VIX Futures

Volatility Index (VIX^®) Futures

Introduced in 2004 on Cboe Futures Exchange^SM (CFE^®), VIX futures provide market participants with the ability to trade a volatility futures product based on the VIX Index methodology.

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Overview
Market Data
Key Resources
Insights

Overview

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.

Making Sense of the VIX Index

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Market Data

Symbol	Expiration	Last Price	Change	High	Low	Settlement	Volume
VIX	-	21.71	-0.51	22.59	22.59	-	-
VX/M6	06/17/2026	20.94	0.25	21.39	19.79	20.6899	74351
VX25/M6	06/24/2026	-	-	-	-	20.6899	-
VX26/N6	07/01/2026	-	-	-	-	20.6899	-
VX27/N6	07/08/2026	-	-	-	-	20.6899	-
VX28/N6	07/15/2026	-	-	-	-	20.6899	-
VX/N6	07/22/2026	21.55	0.09	22.3	21	21.4626	77178
VX30/N6	07/29/2026	-	-	-	-	-	-
VX/Q6	08/19/2026	21.89	0.04	22.54	21.6	21.8507	17630
VX/U6	09/16/2026	22.22	0.04	22.72	22	22.1764	8832
VX/V6	10/21/2026	22.65	0.05	23.07	22.5	22.5997	5469
VX/X6	11/18/2026	22.65	0.05	23.01	22.5	22.5995	2585
VX/Z6	12/16/2026	22.4	0.00	22.7	22.27	22.4	406
VX/F7	01/20/2027	22.8	0.04	22.9	22.7	22.7573	79
VX/G7	02/17/2027	23	0.10	23.05	22.9	22.9	57

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Options on VIX^® Futures

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Options on VIX Futures

Settlement of VIX Derivatives

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 Weekly Futures

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.

Key Resources

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.

Holiday & Expiration Calendars

Settlement Information - VIX Settlement Series

Futures Daily Settlement Prices

Final Settlement Prices

Weekly - VIX Futures Settlement Date Calculators

Latest Market Insights

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Macro Volatility Digest

Downside Risks Rise as Tech Volatility Spikes

Implied volatilities jumped across asset classes last week as markets grappled with rising US-Iran tensions, higher bond yields, and a sharp pullback in Tech. Equity volatility led the increase, with the VIX® Index up over 6 pts wk/wk to 21.5%, rising from the 14th percentile low to the 86th percentile high. Within equities, Tech stocks led the spike in volatility, with the QQQ-SPX® 1M implied volatility spread widening to a 4-year high of 11% (see chart below). Both QQQ and SPX option volumes set new records on Friday, with SPX option volumes hitting a new high of 7.78M contracts (of which 64% was in 0DTE options). Learn more in this week’s Macro Volatility Digest.

Macro Volatility Digest

Single Stock Volatility Jumps to a Record vs. the VIX® Index

While macro volatility has fallen, single stock volatility has not. Average single stock volatility, as measured by the VIXEQSM Index, jumped over 4 pts last week to near a 1-year high of 45% (vs. the VIX Index which fell 1.4 pts to near a YTD low of 15.8%). The reason higher stock volatility hasn’t translated into higher index volatility is due to historically low correlation levels. Stocks are moving, but because they’re moving in different directions due to idiosyncratic risk factors (e.g. earnings, AI, etc), index volatility has remained muted. The spread between single stock vs. index volatility surged to a record high of 29 pts last week. Learn more in this week’s Macro Volatility Digest.

Macro Volatility Digest

Index Hedging Jumps, But Stock Optimism Persists

Small caps led the increase in equity volatility last week, with the RVX Index (Russell 2000 Volatility Index) gaining 2.6 pts to 25% vs. the VIX® Index up 1.2 pts wk/wk. The spread between the two widened to a YTD high of 6.5% as small caps tend to be more sensitive to tighter monetary policy and higher oil prices. Learn more in this week’s Macro Volatility Digest.

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