the spread looks very wide relative to the rest of the curve and is above historic averages for this part of the curve. atticus, you seem to have an opinion on it.. can you express it?
I don't trade these with enough freq, but I don't see any edge at 0.85. I would be long if I had to choose. I don't see the 22-23 line as sustainable into Jan. Edit, I see that you're short... I don't have any history on the mid-curve, so don't pay me any mind. I am sure dom or noop will have an opinion if you're in the room.
Atticus- I started trading VIX spreads synthetically before the CFE introduced VIX spreads as an actual cleared product like the BOB spread can trade as a synthetic or an exchange listed product. the CFE spreads offered by the exchange are a recent listing and I recall seeing them indroduced but had no interest in trading them. I applaud your perspicacity.
from here i'm looking for 40 - 60 cents, more than that would be great, 1 vol would be wondyful (but extreme)