Volmex Launches Bitcoin Implied-Vol Perpetual Futures on Hyperliquid

Volmex announced Tuesday that perpetual futures on its Bitcoin Implied Volatility Index are live on Hyperliquid. The contract offers a direct long or short on bitcoin’s 30-day expected volatility, collateralized in USDC, at up to 5x leverage.

The listing was brought to Hyperliquid by Markets, the onchain perps platform from Kinetiq, in partnership with Volmex and Perps.inc. The ticker is mkts:BVIV. Contracts were posted last week; Tuesday’s announcement was that trading is open.

Volmex’s index, BVIV, is built from real-time bitcoin option prices on Deribit and OKX. It measures the volatility the options market is pricing over the next 30 days — the same role the VIX plays for the S&P 500. Recent prints have been in the mid-to-high 30s.

The Hyperliquid contract is linear and isolated-margin only. One contract gains or loses $1 of USDC per 1.00 move in the index. Open interest is capped at $2 million at launch. Funding is paid hourly. Markets’ documentation warned that modelled carry ran in the mid-hundreds annualized in the days before launch, before a clamp limited payouts. A 5x long is liquidated on roughly an 11% drop in the index.

When the market was first listed on September 21, Volmex founder and CEO Cole Kennelly told CoinDesk the product put “the market leading Bitcoin volatility index” on “the market leading onchain perpetual futures exchange,” and that it would make it easier to hedge or take pure volatility exposure. Tuesday’s posts from Volmex did not add a new comment.

The perpetual does not replace a spot bitcoin position. It prices expected turbulence, not direction. That figure already sits inside a lot of treasury models — Strategy, for example, still assumes 40% bitcoin volatility in its published credit work. Until now, trading that assumption meant options, variance swaps, or an OTC ticket. As of Tuesday, there is a listed perpetual on the index itsel