Solana: what Polymarket prices imply, against what happened
What we measured
Across 3 Solana markets, the mid-window implied volatility (normal inversion) is 0.82 × realized on the 5-minute market (95% CI 0.81–0.82, n = 10,146), 0.83 × realized on the 15-minute market (95% CI 0.82–0.84, n = 3,798) and 0.84 × realized on the hourly market (95% CI 0.83–0.85, n = 1,068). The three durations sit within 0.02 of each other.
Through the Student-t (ν = 4) inversion the same Solana prices read 1.05 × (5-minute), 1.07 × (15-minute) and 1.08 × (hourly) — at or above realized.
Levels are not published for Solana: at about $104, the two-decimal spot in the collector's logs is 5.4% (5-minute), 2.8% (15-minute) and 1.3% (hourly) of a typical half-window move, above the 1% tolerance set in advance.
Stability: ratio on the first and second halves of the period — 0.82 / 0.81 (5-minute), 0.84 / 0.82 (15-minute) and 0.84 / 0.83 (hourly).
Highest and lowest nightly ratios — 5-minute: 0.89 on Oct 7, 2026 (n = 142), 0.74 on Sep 11, 2026 (n = 114), 15-minute: 0.94 on Sep 20, 2026 (n = 40), 0.70 on Oct 9, 2026 (n = 46) and hourly: 0.87 on week 2026-W37 (n = 97), 0.79 on week 2026-W42 (n = 108).
Share of windows with Solana price and spot on opposite sides of the price to beat (excluded as "side"): 0.5% (5-minute), 0.2% (15-minute) and 0.4% (hourly); above 50% in 24% of 5-minute windows, 21% of 15-minute windows and 19% of hourly windows the implied σ exceeded the trailing realized σ.
Windows kept by the price band: 47% of 21,425 (5-minute), 53% of 7,139 (15-minute) and 59% of 1,799 (hourly); the rest sat too close to 50¢ or too close to 0 or 1 for a stable inversion.
| market | kept | normal [95% CI] | Student-t | first half | second half | variance ratio, what followed |
|---|---|---|---|---|---|---|
| 5-minute | 10,146 | 0.82 [0.81; 0.82] | 1.05 | 0.82 (n 4,956) | 0.81 (n 5,190) | — |
| 15-minute | 3,798 | 0.83 [0.82; 0.84] | 1.07 | 0.84 (n 1,821) | 0.82 (n 1,977) | — |
| hourly | 1,068 | 0.84 [0.83; 0.85] | 1.08 | 0.84 (n 504) | 0.83 (n 564) | — |
Over time
By hour of the day
By hour of the day (UTC, window open): the ratio differs between hours on 5-minute, 15-minute and hourly (Kruskal–Wallis p < 0.001). 5-minute: highest at 0:00 (0.90), lowest at 3:00 (0.76), 15-minute: highest at 0:00 (0.95), lowest at 16:00 (0.74) and hourly: highest at 13:00 (1.17), lowest at 15:00 (0.73).
Questions
How many Solana windows feed these figures?
10,146 of 21,425 5-minute windows, 3,798 of 7,139 15-minute windows and 1,068 of 1,799 hourly windows — those whose mid-window price sat in the 15%–45% or 55%–85% band, over 75 nights. One minute before the close only 15%, 9% and 8% would remain: that reading is not published.
Are Solana levels (implied 40% against realized 48%) published?
No — the Solana spot is logged too coarsely for a level (5% of a half-window move). The ratios cancel the spot and stay exact; Solana's 0.82 (5-minute), 0.83 (15-minute) and 0.84 (hourly) are published.
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Paper results · not financial advice · 18+. Data analytics on Polymarket crypto markets.