> ## 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. # 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. 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.