Hyperliquid has added perpetual futures tied to the Bitcoin Volmex Implied Volatility Index (BVIV), giving traders a direct way to trade expectations for bitcoin’s price volatility.
The new contracts launched Monday through Markets by Kinetiq, with Volmex Labs founder and CEO Cole Kennelly involved in bringing the product to market. BVIV perpetuals allow traders to establish either long or short positions on bitcoin’s expected 30-day volatility rather than betting on the direction of BTC itself.
The BVIV Index tracks real-time expectations for bitcoin’s implied volatility over the next 30 days. It is frequently compared with the Cboe’s VIX, a widely followed measure of 30-day implied volatility for the S&P 500.
The perpetual contract offers traders a simpler route to volatility exposure than traditional options strategies. Rather than combining several options positions to express a volatility view, users can trade the index directly through a perpetual contract.
The launch reflects the continued expansion of crypto derivatives as participation broadens beyond retail traders. Hedge funds, volatility specialists and options-income traders are among the market participants increasingly active in digital assets.
“The launch of BVIV Index perpetual futures on Hyperliquid is a massive unlock for crypto traders and investors,” said Kennelly. “The market leading Bitcoin volatility index is now available to trade on the market leading onchain perpetual futures exchange, making it easy to hedge, speculate, and utilize pure Bitcoin volatility exposure.”
BVIV Market Details
The new perpetuals are collateralized and denominated in USDC, with leverage of up to 5x available at launch. Seda’s oracle infrastructure connects the Volmex index with the onchain Markets exchange.
The listing adds a volatility benchmark to Hyperliquid’s already extensive selection of perpetual contracts spanning crypto assets, equities, traditional indexes and commodities. The exchange currently carries a fully diluted valuation of more than $90 billion.
Hyperliquid is the world’s largest decentralized exchange for perpetual futures and handles billions of dollars in trading volume each day. Because it operates continuously, the platform also gives traders a venue for positioning when traditional markets are closed, including during weekends.
Markets by Kinetiq, an onchain perpetual futures platform built on Hyperliquid, led the listing in collaboration with Volmex and Perps.inc. The BVIV contract is the first market jointly deployed by the three groups and marks the first onchain perpetual futures listing for Volmex’s bitcoin volatility index.
Justin Greenberg, co-founder and CTO of Kinetiq Markets, said the collaboration demonstrates how Markets by Kinetiq can expand its product lineup through partnerships.
“With Bitcoin Volmex Implied Volatility Index, and the co-deployment structure that made it possible, we’re not just adding another ticker, we’re proving out the model for how Markets by Kinetiq scales,” Greenberg said. “Partners like Perps.inc and Volmex [are] bringing the products, and Markets [is] bringing the venue.”
