Hyperliquid has introduced perpetual futures tied to the Bitcoin Volmex Implied Volatility Index (BVIV), giving traders an onchain instrument to speculate on bitcoin’s volatility rather than its price direction.
The BVIV perpetual market went live Monday through Markets by Kinetiq, with Volmex Labs CEO Cole Kennelly leading the launch. The product allows traders to take either long or short positions based on expected 30-day bitcoin volatility.
BVIV is often referred to as the crypto equivalent of the “bitcoin VIX.” The index measures real-time expectations for bitcoin’s implied volatility over the next 30 days. Its structure is comparable to the Cboe Volatility Index, or VIX, which measures expected 30-day volatility for the S&P 500.
Previously, traders seeking direct exposure to volatility generally had to use options strategies. Those approaches can require significant capital and specialized derivatives knowledge. BVIV perpetuals provide a more direct way to establish a view on bitcoin volatility through an onchain futures market.
The product arrives as cryptocurrency markets continue attracting institutional participants, including hedge funds, volatility-focused traders and options-income strategies.
“The launch of BVIV Index perpetual futures on Hyperliquid is a massive unlock for crypto traders and investors,” said Cole Kennelly, founder and CEO of Volmex Labs. “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 Uses USDC Collateral
The BVIV perpetual contract is denominated and collateralized in USDC, with leverage of up to 5x available at launch. Seda’s oracle infrastructure links the Volmex volatility index with the Markets exchange onchain.
Adding BVIV expands Hyperliquid’s already broad selection of perpetual markets. The platform offers contracts linked to cryptocurrencies, equities, traditional market indexes and commodities, while its fully diluted valuation has surpassed $90 billion.
Hyperliquid is the largest decentralized exchange focused on perpetual futures, processing billions of dollars in daily trading volume. Its around-the-clock structure has made it particularly useful for traders looking to manage positions when traditional financial markets are closed, including during weekends.
The new market was jointly launched by Markets by Kinetiq, Volmex and Perps.inc. Markets by Kinetiq is an onchain perpetual futures platform built on Hyperliquid. The BVIV contract marks the first market co-deployed by the three companies and represents the first onchain perpetual futures market for Volmex’s bitcoin volatility index.
“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,” said Justin Greenberg, co-founder and CTO of Kinetiq Markets. “Partners like Perps.inc and Volmex [are] bringing the products, and Markets [is] bringing the venue.”
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