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

# PVAR-BTC: Perpetual BTC Variance Swap on Everstrike

> PVAR-BTC is Everstrike's perpetual BTC variance swap, offering exposure to realized variance. Scheduled for Testnet release in Q4 2027.

PVAR-BTC is Everstrike's perpetual Bitcoin variance swap — an instrument that gives you direct exposure to the **realized variance** of BTC rather than its price direction. A [variance swap](https://en.wikipedia.org/wiki/Variance_swap) pays off based on the difference between realized variance (how much the asset actually moves) and implied variance (how much the market expected it to move). This makes PVAR-BTC a pure volatility instrument: you are not betting on whether BTC goes up or down, but on whether realized volatility comes in above or below what the market has priced in.

<Info>
  PVAR-BTC is scheduled for Testnet release in **Q4 2027**. Full specification and trading details will be published ahead of launch. Follow [@everstrike\_dex](https://x.com/everstrike_dex) on X for updates.
</Info>

Stay up to date with product announcements and release timelines by following [@everstrike\_dex](https://x.com/everstrike_dex) on X.