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SPIKES® Volatility Products

SPIKES Volatility Products are traded on the SPIKES Volatility Index (SPIKE), which updates every 100 milliseconds for improved accuracy. The SPIKES Index is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY) and is built using the variance swap methodology, using live SPY options prices to calculate volatility.


30-day volatility
The SPIKES Volatility Index (SPIKE) is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).


The SPIKES Index uses live SPY options prices — traded on all U.S. options exchange — to calculate volatility.

Dissemination speed
Meaningfully fast index calculation and dissemination, publishing every 100 milliseconds, providing a near real-time and accurate measurement of market volatility.

Price dragging
This proprietary technique uses a blend of trades, bids and offer prices in the index calculation to insulate the index from erratic movements.


MIAX® is pleased to partner with T3 Index to provide you SPIKES Volatility Products - Options, Futures and ETFs.


Trading on MIAX, our fully electronic execution platform which is differentiated by our throughput, latency, reliability and wire-order determinism.

SPIKES Futures (SPK)
SPIKES Futures (SPK)

Offered by Minneapolis Grain Exchange (MGEX™) via the CME Globex® platform. Trade 23 hours a day, 5 days a week with highly accurate data and peak transparency.


The VSPIKES Index (symbol: VSPKE) is a measure of expected 30-day volatility in the SPIKES Index and provides a reliable metric on the volatility of volatility.

Certain cash-settled index options and futures, such as options and futures on SPIKES Index, that are listed in the United States may be eligible for the preferential 60/40 tax treatment. The ratio is such that 60% of any gains could be taxed as long term capital gains and the remaining 40% as short term capital gains. Options and futures on the SPIKES Index may fall into his category. Please consult your tax professional for advice on this topic. See www.irs.gov/forms, for self-directed guidance from the U.S. government's IRS website. MIAX and its affiliates do not offer tax advice.

To learn more about SPIKES Volatility Products please contact products@miaxglobal.com or 609-897-8177.

Featured SPIKES Resources
Why Penny Increments Matter - SPK vs. VIX
Learn why pennies matter, especially when it comes to volatility products
SPIKES Futures Pennies Marketing Sheet
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