SPIKES Volatility Index

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The SPIKES volatility index measures the expected 30-day volatility in the SPDR S&P 500 ETF (SPY), one of the most actively traded securities in the world. Additionally, SPIKES is equipped with proprietary design features such as "price-dragging" to help stabilize the index during times of market stress. It was created by T3 Index, a financial indexing firm.


In February 2019, MIAX Options and T3 Index launched options on the SPIKES Volatility Index on MIAX Options.[1]

In September 2019 the company partnered with the Minneapolis Grain Exchange (MGEX) to list and clear futures on the SPIKES Volatility Index.[2]

The SPIKES Volatility Index is calculated using live prices on options linked to SPY and represents the market’s expectation of price movements in SPY over the next 30 days. SPY sees more than $32.5 billion in daily notional value as of early 2018. A by-product of SPY’s popularity is a highly liquid market for its associated options, which account for nearly half of the $110 billion in notional value traded per day across all US equity options.[3]


  1. SPIKES Options launched on MIAX. PR Newswire.
  2. MIAX to launch futures on SPIKES volatility index on Nov 18. Reuters.
  3. SPIKES Methodology Guide. MIAX Options.