Hyperliquid, a decentralized exchange focused on perpetual futures, began offering perpetual contracts tied to the Bitcoin Volmex Implied Volatility Index on Monday. The contracts, known as BVIV perps, enable traders to take long or short positions on the expected 30‑day price volatility of bitcoin rather than on price direction itself. The index, often referred to as a "bitcoin VIX," measures real‑time implied volatility over a month and mirrors the methodology of the Cboe VIX used on Wall Street. Trading on the BVIV perps will commence on Tuesday after a brief scheduling adjustment, according to Volmex. The products are collateralized and denominated in USDC, with up to five‑times leverage available at launch. The launch was led by Markets by Kinetiq, the on‑chain perpetual futures platform built on Hyperliquid, in partnership with Volmex and Perps.inc. It represents the first joint deployment of a perpetual market for Volmex’s volatility index and the first on‑chain perpetual futures contract for the index. Cole Kennelly, founder and chief executive of Volmex Labs, described the listing as a "massive unlock" for crypto traders and investors, noting that it provides an easier way to hedge, speculate, and obtain pure Bitcoin volatility exposure. Justin Greenberg, co‑founder and chief technology officer of Kinetiq Markets, added that the collaboration demonstrates a scalable model for expanding the range of tradable assets on the Hyperliquid ecosystem. The BVIV perpetual joins a suite of other perpetual contracts on Hyperliquid that reference crypto, equities, legacy indices, and commodities. Hyperliquid ranks among the largest decentralized exchanges for perpetual futures, processing billions of dollars in daily trading volume. The exchange’s fully diluted valuation exceeds $90 billion, underscoring its prominence in the decentralized finance space.