The multiplier for VIX® options is $100, just like equity options. A VIX option purchased for a price of "3.00," for example, would cost $300 plus commissions. VIX options contracts are quoted in minimum increments of 0.05 when the premium is under 3.00 and in minimum increments of 0.10 when the premium above 3.00.
VIX options are European-style exercise, which means they can only be exercised at expiration.
Click here for the complete VIX options contract specifications.