Hello. On the VIX futures contract the tick value is 0.05 but on my book it moves in steps of 0.01. How is it possible ? I even see orders executed at 25.71. Are there still things that I haven't understood?
Yes. The truth is out there! Tick-size for outright futures is 0.05, tick size for spreads is 0.01. What you are seeing futures spread trades.