Volmex has launched a perpetual contract for its BVIV Bitcoin implied-volatility index on Hyperliquid, while Cboe Global Markets, described as the largest U.S. derivatives exchange, is exploring a similar expiration-free structure for the Cboe Volatility Index, or VIX. BVIV uses Deribit and OKX options data to measure expected Bitcoin volatility over 30 days rather than its price direction, with each index point settling at 1 USDC, isolated margin, leverage of up to five times and hourly funding. Cboe has not disclosed specifications, regulatory filings or a launch date for its proposed perpetual VIX futures. The developments highlight growing interest in perpetual volatility products, including among traders focused on CFTC-regulated futures markets.