I think some of you are overthinking this. If you want to short UVXY, buy UVXY puts. Stop monkeying around with VIX options as a hedge. They're just too disconnected. I've traded UVXY short this way for a couple of years, and SVXY long with long calls as well. It's not hard. Sometimes the shit hits the fan and your long option rapidly goes to zero. Oh well. Pay attention to the VIX futures and get out when the "risk" seems too great . . . maybe F2/F1 contango drops to 5%, or goes into backwardation, or whatever works for you. Stay small until you've ridden through a few vol shocks. Be aware that deep backwardation is often a great buying opportunity. There is risk, though. No free lunch.