VIX expiration calendar, 2026 and 2027
Every monthly VIX expiration for 2026 and 2027: when it settles, when trading stops, and where it falls against SPX monthly options expiration. Checked against the OCC and Cboe.
Monthly VIX expirations
VIX futures and VIX options expire together. Options stop trading the business day before; futures stop at 8:00 a.m. Central on expiration morning. The last column shows where each one lands against that month’s SPX monthly options expiration (OPEX). For FOMC, CPI, the ES roll and the rest of the monthly cycle, see The Tide Table.
2026
12 monthly expirations| Contract | VIX expires | Options last trade | SPX monthly OPEX | How they line up |
|---|---|---|---|---|
| Jan 2026 | Wed Jan 21 | Tue Jan 20 | Fri Jan 16 | 5 days after OPEX5-week cycle |
| Feb 2026 | Wed Feb 18 | Tue Feb 17 | Fri Feb 20 | 2 days before OPEX, same week |
| Mar 2026 | Wed Mar 18 | Tue Mar 17 | Fri Mar 20 | 2 days before OPEX, same week |
| Apr 2026 | Wed Apr 15 | Tue Apr 14 | Fri Apr 17 | 2 days before OPEX, same week |
| May 2026 | Tue May 19 | Mon May 18 | Fri May 15 | 4 days after OPEXholiday shift |
| Jun 2026 | Wed Jun 17 | Tue Jun 16 | Thu Jun 18 | 1 day before OPEXholiday shift |
| Jul 2026 | Wed Jul 22 | Tue Jul 21 | Fri Jul 17 | 5 days after OPEX5-week cycle |
| Aug 2026 | Wed Aug 19 | Tue Aug 18 | Fri Aug 21 | 2 days before OPEX, same week |
| Sep 2026 | Wed Sep 16 | Tue Sep 15 | Fri Sep 18 | 2 days before OPEX, same week |
| Oct 2026 | Wed Oct 21 | Tue Oct 20 | Fri Oct 16 | 5 days after OPEX5-week cycle |
| Nov 2026 | Wed Nov 18 | Tue Nov 17 | Fri Nov 20 | 2 days before OPEX, same week |
| Dec 2026 | Wed Dec 16 | Tue Dec 15 | Fri Dec 18 | 2 days before OPEX, same week |
2027
12 monthly expirations| Contract | VIX expires | Options last trade | SPX monthly OPEX | How they line up |
|---|---|---|---|---|
| Jan 2027 | Wed Jan 20 | Tue Jan 19 | Fri Jan 15 | 5 days after OPEX5-week cycle |
| Feb 2027 | Wed Feb 17 | Tue Feb 16 | Fri Feb 19 | 2 days before OPEX, same week |
| Mar 2027 | Wed Mar 17 | Tue Mar 16 | Fri Mar 19 | 2 days before OPEX, same week |
| Apr 2027 | Wed Apr 21 | Tue Apr 20 | Fri Apr 16 | 5 days after OPEX5-week cycle |
| May 2027 | Tue May 18 | Mon May 17 | Fri May 21 | 3 days before OPEXholiday shift |
| Jun 2027 | Wed Jun 16 | Tue Jun 15 | Thu Jun 17 | 1 day before OPEXholiday shift |
| Jul 2027 | Wed Jul 21 | Tue Jul 20 | Fri Jul 16 | 5 days after OPEX5-week cycle |
| Aug 2027 | Wed Aug 18 | Tue Aug 17 | Fri Aug 20 | 2 days before OPEX, same week |
| Sep 2027 | Wed Sep 15 | Tue Sep 14 | Fri Sep 17 | 2 days before OPEX, same week |
| Oct 2027 | Wed Oct 20 | Tue Oct 19 | Fri Oct 15 | 5 days after OPEX5-week cycle |
| Nov 2027 | Wed Nov 17 | Tue Nov 16 | Fri Nov 19 | 2 days before OPEX, same week |
| Dec 2027 | Wed Dec 22* | Tue Dec 21 | Fri Dec 17 | 5 days after OPEX5-week cycle |
* Dec 2027: By Cboe's rule. The OCC calendar currently shows December 15, which does not fit the rule. Confirm with Cboe before trading it.
2025 dates (past)
| Contract | VIX expires | Options last trade | SPX monthly OPEX | How they line up |
|---|---|---|---|---|
| Jan 2025 | Wed Jan 22 | Tue Jan 21 | Fri Jan 17 | 5 days after OPEX5-week cycle |
| Feb 2025 | Wed Feb 19 | Tue Feb 18 | Fri Feb 21 | 2 days before OPEX, same week |
| Mar 2025 | Tue Mar 18 | Mon Mar 17 | Fri Mar 21 | 3 days before OPEXholiday shift |
| Apr 2025 | Wed Apr 16 | Tue Apr 15 | Thu Apr 17 | 1 day before OPEXholiday shift |
| May 2025 | Wed May 21 | Tue May 20 | Fri May 16 | 5 days after OPEX5-week cycle |
| Jun 2025 | Wed Jun 18 | Tue Jun 17 | Fri Jun 20 | 2 days before OPEX, same week |
| Jul 2025 | Wed Jul 16 | Tue Jul 15 | Fri Jul 18 | 2 days before OPEX, same week |
| Aug 2025 | Wed Aug 20 | Tue Aug 19 | Fri Aug 15 | 5 days after OPEX5-week cycle |
| Sep 2025 | Wed Sep 17 | Tue Sep 16 | Fri Sep 19 | 2 days before OPEX, same week |
| Oct 2025 | Wed Oct 22 | Tue Oct 21 | Fri Oct 17 | 5 days after OPEX5-week cycle |
| Nov 2025 | Wed Nov 19 | Tue Nov 18 | Fri Nov 21 | 2 days before OPEX, same week |
| Dec 2025 | Wed Dec 17 | Tue Dec 16 | Fri Dec 19 | 2 days before OPEX, same week |
The rule, in plain words
Thirty days before next month’s OPEX
A monthly VIX contract expires on the Wednesday that falls exactly 30 days before the next month’s standard SPX expiration, the third Friday. The October 2026 contract expires Wednesday, October 21, because November’s SPX expiration is Friday, November 20.
