It is SUPER cheap to Hedge

VIX settled at 11.07 today,  near the low for the last year.  The VVIX which is the VIX of VIX settled below 80%.  A combo that points toward options premiums being cheapin VIX at the same time VIX is low.  Even the spread between the VIX cash and the VIX future (the true underlying for VIX options) is not exceptionally wide given how low VIX is currently.  The Feb future settled 13 dollars and the Mark future settled about 14.40 spreads of less than 2 bucks and less than 3.5 dollars respectively.

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