Cboe S&P 500 Variance Futures
Explore cash-settled futures contracts based on the realized variance of the S&P 500 Index
Global Markets
Tradable Products
Cboe Data Vantage
Analytics & Execution
Access Solutions
Indices
Other Solutions
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 | - | 16.93 | 0.50 | 17.58 | 17.58 | - | - |
| VX44/X5 | 11/05/2025 | - | - | - | - | 16.75 | - |
| VX45/X5 | 11/12/2025 | - | - | - | - | 18.9367 | - |
| VX/X5 | 11/19/2025 | 18.72 | -0.22 | 19.04 | 18.7 | 18.9367 | 660 |
| VX47/X5 | 11/26/2025 | - | - | - | - | 18.9367 | - |
| VX48/Z5 | 12/03/2025 | - | - | - | - | 18.9367 | - |
| VX49/Z5 | 12/10/2025 | - | - | - | - | - | - |
| VX/Z5 | 12/17/2025 | 19.57 | -0.12 | 19.85 | 19.57 | 19.6877 | 759 |
| VX/F6 | 01/21/2026 | 20.67 | -0.04 | 20.86 | 20.65 | 20.7089 | 160 |
| VX/G6 | 02/18/2026 | 21.2 | 0.00 | 21.36 | 21.2 | 21.2 | 101 |
| VX/H6 | 03/18/2026 | 21.5 | -0.01 | 21.63 | 21.5 | 21.5053 | 58 |
| VX/J6 | 04/15/2026 | 21.85 | 0.05 | 21.92 | 21.82 | 21.8 | 43 |
| VX/K6 | 05/19/2026 | 21.95 | 0.03 | 22.05 | 21.95 | 21.925 | 14 |
| VX/M6 | 06/17/2026 | 22.05 | 0.07 | 22.05 | 22.05 | 21.975 | 2 |
| VX/N6 | 07/22/2026 | - | - | - | - | 21.975 | - |
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.
Stay current with timely market overviews, expert commentary, and best‑in‑class techniques for navigating Volatility Trading.
Implied volatilities fell across asset classes last week on softer than expected CPI and easing trade tensions. Equity volatility led the way, with the VIX® index down 4.4 pts wk/wk to 16.4%, falling to the 39th percentile low over the past year. Gold implied volatility moderated, even as realized volatility surged higher, driving the 1M implied-realized vol spread from a high of +9% to now -12%. Notably, investors used the sell-off to add to upside calls, with GLD skew becoming even more inverted over the past week.
GLD option volumes hit a record high last week, with over 2.1M contracts trading both Thurs and Fri (almost 5x the YTD ADV), driving GLD 1M implied volatility to a 5-year high of 30% and the 1M implied-realized vol spread to a high of 12.5%. Gold volatility ranks as by far the richest cross-asset vol, trading 4 standard deviations above its long-term average (see chart below).
US option volumes broke records on Friday after US-China trade tensions re-ignited, with over 108M contracts trading across products. SPX® options also set a new record, with 6.4M contracts trading (exceeding the previous high of 6.0M set on April 4th), with 0DTE options making up 60% share. VIX® options surged as well, with volumes running 3x its 20-day average.
Sign up for VIX Futures updates.