VIX Futures Chart — Front Month (VX1)
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. Use the symbol selector on the chart to switch to VX2, VX3 or VX4.
VIX Futures Curve — VX1 to VX4
Read the four quotes in sequence. Rising left to right is contango — the normal shape in calm markets, and the reason long-VIX ETPs bleed value. Falling left to right is backwardation, which appears when stress is being priced now rather than in the future. Our term structure guide covers how to trade each regime.
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
Mechanics
VIX futures guide · Settlement & expiration (SOQ) · VIX options
Products built on futures
Context
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 2026-08-27. Live futures data is streamed continuously from TradingView. Educational information only, not investment advice.