FAQ
What counts as maker volume?
A fill counts when your order was already resting on the book and someone else traded against it: post-only (ALO) orders, and limit orders that didn't cross the spread. Hyperliquid marks every fill as maker or taker, and we add up the maker ones in USD (price × size).
Do I have to use Hummingbot?
No. Anyone trading BVIV on Hyperliquid can compete, by bot or by hand. Only maker volume counts, so a market-making bot has the edge, and our open-source Hummingbot script gets you quoting in minutes.
How do I set up the Hummingbot script?
Follow the script's README: connect Hummingbot's hyperliquid_perpetual connector with an API wallet, copy bviv_simple_mm.py into scripts/, and start it. Try it on Hyperliquid testnet first. The script is a reference, not a strategy. It doesn't hedge, and BVIV's maker fee (0.030% before staking discounts) eats any quote tighter than about 3 bps from the index.
Which address do I enter?
Your main Hyperliquid account, the address you deposited with. Hummingbot signs orders with an API wallet that trades on behalf of that account. If you enter the API wallet's address, we look up the main account it belongs to and register that one instead.
What is BVIV?
The Volmex Bitcoin Implied Volatility Index measures the 30-day implied volatility of Bitcoin, computed every second from Deribit and OKX options. It rises when the market expects bigger moves. The BVIV perp on Hyperliquid tracks the index, so you can trade volatility directly.
Why verify with my wallet?
Signing a message proves you control the address. It is free and sends no transaction. Verified accounts get a check mark, and the winner must verify before we pay out. Use the "Use my wallet" button in the form, now or later.
How often does the leaderboard update?
Every 5 minutes, straight from Hyperliquid's public API. After your first maker fill, you'll see yourself on it within 5 minutes. If a row ever falls behind, it shows when it last updated. Net PnL and total volume are shown for information only; the prize goes on maker volume.
I registered. Why am I not on the leaderboard?
You show up within 5 minutes of your first maker fill. If it's been longer, check that your orders rest on the book (post-only, or limit orders that don't cross the spread): fills that cross the spread are taker fills and don't count. Also check the fill is on mkts:BVIV. Open the leaderboard in the browser you registered from to see your status.