Perpetual futures on the Bitcoin Volmex Implied Volatility Index (BVIV), a real-time measure of expected 30-day Bitcoin volatility, debuted on Hyperliquid on Monday. The launch gives traders on the onchain exchange a way to take long or short positions on the degree of Bitcoin’s price swings rather than their direction. BVIV is often compared with Cboe’s VIX, which measures 30-day implied volatility for the S&P 500. The market is collateralized and denominated in USDC, with leverage of up to 5x available at launch. Seda’s oracle infrastructure links the Volmex index to the Markets exchange onchain. The listing expands Hyperliquid’s range of perpetual markets across crypto, equities, legacy indices and commodities. Hyperliquid has a fully diluted valuation above $90 billion and registers billions of dollars in daily trading volume as the world’s largest decentralized exchange for perpetual futures. The listing was led by Markets by Kinetiq, in partnership with Volmex and Perps.inc, marking the first market co-deployed by the three parties and the first onchain perpetual futures market for Volmex’s Bitcoin volatility index. Volmex Labs founder and CEO Cole Kennelly called the launch a major expansion for crypto traders and investors, while Kinetiq Markets co-founder and CTO Justin Greenberg said the arrangement demonstrates how Markets by Kinetiq can scale through partner-provided products and its trading venue.