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VIXY Implied Volatility, IV Rank & Options Chain

ProShares VIX Short-Term Futures ETF (VIXY) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for ProShares VIX Short-Term Futures ETF (VIXY).

Updated Reference data
Open VIXY in the Terminal VIXY GEX levels IV Intelligence Positioning

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On this page
  1. Key facts
  2. Company overview
  3. Options market
  4. Volatility profile
  5. GEX analysis
  6. Common strategies
  7. FAQ

VIXY options trade with implied volatility typically in the 40% - 120% range, averaging 200K+ contracts in daily volume with good liquidity. Next earnings: Check earnings calendar. Weekly options and LEAPS are available.

VIXY implied volatility

As of 2026-10-26

As of 2026-10-26, VIXY's 30-day implied volatility is 77.3%, placing its 1-year IV percentile at 79.0 — above 79.0% of the past year's daily IV readings, an elevated, premium-selling regime favoring credit spreads, iron condors and short strangles.

77.3%30-day IV
79.01-year IV rank

VIXY live chain, Greeks and GEX

Terminal

Every figure above is reference data. The live VIXY chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.

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VIXY options at a glance

Daily volume
200K+ contracts
IV range
40% - 120%
Bid-ask spread
Varies by strike
Expirations
Weekly, monthly, LEAPS
Open interest
1M+ contracts
Next earnings
Check earnings calendar
200K+ contractsAvg Volume
1M+ contractsOpen Interest
40% - 120%IV Range
GoodLiquidity
YesWeeklies
YesLEAPS

About ProShares VIX Short-Term Futures ETF (VIXY)

ProShares VIX Short-Term Futures ETF trades on CBOE. Options on VIXY are actively traded by retail and institutional investors.

Company profile

Sector
ETF
Industry
Volatility ETF
Market cap
ETF
Exchange
CBOE

Key dates

Next earnings
Check earnings calendar
Earnings frequency
Quarterly
Dividend schedule
Varies
Fiscal year end
December

VIXY is an actively traded options name in the Volatility ETF space.

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Options analytics, live.

Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

  • Live chains and Greeks
  • IV rank and percentile
  • Expected move and GEX
  • Screener and strategy P&L
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VIXY options market overview

VIXY options offer good liquidity for traders seeking exposure to Volatility ETF.

Average daily volume
200K+ contracts
Total open interest
1M+ contracts
Put/call ratio
0.6 - 1.0 typical
Typical ATM spread
Varies by strike
Weekly options
Available
LEAPS available
Yes

Liquidity assessment: Good

VIXY options provide good liquidity for most trading strategies.

VIXY implied volatility and IV rank

VIXY implied volatility reflects market expectations for ProShares VIX Short-Term Futures ETF price movement.

40% - 55%Low IV, below average
55% - 80%Typical, normal conditions
80% - 120%Elevated, above average

Earnings impact

IV typically increases before earnings and contracts afterward (IV crush).

The post-earnings volatility drop is known as IV crush. Holders of short VIXY options should also understand early assignment risk around dividends and expiration.

Historical volatility vs IV

Compare IV to historical volatility to assess option pricing relative to realized moves.

Term structure

Term structure varies with market conditions and upcoming events.

The smile, the term structure and the cone for VIXY, on today's chain.

Open VIXY in IV Intelligence

VIXY gamma exposure (GEX)

Gamma Exposure (GEX) analysis for VIXY shows how dealer hedging may impact price behavior.

  • Typical GEX profile. GEX profile varies based on market conditions and option positioning.
  • Key levels. Major put and call walls at round number strikes may act as support/resistance.
  • Dealer hedging. Dealer hedging activity can influence price behavior at key gamma levels.

Where the gamma sits on VIXY right now, strike by strike.

See live VIXY GEX

Common VIXY options strategies

These are strategies commonly used by traders on VIXY options, based on typical market characteristics. This is not investment advice.

