You're going to think the answer is strange, but because they are European style it's not treated as a true calendar. You can't exercise the May if the April gets assigned. Same issue with SPX.
not European because listed index options would get netted but the fact is they have completely different underlying.
Because those calendars are the most dangerous calendars that you can buy. Some brokers don’t even allow these. You can lose a lot on the first expiring leg when it goes up a lot, while the 2nd leg may not move too much. You are playing with fire without understanding what you’re doing.
7k margin for a silly 1 lot? haha Even in the front, that's beyond cray cray. To go debit you'd need a 70 handle inversion in the futures. mmmkay
This is not just about the margin, but about keeping ignorant people away from trading dangerous stuff without understanding it. Some brokers lost $millions by allowing people to trade VIX calendars: https://www.wsj.com/articles/SB123695294636919681