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MINI VIX

Small Contract.
Big Potential.
Pure Volatility.

Navigate market volatility with precision using Mini Cboe Volatility Index (Mini VIX™) Futures - an accessible way to hedge, adjust tactics, and diversify your portfolio.

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Trade Data

(as of December 4, 2025)

2,989

Volume

8,074

Open Interest

Overview

Mini VIX futures offer the same benefits and volatility exposure as standard VIX contracts but at 1/10th the size, making volatility strategies more accessible to all traders.

  • Mini VIX futures may provide opportunities to conduct volatility trading strategies with a smaller-sized contract
  • Mini VIX futures may provide the ability to express a bullish, bearish, or neutral outlook regarding the expected volatility of the S&P 500 Index
  • Mini VIX futures may provide opportunities to hedge, mitigate, or capitalize on broad U.S. stock market volatility

Benefits

Smaller Contract Size

Mini VIX futures make trading volatility futures more flexible and accessible for all traders.

Portfolio Hedging

Learn about the historically observed tendency for there to be an inverse relationship between the VIX Index and the S&P 500 and how this relationship may present opportunities to potentially offset broad stock market declines.

Risk Premium Yield

Learn about potential ways to capitalize on differences between expected and realized volatility.

Long/Short Volatility

Mini VIX futures may allow for short-term positions based on the expected volatility of the S&P 500.

Settlement Process

Final settlement value of Mini VIX Futures is determined by a Special Opening Quotation (SOQ) of the VIX Index using S&P 500 index options prices.

Global Hours

Extended trading hours, from 4:00 p.m. to 5:00 p.m. ET and 6:00 p.m. to 9:30 a.m. ET, lets you act on global developments beyond the standard trading day.

Trade Your View on Equity Volatility

Before You Trade Mini VIX Futures

Before you trade Mini VIX futures, it's important to understand the following:

Mini VIX futures are complicated financial products that are suitable only for sophisticated market participants.

Mini VIX futures involve the risk of loss, which can be substantial and can exceed the amount of money deposited for the futures position.

Market participants should put at risk only funds that they can afford to lose without affecting their lifestyles. Before transacting in Mini VIX futures, market participants should fully inform themselves about the characteristics and risks of Mini VIX futures, including in particular those described below. Mini VIX futures market participants also should make sure they understand the contract specifications and the methodologies for calculating the underlying VIX® Index and the settlement values for Mini VIX futures.

  • Underlying Index: Mini VIX futures are based on the VIX Index, which is a financial benchmark designed to be a market estimate of expected volatility of the S&P 500®. The VIX Index is calculated by using the midpoint of quotes of certain S&P 500 Index options. (More information on how the VIX Index is calculated is available in our VIX FAQs.)
  • Not Buy and Hold Investment: Mini VIX futures are not suitable to buy and hold because:
    • On their settlement date, Mini VIX futures convert into a right to receive or an obligation to pay cash.
    • The VIX Index generally tends to revert to or near its long-term average, rather than increase or decrease over the long term.
  • Volatility: The VIX Index is subject to greater percentage swings in a short period of time than is typical for stocks or stock indices, including the S&P 500 Index.
  • Expected Relationships: Expected relationships with other financial indicators or products may not hold. In particular:
    • Although the VIX Index tends to be negatively correlated with the S&P 500 Index—such that one tends to move upward when the other moves downward and vice versa—that relationship is not always maintained.
    • The prices for the nearest expiration of Mini VIX futures tend to move in relationship with movements in the VIX Index. However, this relationship may be undercut, depending on, for example, the amount of time to expiration for the Mini VIX futures contract and on supply and demand in the market for those futures.
    • Mini VIX futures contracts trade separately from regular-sized VIX futures, so the prices and quotations for Mini VIX futures and regular-sized VIX futures may differ because of, for example, possible differences in the liquidity of those markets.
  • Final settlement Value: The method for calculating the final settlement value of Mini VIX futures is different from the method for calculating the VIX Index at times other than settlement, so there can be a divergence between the final settlement value of Mini VIX futures and the VIX Index value immediately before or after settlement. (More information is available in our VIX FAQs.)
  • Additional Information: Further information concerning the VIX Index and concerning futures and options based on the VIX Index is available in our VIX FAQs.

Making Sense of the VIX Index

Mini VIX Futures Strategies

Mini VIX futures have unique characteristics. Like VIX futures, Mini VIX futures may behave differently than other financial-based commodity or equity products. Understanding these traits and their implications is important. Mini VIX futures may provide market participants with flexibility to hedge a portfolio, employ strategies in an effort to generate returns from relative pricing differences, or express a bullish, bearish or neutral outlook for broad market implied volatility.

Hedging

One of the biggest risks to an equity portfolio is a broad market decline. The VIX Index has had a historically strong inverse relationship with the S&P 500® Index. Consequently, a long exposure to volatility may offset an adverse impact of falling stock prices. Market participants should consider the time frame and characteristics associated with Mini VIX futures to determine the utility of such a hedge.

Risk Premium Yield

Over long periods, index options have tended to price in slightly more uncertainty than the market ultimately realizes. Specifically, the expected volatility implied by SPX option prices tends to trade at a premium relative to subsequent realized volatility in the S&P 500 Index. Market participants have used VIX futures to capitalize on this general difference between expected (implied) and realized (actual) volatility, and other types of volatility arbitrage strategies.

Term Structure Trading

One of the unique properties of volatility and the VIX Index is that its level is expected to trend toward a long-term average over time, a property commonly known as "mean-reversion". The mean reverting nature of volatility has been a key driver of the shape of the VIX futures term structure and the way it can move in response to changes in perceived risk. With multiple monthly contracts, there may be a wide variety of potential calendar spreading opportunities with Mini VIX futures depending on expectations for implied volatility.

Long/Short Volatility

Mini VIX futures provide a pure play on the level of expected volatility. Expressing a long or short sentiment may involve buying or selling Mini VIX futures.

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Futures trading is not suitable for all investors and involves the risk of loss. The risk of loss in futures can be substantial and can exceed the amount of money deposited for a futures position. You should, therefore, carefully consider whether futures trading is suitable for you in light of your circumstances and financial resources. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts. Certain risk associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at www.cboe.com/global-disclaimers.

It is important for market participants to understand the following before trading Mini Vix futures on Cboe Futures Exchange: Mini VIX Futures are complicated financial products that are suitable only for sophisticated market participants. Mini Vix Futures involve the risk of loss, which can be substantial and can exceed the amount of money deposited for the futures position. Market Participants should put at risk only funds that they can afford to lose without affecting their lifestyles. Before transacting in Mini Vix futures market participants should fully inform themselves about the characteristics and risk of Mini Vix futures, including in particular those described at www.cboe.com/minivix. Mini Vix futures market participants also should make sure they understand the product specifications and the methodologies for calculating the underlying VIX index and the settlement values for Mini VIX futures.

Past performance is not indicative of future results. The information in this article is provided for general education and information purposes only. No statement(s) within this article should be construed as a recommendation to buy or sell a security or future or to provide investment advice. Supporting documentation for any claims, comparisons, statistics or other technical data in this article by contract Cboe Global Markets at www.cboe.com/contact-us/.