Volmex’s BVIV perpetual is live on Orderly, tradable through Raydium Perps. The market is BVIV: long or short exposure to the Bitcoin Volmex Implied Volatility 30 Day Index, settled in USDC, 10x max leverage at base margin, funding every four hours.
Availability. Raydium Perps is not available to residents of the United States and a number of other jurisdictions. Eligibility is subject to Raydium’s jurisdictional restrictions.
This is direct exposure to aggregate 30-day BTC implied volatility without constructing and delta-managing an options position. You take on a different risk set instead: funding, basis, and liquidation.
What BVIV measures
The BVIV Index tracks constant, forward-looking 30-day implied volatility for Bitcoin. Volmex consolidates option and futures data from leading derivatives venues into a unified option book, then applies exponentially-weighted smoothing. Full calculation is in the methodology paper.
BVIV is quoted in annualized volatility points. BVIV at 45 is 45 annualized points, roughly a 12.9% one-sigma 30-day move under square-root-of-time (45% × √(30/365)).
The index is not a spot proxy.
How the venue works
Raydium Perps provides Solana-facing access to Orderly’s shared central limit order book. Orderly matches off-chain and records settlement data on Orderly L2. Raydium describes the product as self-custodial: deposited collateral moves into Orderly’s on-chain settlement vault and is credited to your perps account, with no Raydium-operated custodial wallet.
Two-sided book. Post-only orders currently pay 0 bps maker; taker fees are volume-tiered. Fees can change, so check current terms in the Raydium Perps documentation. Quoting is available through the Raydium interface or programmatically against Orderly’s REST and WebSocket order-management APIs, which require Orderly account and key setup.
Order types. Market, limit, stop, scale, and conditional orders, plus the usual IOC, FOK, post-only and reduce-only instructions.
Cross-margin, multi-collateral. Accepted collateral includes USDC, SOL, USDT, ETH, BNB, WBTC, YUSD, and USD1, depositable from Arbitrum, Base, BNB Chain, Ethereum, and Solana. All P&L settles in USDC. Non-USDC collateral is subject to haircuts and price risk, per Orderly’s multi-collateral documentation.
Mark price. Mark is not purely book-discovered. Orderly derives it from the index price, a basis moving average, and the futures price, then clamps the result to a band around index. Mark, not last, drives liquidations and unrealized P&L. See Orderly’s mark price methodology.
Contract specifications
| Field | Value |
|---|---|
| Market | BVIV |
| Underlying | BVIV Index (Bitcoin Volmex Implied Volatility, 30-day) |
| Infrastructure | Orderly: off-chain matching, Orderly L2 settlement |
| Interface | Raydium Perps (Solana) |
| Settlement asset | USDC |
| Margin | Cross-margin, multi-collateral |
| Deposit chains | Arbitrum, Base, BNB Chain, Ethereum, Solana |
| Base initial margin | 10% (10x max leverage) |
| Base maintenance margin | 5% |
| IMR factor | 2e-5 (initial and maintenance requirements both scale with position notional) |
| Price tick | 0.001 (quote price increment) |
| Order size tick / minimum | 0.001 contracts |
| Minimum notional | 10 USDC |
| Maximum order size | 8,239.501 contracts |
| Funding interval | Every 4 hours |
| Funding cap / floor | +3% / -3% per 4-hour funding period |
| Interest rate component | 0.01% per 4-hour funding period |
| Mark / index deviation band | 94.75% to 105.25% of index |
| Liquidation fee | 1.5% of liquidated notional (configured liquidator fee 0.75%) |
| Global max open interest | 300,000 contracts |
| Maker fee | 0 bps |
| Taker fee | Volume-tiered |
| Status | ACTIVE, live since August 2026 |
Source: Orderly public API, as of 14 August 2026.
Use cases and their limits
| Use case | What the contract gives you | Where it falls short |
|---|---|---|
| Hedging an options book | Direct exposure to aggregate 30-day BTC implied volatility | One tenor, aggregated across venues. It will not match the strike-, expiry-, and venue-specific vega of a real book |
| Expressing a volatility view | One position instead of a straddle plus delta management | Funding is variable and can run either way against you |
| Volatility carry | Funding on a volatility perp is a distinct signal from BTC perp funding | Direction and size of carry are not guaranteed, and the two funding streams do not always diverge usefully |
| Market making | 0 bps maker fee on a newly listed book | Order price-range rules constrain how far from mark you can rest |
| Portfolio hedging | Implied volatility has historically risen during sharp drawdowns | A tendency, not a mechanism. P&L is linear to BVIV, so this is not a convex hedge |
Risks
Liquidation. Mark drives liquidations and is clamped to a band around index, so a fast repricing of implied volatility can liquidate a short before the book reflects it. Base maintenance margin is 5%, and both initial and maintenance requirements scale up with position notional. Liquidation costs 1.5% of liquidated notional.
Funding. Variable, settled every four hours, capped at +3% and floored at -3% per period. You pay or receive depending on the sign of the funding rate, which combines a premium component and the interest component. Held over weeks, carry can exceed the move you were trading.
Index dependence. The contract references BVIV, which depends on option quotes from underlying venues. Disruption at those venues affects the index.
Liquidity. This is a newly listed market. Depth can be limited, exit prices in stressed conditions can be materially worse than mark, and the 300,000 contract open interest cap bounds how large the market can get.
Infrastructure. Onchain trading carries smart contract, bridge, and settlement risk. Off-chain matching carries operational risk at the matching engine.
Historical behavior of implied volatility is not a prediction.
Frequently asked questions
What is a BVIV perpetual?
A perpetual futures contract referencing the BVIV Index, which measures Bitcoin’s 30-day implied volatility. Funding is designed to pull the contract price toward the index, though convergence is not guaranteed.
Who can trade it?
Raydium Perps excludes residents of the United States and other listed jurisdictions. Consult the restricted-jurisdiction list.
Do I keep custody?
Raydium describes the product as self-custodial. Deposited collateral moves to Orderly’s on-chain settlement vault and is credited to your perps account. There is no Raydium-operated custodial wallet.
Is there programmatic access?
Yes, through Orderly’s REST and WebSocket APIs, with Orderly account and key setup.
Where can I track BVIV?
Volmex Charts, TradingView, Bloomberg Terminal, and LSEG Data & Analytics.
Trade the market
BVIV is live: open the market on Raydium Perps. See the full venue list for where the Volmex indices are traded, used for market resolution, and distributed as data.
Volmex Labs Corporation calculates and publishes the BVIV Index. It does not operate Raydium Perps or Orderly, and does not offer, solicit, or execute trades in the contract described here. This post is for informational purposes only and is not investment advice, financial advice, trading advice, an offer, or a solicitation. Derivatives trading involves substantial risk of loss, including loss exceeding deposited collateral. Use of Volmex services is governed by our Terms of Service and Privacy Policy.
