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We consider the at-the-money strike derivative of implied volatility as thematurity tends to zero. Our main results quantify the behavior of the slope forinfinite activity exponential L\'evy models including a Brownian component. Asauxiliary results, we obtain asymptotic expansions of short maturityat-the-money digital call options, using Mellin transform asymptotics. Finally,we discuss when the at-the-money slope is consistent with the steepness of thesmile wings, as given by Lee's moment formula.

Small-maturity asymptotics for the at-the-money implied volatility slope in L\'evy models