Identify the actual instrument
The phrase Bitcoin option does not establish a universal quotation currency, settlement currency or contract size. Use a verified instrument catalog, retain source identifiers, and describe the product before interpreting its prices. Available products and user access depend on the provider and must be checked directly.
Not every price has the same job
Deribit’s ticker reference distinguishes last price, mark price, underlying price and option analytics. That is a useful example of why your schema should keep these concepts separate. A missing last trade should not be replaced with a mark while retaining the last-trade label.
Normalize without destroying the raw values
Preserve premium units, conversion rates, timestamps and volatility scales. When displaying another currency, name the conversion input and its observation time. Keep contract counts and asset quantities distinguishable. Your output should be traceable to the original fields instead of relying on a plausible-looking final number.
A surface is a methodology, not a promise
Start with the observed points, their completeness and their collection times before interpolating a volatility surface. Label interpolated regions and preserve filtering rules. Smooth visuals do not establish liquidity, execution quality or future returns. The accompanying guide turns these distinctions into a collection and validation plan.
