New to VRP? The Practical Guide to Trading VRP covers z-scores, directional decomposition, GEX-conditioned regimes, and strategy selection.

Works with CME index futures. Pass ES=F or NQ=F and URL-encode the = as %3D - e.g. /v1/vrp/ES%3DF. Options-on-futures are priced with Black-76 using the CME multiplier ($50/pt ES, $20/pt NQ); CME index futures are Growth-tier. See the futures hub.

VRP Dashboard

GET /v1/vrp/{symbol}

Auth required (X-Api-Key) Rate Limited: Yes Alpha+ plan

Parameters

Name	In	Required	Description
`symbol`	path	yes	Underlying symbol (e.g. `SPY`, `TSLA`, `AAPL`)
`date`	query	no	Historical date (`yyyy-MM-dd`). Returns the persisted VRP snapshot for that date instead of the live dashboard; `404` if no snapshot exists.

curl -H "X-Api-Key: YOUR_API_KEY" \
  "https://lab.flashalpha.com/v1/vrp/SPY"

import requests

resp = requests.get(
    "https://lab.flashalpha.com/v1/vrp/SPY",
    headers={"X-Api-Key": "YOUR_API_KEY"}
)
data = resp.json()
print(f"VRP 30d: {data['vrp']['vrp_30d']}%")
print(f"Z-score: {data['vrp']['z_score']}")
print(f"Regime: {data['regime']['gamma']}")

const resp = await fetch(
  "https://lab.flashalpha.com/v1/vrp/SPY",
  { headers: { "X-Api-Key": "YOUR_API_KEY" } }
);
const data = await resp.json();
console.log(`VRP 30d: ${data.vrp.vrp_30d}%`);
console.log(`Z-score: ${data.vrp.z_score}`);
console.log(`Regime: ${data.regime.gamma}`);

API Key

Dashboard Response

{
  "symbol": "SPY",
  "underlying_price": 580.51,
  "as_of": "2026-03-27T15:30:00Z",
  "market_open": true,
  "vrp": {
    "atm_iv": 18.45,
    "rv_5d": 15.33, "rv_10d": 13.60, "rv_20d": 13.04, "rv_30d": 12.67,
    "vrp_5d": 3.12, "vrp_10d": 4.85, "vrp_20d": 5.41, "vrp_30d": 5.78,
    "z_score": 1.34, "percentile": 82, "history_days": 252
  },
  "variance_risk_premium": 0.042,
  "convexity_premium": 2.15,
  "fair_vol": 20.60,
  "directional": {
    "put_wing_iv_25d": 21.03, "call_wing_iv_25d": 16.82,
    "downside_rv_20d": 13.68, "upside_rv_20d": 12.61,
    "downside_vrp": 7.35, "upside_vrp": 4.21
  },
  "term_vrp": [
    { "dte": 7, "iv": 15.89, "rv": 12.77, "vrp": 3.12 },
    { "dte": 14, "iv": 17.22, "rv": 12.37, "vrp": 4.85 },
    { "dte": 30, "iv": 18.45, "rv": 12.67, "vrp": 5.78 }
  ],
  "gex_conditioned": {
    "regime": "positive_gamma",
    "harvest_score": 0.82,
    "interpretation": "Dealers long gamma - dampening moves, supportive for premium selling."
  },
  "vanna_conditioned": {
    "outlook": "Supportive - vol compression accelerating",
    "interpretation": "Positive vanna with spot above flip: compression strengthening."
  },
  "regime": {
    "gamma": "positive_gamma",
    "vrp_regime": "elevated",
    "net_gex": 4200000000,
    "gamma_flip": 572.50
  },
  "strategy_scores": {
    "short_straddle": 78,
    "short_strangle": 82,
    "iron_condor": 85,
    "calendar_spread": 61,
    "jade_lizard": 74
  },
  "net_harvest_score": 0.78,
  "dealer_flow_risk": 15,
  "warnings": [],
  "macro": {
    "vix": 16.42, "vix_3m": 17.85, "vix_term_slope": 1.087,
    "dgs10": 4.33, "hy_spread": 3.17, "fed_funds": 3.64
  }
}