Why thirty days
The VIX measures the volatility the SPX options market expects over the next 30 days. On expiration morning Cboe calculates a special opening value of the VIX (ticker VRO) from the opening prices of one set of SPX options: the ones that expire exactly 30 days later. Pinning the date to that expiration keeps the math clean. VRO is the number every expiring VIX future and option settles to.
Holidays move it
If that Wednesday, or the Friday 30 days after it, is an exchange holiday, expiration moves to the business day before, which in practice means a Tuesday. Juneteenth does it in both years: May 19, 2026 and May 18, 2027 are Tuesdays.
When trading stops
Expiring VIX options stop trading the business day before expiration. Expiring VIX futures, including the mini VIX, stop at 8:00 a.m. Central on expiration morning. The settlement value is then calculated from the SPX opening that morning, so the final number isn’t known until after the open.
Before OPEX or after it?
VIX expiration is tied to next month’s SPX expiration, not this month’s. So where it lands depends on the gap between the two third Fridays, and it is not always the week after OPEX.
Four weeks apart
Most months. VIX expires on the Wednesday of OPEX week, two days before SPX monthly expiration.
Five weeks apart
VIX expires the Wednesday after OPEX, five days later. The gap between the two dates is widest in these months.
In 2027, VIX expires before OPEX in 7 months and after it in 5. Holidays bend both patterns: when a Friday holiday pulls OPEX to Thursday (June in both years), VIX expiration lands the day before it.
Why an ES trader watches VIX expiration
Everything is connected. Options dealers on SPX, ES, SPY and the roughly 500 stocks in the index hedge their risk by buying and selling the underlying. Options are now a huge share of the trading in all of those markets, so there are traders on both sides: the option buyers and the option sellers. VIX options work the same way.
So an ES trader wants to know the important dates for the options market. Not to predict an outcome ahead of time, but to be ready for a change in how the market behaves. If the market is fearful and buying lots of puts, and it doesn’t go down, those puts lose value into expiration and the dealers who sold them buy back their hedges. The market can rally hard for no other reason than that.
Trading isn’t about predicting the future. It’s about keeping a clear mind and adapting quickly. The dates don’t tell you what will happen. They can help you navigate what does.
Charles, Pirate Traders
A lot of this way of reading the calendar comes from Cem Karsan (@jam_croissant on X), founder of Kai Volatility Advisors. He has spent years explaining how dealer hedging builds into options expirations and falls away after them, and he treats VIX expiration as one of the hinges of the monthly cycle.
He calls the stretch after those hinges, when that support is gone, the window of weakness. It isn’t a forecast of a drop. It’s a stretch with less support underneath, and it can break either way. We’re not affiliated with Cem; follow him for the source material.
Weekly VIX expirations
Cboe also lists weekly VIX futures and options. They follow the same logic against weekly SPX expirations and normally settle on Wednesdays. When the Friday 30 days out is a holiday, they settle on the Tuesday instead. The coming weeks where that happens, calculated from Cboe’s rule (weeklies are listed only a few weeks ahead):
- Tue Nov 24, 2026
- Tue Dec 1, 2026
- Tue Feb 23, 2027
- Tue Nov 23, 2027
VIX expiration, quickly
When is the next VIX expiration?
It’s shown at the top of this page and highlighted in the table. Monthly VIX expirations almost always fall on a Wednesday in the second half of the month.
What time does VIX expire?
VIX futures and options settle on the morning of expiration day to a special opening quotation of the VIX (ticker VRO), calculated from the opening prices of SPX options. Expiring futures stop trading at 8:00 a.m. Central that morning; expiring options stopped trading the business day before.
Is VIX expiration the same day as monthly options expiration?
No. SPX monthly options expire on the third Friday. VIX expires on a Wednesday: in most months the Wednesday of OPEX week, two days earlier, and in five-week months the Wednesday after.
What is Vixperation?
Trader shorthand for VIX expiration day (also spelled vixpiration). Traders who follow dealer hedging flows watch it as one of the turning points of the monthly options cycle.
Why does an ES trader care?
Because dealers hedge options on SPX, SPY, ES and the index stocks by trading the underlying, and those hedges change around expirations. The dates don’t tell you which way the market goes. They tell you when its behavior is more likely to change. More above.
Where do these dates come from?
The OCC expiration calendar and Cboe’s contract specifications and listed contracts, with the NYSE holiday schedule. Last checked September 23, 2026. Exchanges have the final word; confirm with your broker before trading an expiration.
- OCC / Options Industry Council expiration calendar
- Cboe VIX futures contract specifications
- Cboe VIX options contract specifications
- Cboe 2026 options expiration calendar (PDF)
- NYSE holidays and trading hours
Dates checked against these sources on September 23, 2026. A date marked * is calculated from the published rule and not yet listed by the exchange.
This page is a reference for trading education. It is not investment advice, and no date on it is a signal to buy or sell. Trading futures and options involves substantial risk of loss and is not suitable for everyone.