VIX was slightly lower on the week despite the S&P 500 dropping as well.  The near dated futures worked lower with May finishing Friday at premium of just over 0.80 as that contract goes off the board this coming week.  From August and beyond the futures were actually higher which creates a pretty steep curve below.

VIX Table TS 5122017

On Tuesday, we got what I am going to refer to as a MOAVCS (Mother of all VIX Call Spreads).  Near the end of the day a trader came in and purchased at least 195,000 VIX Jun 30 Calls for 0.13 and sold the same number of VIX Jun 35 Calls at 0.07 for a net cost of 0.06.  All this happened when the June VIX future price was at 12.40. 

VIX PO 5122017

Since there’s some time until June expiration I decided to include the half way to expiration payoff for this vertical spread.  Note that as the June VIX future price moves higher, the spread actually starts to show and unrealized profit.  In fact, it appears that a move to 20.00 would turn this trade into an unrealized profit.