Korea's fear gauge hit 55 on 15 October. Its futures market traded seven contracts that day
The VKOSPI, the volatility index for KOSPI 200 options, rose from 36.81 on 8 October to 55.38 on 15 October, the day the KOSPI fell 7.57%. On the Korea Exchange, VKOSPI futures traded between 0 and 84 contracts a day over 34 sessions.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
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The VKOSPI measures how much movement KOSPI 200 options traders are pricing in. It is Korea’s version of the VIX, often called the fear gauge.
In October it jumped.
The gauge
| Date | VKOSPI | KOSPI that day |
|---|---|---|
| 8 October | 36.81 (low of our record) | −2.62% |
| 13 October | 48.53 | −5.46% |
| 15 October | 55.38 (high) | −7.57% |
| 16 October | 48.89 | +2.05% |
| 22 October | 49.61 | −3.52% |
In five trading days the VKOSPI rose by half, to its highest level in the 34 sessions we hold. It has stayed near 50 since.
The futures nobody trades
The Korea Exchange lists futures on the VKOSPI, so investors can trade the gauge itself. Almost nobody does.
| VKOSPI futures, 1 Sep – 22 Oct | |
|---|---|
| Busiest day | 84 contracts (8 September) |
| 15 October, the VKOSPI’s high | 7 contracts |
| Days with no trades at all | 4 |
| Open interest, highest | 43 contracts |
On the day Korea’s stock market had its worst fall in our record and its fear gauge its highest reading, the market built to trade that fear changed hands seven times.
What this does not say
The VKOSPI is calculated from KOSPI 200 options, which trade heavily. A thin futures market does not mean Korean investors ignore volatility; they trade it through options instead. What the futures file shows is that the dedicated product for it has, in practice, almost no market.
Korea Exchange derivatives and index daily data, 1 September – 22 October 2026, collected daily by SeoulMarkets. Not investment advice.
Data & Verification Notes
- Data as of
- Sources
- Korea Exchange (KRX OPEN API) — Derivatives daily trading, VKOSPI futures: underlying index value, closing price, volume and open interest per contract month, 34 trading days from 1 September to 22 October 2026; KOSPI index daily change. Collected daily by SeoulMarkets.
- Cross-checks
- VKOSPI (underlying value in the futures file): 1 Sep 44.03; low 36.81 on 8 Oct; 13 Oct 48.53; high 55.38 on 15 Oct; 22 Oct 49.61.
- KOSPI daily change on the same days: 13 Oct −5.46%; 15 Oct −7.57%; 16 Oct +2.05%.
- VKOSPI futures, all contract months combined: daily volume 0 to 84 contracts (0 on 11 Sep, 17 Sep, 30 Sep and 2 Oct; 84 on 8 Sep); 7 on 15 Oct; open interest between 7 and 43 contracts.
- Excluded figures
- VKOSPI before 1 September, which our derivatives file does not hold.
- KOSPI 200 options volumes, where most Korean volatility trading happens; this piece covers the VKOSPI futures contract only.
- Contract size and margin rules.
- This is not investment advice.
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
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