Hyperliquid has launched perpetual futures based on the Bitcoin Volmex Implied Volatility Index, or BVIV, allowing traders to take positions on bitcoin’s expected volatility without making a direct bet on whether the cryptocurrency will rise or fall.
The contracts went live Monday through Markets by Kinetiq, with Volmex Labs founder and CEO Cole Kennelly heading the initiative. Traders can use the new BVIV perpetuals to take long or short positions on bitcoin’s expected 30-day volatility.
BVIV tracks the market’s real-time expectations for bitcoin’s implied volatility over a 30-day period. It is commonly compared with the Cboe Volatility Index, or VIX, which measures expected volatility for the S&P 500 and is widely known as Wall Street’s volatility gauge.
The new product provides a direct alternative to options-based volatility strategies. Instead of constructing positions through multiple options contracts, traders can now gain exposure to bitcoin volatility through a perpetual futures contract, potentially simplifying both hedging and speculation.
The launch comes as crypto derivatives markets continue to attract institutional participants, including hedge funds, volatility-focused traders and investors pursuing options-income strategies.
“The launch of BVIV Index perpetual futures on Hyperliquid is a massive unlock for crypto traders and investors,” Kennelly said. “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.”
USDC Collateral and 5x Leverage
The BVIV perpetual contract uses USDC as both its collateral and denomination, with leverage of up to 5x available at launch. Seda’s oracle infrastructure provides the connection between the Volmex index and the Markets exchange onchain.
The addition of BVIV broadens Hyperliquid’s lineup of perpetual contracts, which already covers cryptocurrencies, equities, traditional indexes and commodities. The exchange’s fully diluted valuation is above $90 billion.
Hyperliquid has established itself as the largest decentralized perpetual-futures exchange, processing billions of dollars in trading volume each day. Its continuous trading environment also allows market participants to manage positions outside traditional market hours, including on weekends.
The BVIV market was launched through a partnership between Markets by Kinetiq, Volmex and Perps.inc. Markets by Kinetiq is an onchain perpetual-futures venue built on Hyperliquid. The collaboration marks the first market jointly deployed by the three companies and the first time Volmex’s bitcoin volatility index has been offered through an onchain perpetual futures contract.
“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, Kinetiq Markets’ co-founder and CTO. “Partners like Perps.inc and Volmex [are] bringing the products, and Markets [is] bringing the venue.”
