Perp futures linked to 'bitcoin VIX' debut on Hyperliquid

Hyperliquid on Monday listed perpetual futures that track the Bitcoin Volmex Implied Volatility Index (BVIV), providing traders on the onchain exchange a direct instrument tied to expected 30-day bitcoin volatility. The BVIV index, commonly compared to the Cboe VIX, measures market-expected price swings for bitcoin rather than directional moves in the underlying asset.

The new perpetual market was deployed through Markets by Kinetiq’s frontend and co-launched with Volmex and Perps.inc, marking the first onchain perpetual futures venue for Volmex’s bitcoin volatility index. Seda's oracle infrastructure is being used to relay the Volmex index onchain to the Markets exchange.

Unlike options, which are often capital-intensive and require specific derivatives expertise to express volatility views, the BVIV perpetual allows traders to go long or short the index directly. The contracts are collateralized and settled in USDC and launch with up to 5x leverage available, according to the project partners.

Executives from the partnering firms framed the listing as both a product expansion for Hyperliquid and a proof point for the deployment model used by Markets by Kinetiq. Hyperliquid, which the partners say is the world’s largest decentralized exchange for perpetual futures, already offers a broad slate of perpetuals across crypto, equities, legacy indices and commodities and processes billions in daily trading volume.