The new BVIV perpetuals, often described as a "bitcoin VIX," allow traders on the onchain exchange to directly long or short bitcoin's expected 30-day implied volatility, rather than indirectly through options. The launch, led by Kinetiq's Markets frontend and Volmex CEO Cole Kennelly, offers up to 5x leverage and is collateralized in USDC. This marks the first time Volmex's Bitcoin volatility index has an onchain perpetual futures market.