Volmex has opened trading on Hyperliquid for mkts:BVIV, a perpetual futures contract tracking Bitcoin implied volatility rather than Bitcoin’s price direction. The instrument allows traders to position on expected 30-day price swings, using USDC collateral and leverage of up to 5x. Markets, the onchain perpetuals platform from Kinetiq, brought the listing to Hyperliquid with Volmex and Perps.inc. Existing product materials say BVIV uses real-time Bitcoin option prices from Deribit and OKX, while the latest supplied report says traders should independently verify the index methodology, pricing source, settlement terms, leverage, funding structure and access restrictions. The linear, isolated-margin contract has a $2 million initial open-interest cap, hourly funding and a payout of $1 of USDC per contract for each 1.00-point index move. Markets said modeled carry had reached the mid-hundreds annualized before a clamp limited payouts; a 5x long is liquidated after roughly an 11% index decline. The listing gives traders a venue to trade or hedge expected Bitcoin turbulence, an assumption used in some treasury and credit models, including Strategy’s published 40% Bitcoin-volatility assumption. Hyperliquid’s parent entity, Hyperliquid Strategies, has also extended its equity purchase agreement to $2.5 billion.