This morning I put a credit spread in place, selling August VIX $15S calls and buying $47.5S calls for a net credit of $18.2. The underlying for these calls is the August volatility futures—not the VIX itself. The effective price of the underlying for these options was about $34 at the time. The VIX was around 42.
Normally the shortest term volatility futures are cheaper than the longer out months, but with the crash they are trading at a least a 25% premium to the September futures. I’m betting that the current backwardation returns to the usual contango.