$VIX Monday Effect - Ignore the Headline A Monday jump in the VIX, like today’s 7% move, often means nothing - it’s a mechanical Monday effect that usually gets given back later in the week. What matters is the VIX front-month future, and it has barely moved, showing no real stress. This is also why using $VIX for hedging right now makes little sense: there is a large gap between $VIX spot and the first-month future, and since option pricing is driven by the future, not spot, the front month is unlikely to move much until that gap closes, acting as a cushion against real volatility.