The Bid Ask spread of UVXY is much smaller than VIX future so day-trade UVXY instead of VIX future?

imho, you will have to buy an option to protect yourself whatever you do

 

That is why I mentioned trading them outright is too risky and is basically a directional bet. Switches/Calendar spreads and even FLYS have better margin and can be modeled for less risk exposure to overnight BOOM or even normal vol spikes.

 

If the purpose of this thread was day-trading, why are we worried about overnight and weekend risk?

 

Risk is risk. The next 9/11 could happen midday.