The shape of the VIX term structure prices the market’s expectation of implied volatility across forward tenors. An upward-sloping curve (contango) means investors are willing to pay more for longer-dated protection — usually the calm-market default. A downward slope (backwardation) means near-term vol is more expensive than far-dated vol — typically a panic regime. Data refreshes every 5 minutes from CBOE delayed quotes (with Yahoo Finance as a fallback).
VIX term structure
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Curve shape
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30-day VIX
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9D − 1Y spread
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Roll yield / month
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Reading the curve:
Contango (upward slope) → markets are pricing forward vol higher than near-term; typically calm regime; short-vol carry trades are getting paid.
Backwardation (downward slope) → near-term vol expensive vs forward; panic / hedge demand; short-vol carry is losing money.
Roll yield / month = approximate vol-points earned (positive) or paid (negative) per month by a long-vol position rolling down the curve.
Not investment advice. The curve is a state indicator, not a directional signal.