XRP options expiring 25DEC26, 109 days out, with the forward at $1.4. Open interest is $14M in calls and $8M in puts, put/call 0.53, and max pain is $1.55. At-the-money implied volatility is 51.6%. Where a strike is listed on both venues the cheaper ask and richer bid are visible side by side; the arb scanner flags any gap that exceeds fees. Strikes shown are within 60% of the forward. All XRP expiries.