The term structure and payoff below does not do any justice to what those of us that focus on VIX and related markets this past week.  In fact, when the dust settled, all the standard futures were hardly changed on the week.

VIX Quotes Table 519

Just to record what did happen last week I made a second term structure chart that includes the close on Wednesday in addition to the Friday closing curves. 

VIX TS Fri Wed Fri

As Wednesday was one of the biggest moves for VIX to the upside in several months, there were a few brave traders that chose to take the other side of the move.  Just minutes before the very busy day came to an end there was a trader that sold about 5,000 VIX Jun 12.50 Calls for 2.37 who purchased the VIX Jun 19.00 Calls at 0.93 for a net credit of 1.44.  The payout below shows how this trade works out if held to expiration along with where VIX and the June VIX futures finished the day on Wednesday.

VIX PO 519

The June futures were at 14.25 and VIX at 15.59 to finish up Wednesday.  However, as we know, when the week came to an end both were much lower.  So far so good on this one.