Vertical SpreadsDirectional. Used by VIXY traders for directional exposure. Good liquidity supports efficient execution. StraddlesVolatility. Used by VIXY traders for volatility exposure. Good liquidity supports efficient execution. Iron CondorsNeutral. Used by VIXY traders for neutral exposure. Good liquidity supports efficient execution. ButterfliesPrecision. Used by VIXY traders for precision exposure. Good liquidity supports efficient execution. Credit SpreadsIncome. Used by VIXY traders for income exposure. Good liquidity supports efficient execution.

Every options strategy, ranked by what it is for

Key considerations for VIXY options

  • VIXY options liquidity: Good - affects execution quality
  • IV range: 40% - 120% - important for premium selling strategies
  • Earnings events can significantly impact IV and option prices
  • Consider position sizing based on underlying volatility
  • Weekly options available for short-term strategies
  • LEAPS available for longer-term positioning

VIXY key events

Earnings months. Q1, Q2, Q3, Q4

  • Industry conferences
  • Product announcements
  • Regulatory updates

VIXY options data by API, or in Claude

Every number on this page is one request away. The implied volatility API returns VIXY's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.

GET /api/mcp/data/iv-rank/VIXYBearer token, JSON back
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     "https://apexvol.com/api/mcp/data/iv-rank/VIXY"
In Claudethrough the MCP server
You

What is VIXY's IV rank right now, and where is its gamma flip?

Claude calls get_iv_rank and get_gex

Try GEX on VIXY in the console, more prompts for VIXY, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.

Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →

Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.

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Questions

Frequently asked
about VIXY options.

What are VIXY options?

VIXY options are derivative contracts that give you the right to buy (call) or sell (put) ProShares VIX Short-Term Futures ETF shares at a specific price before expiration.

How do I analyze VIXY implied volatility?

VIXY IV typically ranges from 40% - 55% during quiet periods to 80% - 120% around earnings and major events. Compare current IV to historical ranges to assess relative value.

What is the typical bid-ask spread for VIXY options?

VIXY options have good liquidity with typical spreads varying by strike and expiration. ATM options generally have tighter spreads.

When does VIXY report earnings?

ProShares VIX Short-Term Futures ETF typically reports earnings quarterly. Check the earnings calendar for exact dates as IV tends to increase before announcements.

What strategies work best for VIXY options?

Popular VIXY strategies include vertical spreads, straddles, and iron condors. Strategy selection depends on market outlook and risk tolerance.

What is the best time to trade VIXY options?

The most liquid trading hours for VIXY options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.

How do I calculate VIXY option Greeks?

Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for VIXY options across all strikes and expirations.

What happens to VIXY options at expiration?

In-the-money VIXY options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.

What is VIXY's gamma exposure (GEX)?

Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence VIXY's intraday price action. GEX profile varies based on market conditions and option positioning. Dealer hedging activity can influence price behavior at key gamma levels. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live VIXY GEX levels and the gamma-flip point on ApexVol.

What is VIXY's IV rank?

VIXY's IV rank shows where VIXY's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. VIXY implied volatility typically ranges from 40% - 120%. Check VIXY's live IV rank and percentile on ApexVol's IV analytics.

Keep reading

Where VIXY
gets priced.

VIXY analytics

Options CalculatorCalculate option prices and Greeks IV CalculatorAnalyze implied volatility Strategy BuilderBuild and analyze options strategies

Run it, do not just read it

Options profit calculatorPayoff, breakeven and Greeks. Greeks calculatorDelta, gamma, theta, vega. IV rank calculatorImplied volatility and IV rank. Options chainReal-time Greeks on a live chain. Greeks heatmapWhere the exposure actually sits. Volatility labIV analysis across the surface. Strategy simulatorTest the structure before you place it. IV intelligenceThe surface in three dimensions. Options screenerFind the setups worth a look. Historical dataPast snapshots, back to 2007. EarningsHistorical moves and the IV around them. 0DTE analyticsSame-day expiration, same-day risk.

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