The VIX basis is risk premium that can be harvested (mainly by going short VIX futures when basis is positive aka VIX futures market is in contango)
❑ Combining negative VIX basis signal with negative IVR signal does a good job in predicting market crashes. Anticipated both the 2008 and2020 crashes
❑ Combining positive VIX basis signal with positive IVR signal does a good job in predicting bull markets with a VIX roll yield to be harvested.
Research Paper (Fill in the form to download it)