Dashboard Fields

Section	Field	Description
VRP	`vrp.atm_iv`	ATM implied volatility (%)
VRP	`vrp.rv_5d` .. `rv_30d`	Realized volatility across 4 windows (5d, 10d, 20d, 30d)
VRP	`vrp.vrp_5d` .. `vrp_30d`	IV minus RV across 4 rolling windows (percentage points) - see volatility risk premium
VRP	`vrp.z_score`	VRP z-score vs trailing 252-day history (null if insufficient history)
VRP	`vrp.percentile`	VRP percentile rank (0-100) over lookback window (null if insufficient history)
VRP	`vrp.history_days`	Number of days of VRP history available for z-score/percentile calculation
Top Level	`variance_risk_premium`	Variance risk premium as a decimal (e.g. 0.042 = 4.2%) - see VRP
Top Level	`convexity_premium`	Convexity premium in vol points - wing richness vs ATM
Top Level	`fair_vol`	Model-estimated fair vol from variance-swap integration
Directional	`directional.put_wing_iv_25d`	25-delta put implied volatility
Directional	`directional.call_wing_iv_25d`	25-delta call implied volatility
Directional	`directional.downside_rv_20d`	20-day downside realized vol proxy
Directional	`directional.upside_rv_20d`	20-day upside realized vol proxy
Directional	`directional.downside_vrp`	Put-side VRP - see directional VRP
Directional	`directional.upside_vrp`	Call-side VRP - see directional VRP
Term VRP	`term_vrp[].dte`	Days to expiry for term VRP bucket (7, 14, 30)
Term VRP	`term_vrp[].iv`, `rv`, `vrp`	Implied vol, realized vol, and term VRP spread for each DTE bucket
GEX Conditioned	`gex_conditioned.regime`	Current GEX-conditioned regime - `positive_gamma` or `negative_gamma`
GEX Conditioned	`gex_conditioned.harvest_score`	Premium harvest suitability score (0-1)
GEX Conditioned	`gex_conditioned.interpretation`	Human-readable regime interpretation for VRP context
Vanna Conditioned	`vanna_conditioned.outlook`	Vanna-driven vol outlook summary
Regime	`regime.gamma`	Gamma regime label - `positive_gamma` or `negative_gamma`
Regime	`regime.net_gex`	Net gamma exposure in dollars
Regime	`regime.gamma_flip`	Price level where gamma regime flips
Strategy Scores	`strategy_scores`	Strategy scores (0-100) for short strangle, iron condor, calendar spread - `null` if insufficient data
Top Level	`dealer_flow_risk`	Dealer flow risk score (0-100) - higher means more dealer rebalancing risk
Warnings	`warnings`	Array of risk flags (e.g. `negative_gamma`, FOMC imminent, earnings, low liquidity)
Macro	`macro.vix`	Current VIX level
Macro	`macro.vix_3m`	3-month VIX level
Macro	`macro.vix_term_slope`	VIX / VIX3M ratio - below 1.0 indicates contango, above 1.0 indicates backwardation
Macro	`macro.dgs10`	10-year Treasury yield
Macro	`macro.hy_spread`	High-yield credit spread
Macro	`macro.fed_funds`	Federal funds rate

Use Cases

Time premium-selling entries - read the VRP z_score and percentile to fire short-vol structures only when the premium is statistically rich
Pick the richer side - compare upside vs downside VRP to decide whether to sell puts or calls and lean skew trades the right way
Gate on the gamma regime - pair the VRP spread with the GEX-conditioned regime to confirm whether dealers are suppressing or amplifying realized vol before sizing
Avoid trading into trapped risk - check the dealer risk level and warnings array to skip names where the premium reflects genuine event risk, not edge
Frame against macro - use the macro context (dgs10, hy_spread, fed_funds) to size short-vol exposure for the rate and credit backdrop
Seed your own history - archive daily /v1/vrp snapshots via cron to build a backtestable VRP time series, or read VRP History directly

Complementary endpoints

VRP History - the daily VRP time series for charting and backtesting
Realized Volatility - the RV leg of the spread across windows
Volatility - IV, IV-RV spreads, skew, and term structure context
Expected Move - the straddle-implied move the premium is paying for

VRP Analytics API ALPHA+