Cboe Global Markets

Variance Calculator

Variance Futures trade with price expressed in Volatility Points and size in multiples of 1,000 Vega. Prior to clearing, the trade price and size are converted into Variance units. This calculator is provided as a tool to compute Futures Cleared Price and Size, and to determine VA and VAO contracts to trade in order to exit an existing position.


Use this section to compute the Futures Cleared Price and Size in Variance units using as-executed trade size in absolute Vega and trade price in Volatility Points as inputs.

Use this section to generate instructions for VA contracts and Stub Futures (VAO) to be executed to completely exit a position using Futures Quantity in Variance units and trade price in Volatility Points as inputs.

Contracts Required to Exit: