VIX futures is the market pricing where the next 30-day realized volatility will be at that expiry. So for example, the Oct VIX contract is at ~18.16, significantly higher than near term, because it includes the US election happening on Nov.

VIX futures is the market pricing where the next 30-day realized volatility will be at that expiry. So for example,

VIV24 the Oct 16 2024 VIX contract is at ~18.16, significantly higher than near term (VIU24 the Sep 18 2024 future at 15.68, the almost expired VIQ24 with 2 days left at 15.26, the spot VIX at 14.80) because it covers S&P 500 RV in the period Oct 16 to Nov 15 and this 30 day period includes the US election happening on Nov. 5, 2024.