Bitcoin's VIX went onchain — and now degens can finally bet on the wobble 📉🤝📈

Perpetual futures tied to the Bitcoin Volmex Implied Volatility Index (BVIV) went live on Hyperliquid on Monday, giving traders an onchain way to go long or short the degree, rather than the direction, of bitcoin's price swings. The BVIV Index, commonly referred to as a "bitcoin VIX," tracks the cryptocurrency's expected 30-day implied volatility in real time and is modeled on Cboe's VIX, which measures 30-day implied volatility in the S&P 500.

The new market removes the need to express volatility views through options, an approach that is capital-intensive and requires derivatives expertise. The BVIV perpetual is collateralized and denominated in USDC, with up to 5x leverage available at launch. Seda's oracle infrastructure connects the Volmex index to the Markets exchange onchain.

"The launch of BVIV Index perpetual futures on Hyperliquid is a massive unlock for crypto traders and investors," said Cole Kennelly, founder and CEO of Volmex Labs. "The market leading Bitcoin volatility index is now available to trade on the market leading onchain perpetual futures exchange, making it easy to hedge, speculate, and utilize pure Bitcoin volatility exposure."

The listing was led by Markets by Kinetiq, the onchain perpetual futures platform built on Hyperliquid, in partnership with Volmex and Perps.fun, marking the first onchain perpetual futures market for Volmex's Bitcoin volatility index. It is the first market the three parties have brought to the exchange together.

The debut adds volatility indices to Hyperliquid's roster of perpetuals tied to crypto, equities, legacy indices and commodities. The exchange carries a fully diluted valuation above $90 billion and is the world's largest decentralized exchange for perpetual futures, registering billions of dollars in trading volume per day.