SPIKES Logo Spikes Logo with One Color SPIKES Logo Spikes Logo with One Color MIAX Logo (White) MIAX Logo with White MIAX Options Logo (underlined) MIAX Options Logo in White with underline MIAX PEARL Logo (underlined) MIAX PEARL Logo in White with underline MIAX Emerald Logo (underline) MIAX Emerald Logo in White with underline Contact Icon Phone icon used to suggest contact information Subscriptions & Notifications Icon Bell icon used to suggest Subscription & Notification information Portal Icon Silhouette icon used to suggest Portal/Profile functionality Search Icon Magnifying Glass icon used to suggest Search functionality Close Icon An X icon used to suggest the dismissal of information US Flag Icon An simplified Unites States Flag used to categorize content types Plus Icon A plus sign in a circle designates expandable content Minus Icon A minus sign in a circle designates closeable, expanded content News Icon A folded newspaper icon Paper Icon A few paper sheets as an icon to represent documents Process Icon An icon showing a series of arrows and elements that represents a decision tree or process Download Icon An inbox icon representing the download action Download Icon An inbox icon representing the download action Metrics Icon Three bars representing a graph Date Icon Calendar icon representing notable dates FAQ Icon A question mark icon used for Frequently Asked Questions Contract Icon A document icon with a ribbon Clipboard Icon An icon of a clipboard containing information and checkmarks Podcast Icon An icon showing a microphone SPIKES Resource Guide A booklet icon FAQ An icon of a question mark in a page Carr White Paper An icon of the letter C in a page Vrije White Paper An icon of the letter V in a page Combo Linked to Future An icon of chain link in a page Rate Card An icon of a dollar sign and a bar graph in a page Expiration Calendar An icon of a calendar with a analog clock on the lower righthand corner Index Calculation An calculator icon How to Trade An icon showing a rising line graph MIAX Options Logo (underlined) MIAX Options Logo in White with underline MIAX PEARL Logo (underlined) MIAX PEARL Logo in White with underline MIAX Emerald Logo (underline) MIAX Emerald Logo in White with underline

SPIKES® Futures

SPIKES heading

Derivatives have never been less derivative.

SPIKES Futures (SPK) propel the industry forward with zero exchange fees (for a limited time), more accessibility, new hedging opportunities, and peak data transparency. Powered by MIAX® and offered by MGEX via the CME GLOBEX® platform, this groundbreaking and competitively priced product further rounds out the SPIKES portfolio.

Investors can amp up their trading with a new level of risk diversification and the sophisticated design features of the SPIKES Index: proprietary price dragging and truncation methodologies with underlying SPY option component liquidity.

Ready to find the equity in ingenuity? Contact mgex@mgex.com to trade SPIKES Futures.

Read our SPIKES Futures Overview Learn more about the SPIKES Futures Incentive Program

How SPIKES Futures Measure Up

A comparison of SPIKES and VIX

Disclaimer: This chart provides a summary of the VIX Futures transaction charges assessed by CFE as of the publication date. While every attempt has been made to provide an accurate summary of relevant CFE fees, there are no guarantees as to the accuracy or completeness of this summary. Fees are subject to change. Readers should consult the complete, official, and current CFE Fee Schedule.

Resources

The SPIKES Index and volatility products offer a number of unique features designed to produce highly accurate, robust data and create a transparent and open auction settlement process.

SPIKES Resource
Guide

All your key documents in one place

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How to Trade
SPIKES Futures

Information on Trading SPIKES Futures

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Futures
Summary

Brief Overview of SPIKES Index and Futures

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Index
Methodology

Complete walkthrough of SPIKES index calculation

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Futures Contract
Specifications

Characteristics of SPIKES Futures

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Settlement
Process

Guide describing how the settlement value is determined

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Rate
Card

Fee schedule for SPIKES and related transactions

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Index Calculation
Spreadsheet

Interactive SPIKES Index calculation example worksheet

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Peter Carr
White Paper

Study by Peter Carr on differentiators of SPIKES

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Expiration
Calendar

Monthly expirations for SPIKES Options and Futures

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Vrije University
White Paper

Study by Vrije University Amsterdam on differentiators of SPIKES

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Combo Linked to
Future (CLF)

A strategy for the exchange of SPIKES Futures and Options combinations

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