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 | - | 24.75 | -0.55 | 24.91 | 24.91 | - | - |
| VX13/J6 | 04/01/2026 | - | - | - | - | 25.0224 | - |
| VX14/J6 | 04/08/2026 | - | - | - | - | 25.0224 | - |
| VX/J6 | 04/15/2026 | 24.65 | -0.37 | 25.1 | 24.05 | 25.0224 | 9947 |
| VX16/J6 | 04/22/2026 | - | - | - | - | 25.0224 | - |
| VX17/J6 | 04/29/2026 | - | - | - | - | 25.0224 | - |
| VX18/K6 | 05/06/2026 | - | - | - | - | 25.0224 | - |
| VX/K6 | 05/19/2026 | 24.2 | -0.21 | 24.4 | 23.8 | 24.412 | 7158 |
| VX/M6 | 06/17/2026 | 24.1 | -0.16 | 24.25 | 23.78 | 24.2627 | 1845 |
| VX/N6 | 07/22/2026 | 24.25 | -0.16 | 24.37 | 24.02 | 24.4093 | 786 |
| VX/Q6 | 08/19/2026 | 24.15 | -0.15 | 24.25 | 23.97 | 24.3003 | 359 |
| VX/U6 | 09/16/2026 | 24.25 | -0.10 | 24.37 | 24.1 | 24.35 | 193 |
| VX/V6 | 10/21/2026 | 24.4 | -0.10 | 24.45 | 24.25 | 24.5 | 124 |
| VX/X6 | 11/18/2026 | 24.15 | 0.02 | 24.3 | 24 | 24.1285 | 79 |
| VX/Z6 | 12/16/2026 | 23.8 | -0.01 | 24 | 23.8 | 23.8108 | 4 |
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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The VIX® Index jumped 4.3 pts last week to 31%, ending the week at its highest level since last April’s sell-off. However, there’s been very little panic in the options market. Even when SPX Index fell 3.4% on Thu/Fri, the bid to volatility came from the upside rather than downside as investors positioned for a potential rebound (aka the “TACO Trade”). In fact, SPX put skew and put convexity both declined as investors used the pullback to monetize existing hedges. SPX 1M put skew has now fallen to the 2nd percentile low over the past year. Learn more in this week’s Macro Volatility Digest.
Despite gold’s reputation as an inflation hedge, its track record has been rather poor in recent years. In 2022, gold fell over 20% from the highs as inflation surprised to the upside. It’s down over 15% this month as stagflation risks have reemerged on the back of the Iran war, with the market now pricing in ~30% probability of a rate hike by year-end (vs. pricing in 2.5 cuts a month ago). Positioning in gold options has also shifted, with demand for puts increasing. After being persistently inverted over the past year (i.e. calls trading at a premium to puts), GLD skew has steepened to a 1-year high, with puts now trading at a premium to calls. Learn more in this week’s Macro Volatility Digest.
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.
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