CFTC_VIX_NONCOM_NET
VIX futures speculator positioning (CFTC COT, CFE)
Official name: VIX Futures (CFE) — Non-commercial Net (Long - Short)
Latest value
-20388.0000
as of 2026-04-07
All-time percentile
64th
1-year change
+97.0%
Time series
Showing 261 of 261 data points
About this series
Net long-minus-short positioning of non-commercial traders in VIX futures at the Cboe Futures Exchange. Measures how speculators are positioned on volatility itself.
Why it matters: VIX futures positioning is notoriously one-sided — speculators are typically large *short* because of the persistent volatility risk premium (VIX futures typically trade above realized vol, making shorting profitable on average). Record spec shorts have preceded most major VIX spikes, including 2018 (volmageddon) and early 2020 (COVID).
How to read it: Extreme net short positioning is a warning — the vol-selling trade is crowded and vulnerable to a sudden unwind. Net long positioning (rare) typically appears after a vol spike when specs are buying protection for the aftershock.
Caveats: VIX futures have structural decay (contango) that biases long positioning losses, so speculators rarely stay net long for long. Commercials are usually net long (they're hedging against volatility exposure).