Hyperliquid Launches Bitcoin Volatility Index Futures

Hyperliquid has launched perpetual futures tied to the Bitcoin Volmex Implied Volatility Index (BVIV), giving crypto traders a new way to trade expected Bitcoin volatility without betting directly on whether BTC prices will rise or fall.

The BVIV perpetual futures debuted Monday and track the Bitcoin Volmex Implied Volatility Index, commonly described as the “Bitcoin VIX.” The index measures Bitcoin’s expected 30-day implied volatility in real time, functioning similarly to Cboe’s VIX, which measures expected volatility in the S&P 500.

The new product allows traders to take long or short positions directly on Bitcoin volatility. Previously, investors typically relied on cryptocurrency options to express volatility strategies, which can require greater capital and more specialized derivatives knowledge.

Volmex Labs CEO Cole Kennelly called the launch a major development for crypto traders, saying the product makes it easier to hedge, speculate and gain direct exposure to Bitcoin volatility through a leading onchain perpetual futures venue.

The BVIV perpetual is denominated and collateralized in USDC and offers leverage of up to 5x at launch. Seda provides the oracle infrastructure connecting the Volmex volatility index with the Markets exchange onchain.

The listing expands Hyperliquid’s range of perpetual futures, which already includes contracts linked to cryptocurrencies, equities, traditional market indexes and commodities. Hyperliquid has emerged as the world’s largest decentralized exchange for perpetual futures, processing billions of dollars in daily trading volume. Its around-the-clock market has also become popular with traders seeking exposure when traditional financial markets are closed.

The BVIV market was introduced by Markets by Kinetiq, an onchain perpetual futures platform built on Hyperliquid, in partnership with Volmex and Perps.inc. It marks the first market jointly deployed by the three companies and the first onchain perpetual futures market based on Volmex’s Bitcoin volatility index.

Kinetiq Markets co-founder and CTO Justin Greenberg said the launch also demonstrates how Markets by Kinetiq can work with outside partners to bring new financial products to Hyperliquid’s trading infrastructure.