Stats Volatility and VIX VIX futures

The VIX futures curve slopes upward more than 80% of the time

Spot: 15.9915.99SpotAug 26: 18.118.1Aug 26Sep 26: 19.2519.25Sep 26Oct 26: 20.320.3Oct 26Nov 26: 20.7420.74Nov 26Dec 26: 20.9120.91Dec 26Jan 27: 21.821.8Jan 27Mar 27: 22.4322.43Mar 27Apr 27: 22.6522.65Apr 27

A textbook contango: every later contract is more expensive than the one before. Source: Cboe futures settlement data.

The VIX cannot be bought, only futures that settle to it, and those futures line up into a curve. That curve has sloped upward more than 80% of the time since 2010. Anything holding those futures pays for the slope every month it rolls.

more than 80%Time in contango
15.99VIX spot, 31 Jul 2026
18.10August 2026 contract
22.65April 2027 contract

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