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SPIKES® Futures

SPIKES Futures (SPK) are based on the SPIKES Index, which is built on the SPDR® S&P 500® ETF (SPY), and provide market participants with a new way to trade volatility. SPK is powered by MIAX® and offered by Minneapolis Grain Exchange (MGEX™) via the CME Globex® platform. Investors can expand their trading strategies with a new level of risk diversification and design features of the SPIKES Index: proprietary price dragging and truncation methodologies with underlying SPY option component liquidity.

Contact products@miaxglobal.com to learn more about SPIKES Futures.

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Minneapolis Grain Exchange
Minneapolis Grain Exchange

MGEX has been an integral part of the futures trading industry for over 140 years through its clearing house and futures exchange. MGEX is a MIAX company and offers MIAX Futures including SPIKES Futures via the CME Globex Platform.

SPIKES Resources
SPIKES Futures Overview
The latest information about SPIKES Futures
SPIKES Futures Customer Volume Program
SPIKES Futures incentive program for customer volume
SPIKES Futures Market Maker Program
SPIKES Futures incentive program for market makers
Why Penny Increments Matter - SPK vs. VIX
Learn why pennies matter, especially when it comes to volatility products
SPIKES Futures Trade in Pennies
Learn why the move to trading in penny increments is important
Why the SPIKES Methodology Matters
Read how the SPIKES Index compared to VIX during the September 2022 FOMC meeting
Futures Summary
Brief Overview of SPIKES Index and Futures
Futures Contract Specifications
Characteristics of SPIKES Futures
Expiration Calendar
Monthly expirations for SPIKES Options and Futures
Rate Card
Fee schedule for SPIKES and related transactions
How to Trade SPIKES Futures
Information on Trading SPIKES Futures
SPIKES FAQ
The most frequently asked questions for SPIKES Volatility Products
Index Methodology
Complete walkthrough of SPIKES Index calculation
Settlement Process
Guide describing how the settlement value is determined
Index Calculation Spreadsheet
Interactive SPIKES Index calculation example worksheet
Peter Carr White Paper
Study by Peter Carr on differentiators of SPIKES
Vrije University White Paper
Study by Vrije University Amsterdam on differentiators of SPIKES
SPIKES Combo Linked to Future (CLF)
A strategy for the exchange of SPIKES Futures and Options combinations

Analytics

Volatility Hub

Volatility Hub provides free access to data for volatility products including futures, options, crypto and cash indexes.

Visit thevolatilityhub.com

QuikStrike

QuikStrike offers free analysis and pricing transparency, letting traders track the performance of SPIKES for more informed decisions.

miax.quikstrike.net

SpikesAnalytics

SPIKES Analytics provides free analysis and insights on the settlement auction for SPIKES Index Options.

spikesanalytics.com

SPIKES in the news

MIAX press release
Miami International Holdings Reports Trading Results for February 2023; Volume Reaches Record Daily Market Share of 18.13% in Multi-Listed Options and 1.57% in U.S. Equities
MIAX Press Release 03072023
March 7, 2023
MIAX press release
Miami International Holdings Reports Trading Results for January 2023; Multiple Volume and Market Share Records Set in Month with Additional Records Reached on February 2, 2023
MIAX Press Release 02062023
February 6, 2023
MIAX press release
Miami International Holdings Reports Trading Results for December and Full-Year 2022; MIAX Exchanges Set Multiple Volume and Market Share Records
MIAX Press Release 010923
January 9, 2023