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Understanding the VIX Term Structure: Contango vs Backwardation

In today’s challenging trading environment, understanding the “Fear Curve” is more important than ever.

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SQTC Squared T Capital Online
Mar 13, 2026
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One of the most powerful — and often misunderstood — indicators in the market is not the level of the VIX itself, but the shape of the VIX futures curve.

Below is the current VIX term structure.

Right …

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