Chicago Atlantic Real Estate Finance, Inc. (REFI) Volatility Skew
Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.
Chicago Atlantic Real Estate Finance, Inc. (REFI) operates in the Real Estate sector, specifically the REIT - Mortgage industry, with a market capitalization near $240.5M, listed on NASDAQ, carrying a beta of 0.32 to the broader market. Chicago Atlantic Real Estate Finance, Inc. Led by Anthony Robert Cappell, public since 2021-12-08.
Snapshot as of May 15, 2026.
- Spot Price
- $11.21
- ATM IV
- 210.4%
- IV Skew 25Δ
- -0.201
- IV Rank
- 46.2%
- IV Percentile
- 96.0%
- Term Structure Slope
- -0.426
As of May 15, 2026, Chicago Atlantic Real Estate Finance, Inc. (REFI) at-the-money implied volatility is 210.4%. IV rank is 46.2% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 96.0%. The 25-delta skew is -0.201: puts carry meaningful premium over calls, a classic equity downside-protection skew. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.
REFI Strategy Selection at Current Volatility Levels
For Chicago Atlantic Real Estate Finance, Inc. options at 210.4% ATM IV, mid-range IV rank (46.2%) is the regime where directional conviction matters more than vol-regime positioning; strategy choice should follow the event calendar and the dealer-positioning view rather than IV rank alone. The 25-delta skew is meaningfully put-skewed, so put-credit spreads capture more premium for the same width than call-credit spreads. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.
Learn how volatility skew is reported and how to read the data →
Frequently asked REFI volatility skew questions
- What is the current REFI ATM implied volatility?
- As of May 15, 2026, Chicago Atlantic Real Estate Finance, Inc. (REFI) at-the-money implied volatility is 210.4%. IV rank is 46.2% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
- Is REFI IV high or low historically?
- IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.
- What does REFI volatility skew tell options traders?
- Volatility skew is the pattern by which IV varies across strikes for a given expiration. Chicago Atlantic Real Estate Finance, Inc. carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.