April VIX was retired last week and May became the front month. We have a volatility event this weekend which has resulted in a bit of front month vs spot VIX backwardation. I have a feeling that will not be the case as the election results are digested starting Sunday night.
The curve below shows VSTOXX versus the available VSTOXX futures contracts. Like VIX, April VSTOXX was retired with a settlement level in the mid-20's. Backwardation is a bit more obvious here which can be read as the market expecting a VSTOXX drop either after this weekend or the second round of voting which occurs in early May and before May goes off the board.
Finally, one trader is prepared for the opposite of a volatility crush early next week. Using the precise nature of VIX Weeklys options, there was a trader who purchased 10,000 VIX Apr 26th 20 Calls and sold the 25 Calls for a net cost of 0.10. If we come in Monday morning and VIX is in the 20's the result will be one happy trader or someone who was happy they hedged with VIX options.