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® Options Product Information

SPIKES Volatility Index (index symbol: SPIKE) is a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY). To find out more about the benefits of SPIKES, watch our video.

SPIKES Options are traded on MIAX—one of the fastest and most efficient options platforms in the world, offering fully electronic execution.

MIAX is proud to partner with T3 Index to offer SPIKES—for more confident volatility trading.


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.

Options Fact

Brief overview of SPIKES index and options



Complete walkthrough of SPIKES index calculation


Options Contract

Characteristics of SPIKES options



Guide describing how the settlement value is determined



Fee schedule for SPIKES and related transactions


Index Calculation

Interactive SPIKES index calculation example worksheet


Market Maker

Fee waiver program for MMs trading SPIKES


Peter Carr
White Paper

Study by Peter Carr on differentiators of SPIKES


Expiration Calendar

Monthly expirations for SPIKES Options and Futures