# VXV vs. VIX futures: arbitrage opportunities?

At a first glance, VXV and VIX futures should not be compared at all: VXV is an underlying index, whilst VIX futures are derivatives written on a different underlying index, that is, VIX.

As instance, from a fixed income point of view, using VIX futures to seek opportunities on VXV seems like using EURIBOR 3M IRS to seek opportunities on EURIBOR 6M spot price: complete nonsense.

However, there's a point I am missing which puzzles me.

If VXV is worth 22.5 and VIX 2M futures is slightly above 20.5, could you explain why shorting VXV and long such futures would not return me $2$ points of risk free volatility earnings?