Why do VIX futures trade at a different price than the VIX index?

There is no cash-and-carry arbitrage linking spot VIX to its futures, because you cannot hold the index. Each contract prices the market's expectation of where the VIX will settle at that expiration, so futures usually trade above a low spot VIX (contango) and below a spiking spot VIX (backwardation).

How do you read the VIX futures curve?

Compare the contracts in sequence. When each later month prices above the one before it the curve is in contango, the normal calm-market shape. When the front months price above the later ones the curve is in backwardation, which signals that stress is being priced now rather than in the future.

VIX Futures — Live Prices, Chart & Curve

Q: What are VIX futures?

VIX futures are CBOE-listed contracts on the future value of the VIX index. Because spot VIX is a calculated number rather than a tradable asset, futures are the primary instrument used to take a direct position on volatility. They trade under the root VX, with the front month often called VX1 and later months VX2, VX3 and so on.

Q: When do VIX futures expire?

VIX futures settle on the Wednesday that falls 30 days before the third Friday of the following calendar month, using a Special Opening Quotation (SOQ) calculated from opening SPX option prices. That date is usually a Wednesday morning, and settlement can differ noticeably from the prior close.

VIX Futures Chart — Front Month (VX1)

CBOE VIX Futures (VX1!) Live

VX1 is the nearest-dated VIX futures contract. It tracks spot VIX most closely but still carries a basis — the gap between the two is the single fastest read on whether the market expects volatility to rise or fade.

VIX Futures Curve — All Listed Months

Settlement prices for Nov 6, 2026 · source: Cboe Futures Exchange

Curve shape: Front-end kink
Front month: 23.69
Second month: 22.18
Month 1 to month 2: −6.38%

The front month is priced above the second month, so traders are paying up for near-term protection, while later contracts return to an upward slope. Spot VIX is 25.64, above the 23.69 front-month contract, which expires in 12 days.

VIX futures settlements by contract
Contract	Expires	Days	Settle	vs spot	vs prior
VX/X6	Nov 18, 2026	12	23.69	−1.95	−7.59%
VX/Z6	Dec 16, 2026	40	22.18	−3.46	−6.38%
VX/F7	Jan 20, 2027	75	22.05	−3.59	−0.60%
VX/G7	Feb 17, 2027	103	21.94	−3.70	−0.52%
VX/H7	Mar 17, 2027	131	21.70	−3.94	−1.08%
VX/J7	Apr 21, 2027	166	21.78	−3.86	+0.36%
VX/K7	May 18, 2027	193	21.73	−3.91	−0.24%
VX/M7	Jun 16, 2027	222	21.68	−3.96	−0.23%
VX/N7	Jul 21, 2027	257	21.88	−3.77	+0.92%

Volatility Gauges Along the Curve

Closes for Nov 6, 2026 · source: Cboe

VIX9D (9-day): 27.18
VIX (30-day): 25.64
VIX3M (3-month): 24.60
VIX / VIX3M: 1.042
VVIX (vol of VIX): 121.94
SKEW (tail risk): 153.55

At or above 1, 30-day volatility is priced over 3-month volatility, a sign of acute stress. The 9-day measure is above the VIX, so the market is pricing the risk as near-term. Read more about these indicators.

What VIX futures actually are

CBOE-listed contracts on the future value of the VIX index, trading under the root VX. Because spot VIX is a calculated number and not a holdable asset, futures are the foundation of every other volatility product — VIX options, VXX, UVXY and SVXY all reference them rather than the index itself.

Why futures diverge from spot VIX

No cash-and-carry arbitrage links the two, so each contract simply prices where traders expect the VIX to settle at that expiration. That is why the curve slopes up from a low spot VIX and inverts when spot spikes — the market rarely believes an extreme reading will persist for months.

Roll cost is the main risk

Holding long VIX futures through contango means repeatedly selling a cheaper expiring contract and buying a more expensive one. That negative roll yield is a structural headwind, and it compounds daily inside leveraged ETPs. See VIX futures roll yield.

Trading VIX Futures — Read Next

VIX Futures FAQ

What are VIX futures trading hours?

VIX futures trade on CBOE Futures Exchange nearly around the clock on weekdays, including an extended overnight session. Spot VIX is only calculated during SPX option hours, which is why an overnight volatility headline is almost always quoting VX1 futures rather than the index.

When do VIX futures expire?

Settlement falls on the Wednesday 30 days before the third Friday of the following month, priced off a Special Opening Quotation (SOQ) built from opening SPX option prices. That print can differ noticeably from the previous close — see settlement & expiration.

Can I trade VIX futures in a normal brokerage account?

They require a futures-enabled account and margin approval, which many equity brokers do not offer. Traders without futures access typically use VIX options or ETPs such as VXX and UVXY instead — both carry the same roll drag, packaged differently.

Page last reviewed on 2026-10-31. Live futures data is streamed continuously from TradingView. Educational information only, not investment advice.

VIX Futures — Live Prices & Curve