I have put in a trade for a VIX futures spread last Friday. Bought 3 March 2012 futures for 29.88, sold Feb 2012 futures for 29.70 for a total debit of 18Â¢ ($180) per contract. Risk/reward. From what I have seen, the 7-8 month futures does not generally become very nagative even when the vix is extremly high & the whole term structure is in backwordation, however when the vix is in the 20s the 7-8 month spread would usually run at 60-70Â¢. So I bought the spread for 18Â¢, put in a sell order for 65Â¢ and also placed a stop loss if the spread turns negative 40Â¢. Should the spred stay in the current range, I would do a roll over in mid September to an April-march spread, in that scenario the roll cost would be low. Does the risk/reward of the trade look favorable?