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 | - | 22.37 | -1.14 | 24.58 | 24.58 | - | - |
| VX/H6 | 03/18/2026 | 22.2 | -0.11 | 22.35 | 22.05 | 22.3122 | 268 |
| VX12/H6 | 03/25/2026 | - | - | - | - | 22.3122 | - |
| VX13/J6 | 04/01/2026 | - | - | - | - | 22.3122 | - |
| VX14/J6 | 04/08/2026 | - | - | - | - | 22.3122 | - |
| VX/J6 | 04/15/2026 | 22.7 | -0.02 | 22.9 | 22.7 | 22.7161 | 1154 |
| VX16/J6 | 04/22/2026 | - | - | - | - | 22.7161 | - |
| VX17/J6 | 04/29/2026 | - | - | - | - | 22.7161 | - |
| VX/K6 | 05/19/2026 | 22.68 | 0.01 | 22.85 | 22.68 | 22.6654 | 484 |
| VX/M6 | 06/17/2026 | 22.8 | 0.00 | 22.93 | 22.8 | 22.796 | 197 |
| VX/N6 | 07/22/2026 | 23.15 | -0.03 | 23.25 | 23.15 | 23.175 | 82 |
| VX/Q6 | 08/19/2026 | 23.2 | -0.00 | 23.24 | 23.2 | 23.2003 | 56 |
| VX/U6 | 09/16/2026 | 23.4 | -0.03 | 23.45 | 23.4 | 23.425 | 14 |
| VX/V6 | 10/21/2026 | 23.6 | -0.03 | 23.6 | 23.59 | 23.626 | 3 |
| VX/X6 | 11/18/2026 | - | - | - | - | 23.625 | - |
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.
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While oil prices have whipsawed on fast changing headlines, positioning in the oil options market has remained consistently bullish, with demand for calls far outpacing demand for puts. This is true even for longer-dated options, indicating fear of a sustained disruption to oil supply. Oil volatility continued to climb higher, with the OVX Index gaining another 15 pts last week to 120% - highest on record outside of the 2020 covid pandemic (when oil prices went negative). Learn more in this week’s Macro Volatility Digest.
Oil 1M implied volatility jumped almost 40 pts last week to a high of 104% - highest since 2020 (when oil prices went negative) and trading near the peak volatility we saw during the 2008 GFC. What’s even more notable is the widening volatility risk premium, with implied vol trading at almost double the level of realized volatility, suggesting fears of further escalation in this crisis. Oil volatility risk premium is currently at its highest level on record, going back 20 years. Learn more in this week’s Macro Volatility Digest.
Implied volatilities are up across asset classes following the US/Israeli strikes on Iran over the weekend. Oil 1M implied volatility jumped 7 pts as oil prices spiked, with skew remaining extremely inverted (i.e. upside bid). As we noted last week, what’s unusual about this latest geopolitically-driven spike in oil prices is the positioning in long-dated oil options. While it’s not uncommon to see skew invert at the front-end of the curve, we’re seeing this extend to 6M options as well which hasn’t happened since the 2022 Russia/Ukraine war. Aside from geopolitics, we also saw a notable bid to credit volatility last week on the back of rising private credit fears, with VIXIG index gaining 10 pts wk/wk. For most of the past year, credit volatility has traded as the cheapest cross-asset vol, but that has changed in recent weeks (see chart). Rates and FX vols now screen as the cheapest. Learn more in this week’s Macro Volatility Digest.
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