I assume someone out there does a fair value on VIX futures and the spot in the morning before the market opens, no? Or is it of less relevance than the FVs on the major equity indexes? If there is a VIX fair value, who publishes it?
Attached is the Volatility Index®Methodology: Cboe Volatility Index White paper with the math. If you do a search for the formula, there are some posted online in Python. I was reluctant to post those links because I can't verify the code is safe to download.
Wondering, too, if anyone ever directionally trades with it at the open, a la the SP 500/SP 500 futures.