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 SPIKES MIAX Options.[1]

A futures contract on SPIKES was launched on November 18, 2019 on the Minneapolis Grain Exchange with MIAX. The contract multiplier is $1,000 and trades on the CME Group's Globex platform, which is used by MGEX.[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. MIAX to launch futures on SPIKES volatility index on Nov 18. Reuters.
  2. MGEX Launches SPIKES Futures in Collaboration with MIAX and T3 Index. MIAX Press Release.
  3. SPIKES Methodology Guide. MIAX Options.