VIX Futures
Introduced in 2004 on Cboe Futures ExchangeSM (CFE®), VIX futures provide market participants with the ability to trade a volatility futures product based on the VIX Index methodology.
VIX futures reflect the market's estimate of the value of the VIX Index on various expiration dates in the future. VIX futures provide market participants with a variety of opportunities to implement their view using volatility trading strategies, including risk management, alpha generation and portfolio diversification.
| Symbol | Expiration | Last Price | Change | High | Low | Settlement | Volume |
|---|---|---|---|---|---|---|---|
| VIX | - | 21.51 | 2.45 | 22.04 | 22.04 | - | - |
| VX08/G6 | 02/25/2026 | - | - | - | - | 20.2231 | - |
| VX09/H6 | 03/03/2026 | - | - | - | - | 20.2231 | - |
| VX10/H6 | 03/11/2026 | - | - | - | - | 20.2231 | - |
| VX/H6 | 03/18/2026 | 21.06 | 0.84 | 21.25 | 19.95 | 20.2231 | 74804 |
| VX12/H6 | 03/25/2026 | - | - | - | - | 20.2231 | - |
| VX13/J6 | 04/01/2026 | - | - | - | - | 20.2231 | - |
| VX/J6 | 04/15/2026 | 21.43 | 0.59 | 21.5 | 20.65 | 20.8381 | 28178 |
| VX/K6 | 05/19/2026 | 21.52 | 0.49 | 21.57 | 20.97 | 21.029 | 11419 |
| VX/M6 | 06/17/2026 | 21.58 | 0.33 | 21.75 | 21.21 | 21.2463 | 9243 |
| VX/N6 | 07/22/2026 | 22.05 | 0.25 | 22.13 | 21.77 | 21.8011 | 3614 |
| VX/Q6 | 08/19/2026 | 22.16 | 0.19 | 22.3 | 21.95 | 21.9712 | 1397 |
| VX/U6 | 09/16/2026 | 22.56 | 0.19 | 22.7 | 22.32 | 22.3715 | 191 |
| VX/V6 | 10/21/2026 | 22.75 | 0.15 | 22.8 | 22.75 | 22.599 | 11 |
| VX/X6 | 11/18/2026 | - | - | - | - | - | - |
Explore cash-settled futures contracts based on the realized variance of the S&P 500 Index
Trade volatility with greater precision by accessing shorter-term VIX exposure.
The VIX Index settlement process is patterned after the process used to settle A.M.-settled S&P 500 Index options. The final settlement value for Volatility Derivatives is determined on the morning of their expiration date (usually a Wednesday) through a Special Opening Quotation ("SOQ") of the VIX Index. By providing market participants with a mechanism to buy and sell SPX options at the prices that are used to calculate the final settlement value for Volatility Derivatives, the VIX Index settlement process is "tradable."
VIX Weeklys futures began trading on CFE in 2015 and provide market participants with additional opportunities to establish short-term VIX positions and to fine-tune the timing of their hedging and trading activities.
Weekly expirations for VIX futures are generally listed on Thursdays (excluding holidays) and expire on Wednesdays. CFE may list up to six consecutive weekly expirations for VIX futures. VIX Weekly futures generally have the same contract specifications as monthly expiring VIX contracts. See Contract Specifications for VIX Futures for more information.
VIX futures are generally available for trading 23 hours a day during weekdays from 5:00 p.m. CT on Sundays to 4:00 p.m. CT on Fridays. Additionally, the VIX Index is calculated and disseminated overnight, providing market participants with real-time volatility information whenever news breaks.
Stay current with timely market overviews, expert commentary, and best‑in‑class techniques for navigating Volatility Trading.
Implied volatilities diverged last week on the back of rising geopolitical tensions, changing tariff policy, and lingering AI worries. Commodity vols saw the biggest increase, with oil 1M implied volatility jumping over 12 pts to 52% on fear of an US-Iran conflict. Oil skew is the most inverted (calls trading at a premium to puts) since the 2022 Russia-Ukraine invasion, with the inversion extending out to the 6M tenor as traders position for a period of prolonged geopolitical tension. In contrast, equity and rates vol all ended the week lower after the Supreme Court struck down Trump’s emergency tariffs though uncertainty remains around new/additional tariffs. Learn more in this week’s Macro Volatility Digest.
Option market sentiment has shifted notably in precious metals. GLD skew, which has been persistently inverted over the past year on the back of bullish call demand, has now flipped to puts trading at a premium as traders price in higher downside risk to the outlook for gold. GLD 1M skew is now the steepest since "Liberation Day."
Cross-Asset Volatility: Implied volatilities were higher across the major asset classes last week on the back of President Trump’s nomination of arguably the most hawkish of the top contenders for Fed chair, Kevin Warsh.
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