourced from daily EOD option_ticker_snapshots.
Frequently Asked Questions
What does backwardation mean here?
The near-dated implied vol is higher than the far-dated — the market is pricing a higher vol environment in the near future than in the longer future. The most common cause is a known event on the near expiration that does not affect the far.
How is this different from high IV or high IV rank?
High IV says "vol is high." High IV rank says "vol is high relative to history." Backwardation says "vol is LOCAL to the near expiration — the market expects it to drop after the near-dated event passes." Backwardation identifies WHY vol is elevated, not just THAT it is.
What trade does this suggest?
A classic setup is a long calendar: sell the expensive near-dated option (event premium), buy the relatively cheap far-dated option, let the near crush after the event. Sizing, liquidity, and exit discipline matter; the screener surfaces the setup, not the trade plan.
Does backwardation always resolve the right way?
Usually but not always. A sustained vol-expansion move can re-price the entire curve higher, in which case the calendar loses on both legs together. Edge exists on average; sizing and exit matter.