Bitcoin VIX Perpetual Contracts Go Live on Hyperliquid

Hyperliquid has introduced perpetual futures tied to the Bitcoin Volmex Implied Volatility Index (BVIV), giving users a direct market for trading bitcoin’s expected volatility.

The BVIV contracts launched Monday through Markets by Kinetiq and allow traders to take long or short positions on bitcoin’s projected 30-day volatility. The product is being led by Cole Kennelly, founder and CEO of Volmex Labs.

BVIV tracks the market’s real-time expectations for bitcoin’s implied volatility over a 30-day horizon. Because of its role as a gauge of expected bitcoin volatility, the index is commonly described as a “bitcoin VIX.” It is modeled conceptually alongside Cboe’s VIX, which measures 30-day implied volatility for the S&P 500.

The new perpetual market allows traders to express volatility views without building complex options positions. Options can require greater capital and derivatives expertise, while the BVIV contract provides a direct way to take a long or short position on volatility.

The launch comes as digital-asset derivatives attract an increasingly diverse group of professional market participants, including hedge funds, volatility specialists and traders 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.”

BVIV Offers Up to 5x Leverage

The BVIV perpetual is settled using USDC as collateral and is denominated in USDC. Traders can access up to 5x leverage at launch, while Seda’s oracle infrastructure connects the Volmex index with Markets onchain.

The addition introduces a volatility-based product to Hyperliquid’s broad perpetual-futures lineup, which includes markets linked to digital assets, equities, traditional indexes and commodities. Hyperliquid’s fully diluted valuation is above $90 billion.

The decentralized exchange has become a major venue for perpetual futures, processing billions of dollars in daily volume. Its continuous operation also gives traders access to derivatives markets when traditional financial exchanges are closed.

Markets by Kinetiq, an onchain perpetual-futures platform built on Hyperliquid, developed the listing in partnership with Volmex and Perps.inc. The BVIV contract is the first market the three groups have deployed together and the first onchain perpetual market based on Volmex’s bitcoin volatility index.

Justin Greenberg, co-founder and CTO of Kinetiq Markets, said the partnership illustrates how Markets by Kinetiq can expand its offerings through outside product developers.

“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.”