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 | - | 14.9 | 0.39 | 15.27 | 15.27 | - | - |
| VX01/F6 | 01/07/2026 | - | - | - | - | 16.4125 | - |
| VX02/F6 | 01/14/2026 | - | - | - | - | 16.4125 | - |
| VX/F6 | 01/21/2026 | 16.45 | 0.04 | 16.45 | 16.25 | 16.4125 | 835 |
| VX04/F6 | 01/28/2026 | - | - | - | - | 16.4125 | - |
| VX05/G6 | 02/04/2026 | - | - | - | - | 16.4125 | - |
| VX06/G6 | 02/11/2026 | - | - | - | - | 16.4125 | - |
| VX/G6 | 02/18/2026 | 18.43 | 0.02 | 18.45 | 18.36 | 18.406 | 212 |
| VX/H6 | 03/18/2026 | 19.65 | 0.07 | 19.65 | 19.57 | 19.5788 | 124 |
| VX/J6 | 04/15/2026 | 20.41 | -0.01 | 20.43 | 20.4 | 20.415 | 15 |
| VX/K6 | 05/19/2026 | 20.82 | 0.02 | 20.85 | 20.8 | 20.8 | 3 |
| VX/M6 | 06/17/2026 | 20.97 | -0.01 | 20.99 | 20.97 | 20.975 | 6 |
| VX/N6 | 07/22/2026 | 21.4 | 0.02 | 21.4 | 21.4 | 21.3832 | 2 |
| VX/Q6 | 08/19/2026 | - | - | - | - | 21.425 | - |
| VX/U6 | 09/16/2026 | - | - | - | - | 21.7 | - |
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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Except for gold, implied volatilities for most asset classes ended 2025 near a 1-year low. And despite the unprecedented actions by the US in Venezuela over the weekend, cross-asset vols have remained remarkably calm so far. Even oil, which initially sold off on the news, have rallied back, with WTI 1M implied vol up just a modest 1.2 vol pts this morning. Learn more in this week’s Macro Volatility Digest.
The biggest mover in the cross-asset vol space last week was gold, with GLD 1M implied vol now trading in the 76th percentile high. As usual, the bid to vol came on the back of a rally in the underlying metal, with demand for calls increasing post Fed easing. GLD vol is expensive not only in absolute terms but also relative to realized vol, with the 1M implied-realized spread widening to the 98th percentile high. Gold is the only asset with implied vol still trading above average – almost every other asset class vol has fallen to near 1-year lows. Learn more in this week’s Macro Volatility Digest.
Tech fears have subsided on the back of increasing expectations of a Fed rate cut (now ~92% implied probability vs. 40% two weeks ago), with the QQQ-SPX 1M implied volatility spread narrowing from a 1-year high of 8% to now just 4.1% (27th percentile low over the past year). Learn more in this week’s Macro Volatility Digest.
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