> ## Documentation Index
> Fetch the complete documentation index at: https://docs.everstrike.io/llms.txt
> Use this file to discover all available pages before exploring further.

# PVIX-BTC: Perpetual BTC Volatility Index on Everstrike

> PVIX-BTC gives you direct vega exposure without directional risk, settling to the average funding rate across all BTC perpetual options on Everstrike.

PVIX-BTC is Everstrike's perpetual BTC volatility index, a product designed to give you direct vega exposure to Bitcoin volatility without taking on directional price risk. Rather than requiring you to construct a volatility position from multiple options legs, PVIX-BTC settles directly to a volatility measure derived from Everstrike's own perpetual options market, making it a clean, single-instrument way to go long or short implied volatility.

## How It Works

PVIX-BTC settles to the **average Funding Rate across all perpetual BTC options contracts** on Everstrike. Because the funding rate for perpetual options is anchored to the premium between the option's mark price and the underlying index, and option premiums are driven primarily by implied volatility, the average funding rate across the full BTC options chain serves as a real-time implied volatility signal. A long PVIX-BTC position profits when implied volatility rises; a short position profits when it falls. Neither side carries the directional delta exposure of a straightforward long or short in the underlying asset.

> [!NOTE]
>
> PVIX-BTC is scheduled for Testnet release in **Q3 2027**. Full specification and trading details will be published ahead of launch. Follow [@everstrike\_dex](https://x.com/everstrike_dex) on X for updates.


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