A spread on volatility (VIX)

During this time, we are witnessing to a surge in volatility. Spreads on VIX are becoming interesting. I wouldn't consider the first deliveries as we do not yet know when this period of fear on the financial markets will end.

The spread I propose is VXK20-VXM20 (to sell). As we can see from the chart, the spread has turned into an always stronger backwardation (the same did the VIX term structure). The seasonality is (in theory) bearish, but that doesn't mean the spread will drop in the next days/weeks.

We have to wait for the end of this wave of panic, before selling the spread with, as the target, a return in contango.