# Variance Risk Premium API > How much more volatility the options market is pricing in than the market has actually delivered — the carry that every short-volatility strategy harvests — computed live from Yahoo Finance, no key, nothing stored. Implied volatility (the VIX and its cousins) is almost always richer than the volatility that subsequently shows up: investors pay up for protection, and that gap, the variance risk premium, is one of the most persistent paid-for risks in markets. This API measures it directly across the major asset classes that publish an implied-vol index: for the S&P 500 (VIX), the Nasdaq 100 (VXN), crude oil (OVX) and gold (GVZ), it takes the live implied-vol index and subtracts the realised volatility actually delivered by the underlying over the matching ~30-day window (annualised standard deviation of daily log returns), and returns the premium in volatility points, the implied/realised ratio and a rich/cheap read. A large positive VRP means options are expensive relative to what the market has been doing (sellers are well paid); a negative VRP — implied below realised — is rare and flags that options are cheap, often during or right after a stress event. The premium endpoint returns all four markets ranked; the asset endpoint returns one market with 21- and 30-day realised legs; the history endpoint returns the VRP time series. This is the implied-minus-realised / variance-risk-premium cut for equities and commodities — distinct from the implied-vol level board (no realised leg), the realised-volatility dashboard (no implied leg) and the crypto-only DVOL/VRP API. ## Authentication All requests require your oanor API key in the `x-oanor-key` header. Get one at https://www.oanor.com/developer/keys. ```bash curl -H "x-oanor-key: oanor_live_…" "https://api.oanor.com/vrp-api/..." ``` ## Pricing - **Free** (Free) — 690 calls/Mo, 2 req/s - **Starter** ($12/Mo) — 15,400 calls/Mo, 6 req/s - **Pro** ($38/Mo) — 83,500 calls/Mo, 16 req/s - **Mega** ($82/Mo) — 464,000 calls/Mo, 40 req/s ## Endpoints ### Premium #### `GET /v1/premium` — Variance risk premium for all four markets, ranked **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/vrp-api/v1/premium" ``` **Response:** ```json { "data": { "note": "Variance risk premium = implied vol (the index) minus 21-day realised vol of the underlying, in annualised volatility points. Positive = options rich (the normal premium short-vol earns); negative = options cheap vs recent moves (stress signal). Read fresh per call, lightly cached.", "count": 4, "source": "Yahoo Finance", "markets": [ { "name": "Crude Oil", "rank": 1, "read": "very rich — implied well above realised, sellers richly paid", "market": "oil", "underlying": "Crude Oil ETF (USO)", "implied_index": "OVX", "implied_vol_pct": 56.3, "realised_vol_21d_pct": 45.48, "realised_vol_30d_pct": 49.2, "implied_realised_ratio": 1.238, "variance_risk_premium_pts": 10.82 }, { "name": "Nasdaq 100", "rank": 2, "read": "rich — the normal positive variance risk premium", "market": "ndx", "underlying": "Nasdaq 100", "implied_index": "VXN", "implied_vol_pct": 30.44, "realised_vol_21d_pct": 26.17, "realised_vol_30d_pct": 24.02, "implied_realised_ratio": 1.163, "variance_risk_premium_pts": 4.27 }, { "name": " …(truncated, see openapi.json for full schema) ``` ### Asset #### `GET /v1/asset` — One market's full VRP profile with 21/30-day realised legs **Parameters:** - `market` (query, required, string) — Market: spx, ndx, oil or gold Example: `spx` **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/vrp-api/v1/asset?market=spx" ``` **Response:** ```json { "data": { "name": "S&P 500", "note": "implied_vol_pct is the live VIX index; realised legs are the annualised standard deviation of S&P 500 daily log returns over 21 and 30 trading days. variance_risk_premium_pts = implied - realised_21d. Read fresh per call, lightly cached.", "read": "rich — the normal positive variance risk premium", "market": "spx", "source": "Yahoo Finance (VIX vs S&P 500)", "underlying": "S&P 500", "implied_index": "VIX", "implied_vol_pct": 18.87, "realised_vol_21d_pct": 15.39, "realised_vol_30d_pct": 14.24, "implied_realised_ratio": 1.226, "variance_risk_premium_pts": 3.48 }, "meta": { "timestamp": "2026-06-12T10:34:35.551Z", "request_id": "d3dea696-b11d-47cc-a246-98b55502fe9f" }, "status": "ok", "message": "Market VRP retrieved successfully", "success": true } ``` ### History #### `GET /v1/history` — Daily VRP time series for one market **Parameters:** - `market` (query, required, string) — Market: spx, ndx, oil or gold Example: `spx` - `days` (query, optional, string) — Days of history (60-1000) Example: `252` **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/vrp-api/v1/history?market=spx&days=252" ``` **Response:** ```json { "data": { "days": 252, "name": "S&P 500", "note": "Daily variance risk premium (implied VIX minus rolling 21-day realised vol of S&P 500). negative_vrp_days counts days implied fell below realised (stress). Read fresh per call, lightly cached.", "market": "spx", "source": "Yahoo Finance", "current": { "date": "2026-06-11", "vrp_pts": 4.05, "implied_vol_pct": 19.44, "realised_vol_pct": 15.39 }, "history": [ { "date": "2025-06-11", "vrp_pts": 5.59, "implied_vol_pct": 17.26, "realised_vol_pct": 11.67 }, { "date": "2025-06-12", "vrp_pts": 6.51, "implied_vol_pct": 18.02, "realised_vol_pct": 11.51 }, { "date": "2025-06-13", "vrp_pts": 8.5, "implied_vol_pct": 20.82, "realised_vol_pct": 12.32 }, { "date": "2025-06-16", "vrp_pts": 6.48, "implied_vol_pct": 19.11, "realised_vol_pct": 12.63 }, { "date": "2025-06-17", "vrp_pts": 8.78, "implied_vol_pct": 21.6, "realised_vol_pct": 12.82 }, { "date": "2025-06-18", …(truncated, see openapi.json for full schema) ``` ### Meta #### `GET /v1/meta` — Service metadata **Example:** ```bash curl -H "x-oanor-key: $KEY" \ "https://api.oanor.com/vrp-api/v1/meta" ``` **Response:** ```json { "data": { "note": "premium and meta take no parameters. asset and history take market = spx, ndx, oil or gold (history also days, 60-1000, default 252). VRP = implied - 21-day realised, in annualised vol points; positive = options rich. A 10-minute protective cache fronts the shared Yahoo upstream.", "source": "Yahoo Finance (^VIX/^VXN/^OVX/^GVZ vs ^GSPC/^NDX/USO/GLD), live", "markets": [ { "key": "spx", "implied": "VIX", "underlying": "S&P 500" }, { "key": "ndx", "implied": "VXN", "underlying": "Nasdaq 100" }, { "key": "oil", "implied": "OVX", "underlying": "Crude Oil ETF (USO)" }, { "key": "gold", "implied": "GVZ", "underlying": "Gold ETF (GLD)" } ], "service": "vrp-api", "endpoints": { "GET /v1/meta": "This document.", "GET /v1/asset": "One market's full VRP profile with 21- and 30-day realised legs (market=spx).", "GET /v1/history": "Daily VRP time series for one market (market=spx, days=252).", "GET /v1/premium": "Variance risk premium for all four markets, ranked richest to cheapest." }, "description": "Variance risk premium (VRP) — how much more volatility the options …(truncated, see openapi.json for full schema) ``` --- Marketplace page: https://www.oanor.com/api/vrp-api OpenAPI spec: https://www.oanor.com/api/vrp-api/openapi.json