RE:RE:RE:HVU use Contango doesn't have a timeframe. It's the normal market condition. The current 11% isn't normal, but 1-3% is quite normal.
The only time contango ends is when front month futures are priced higher than back month future (called backwardation). Which typically happens after a spike in prices, but not always. Keep in mind if there is demand for VIX futures, all month prices will typically increase (not just the front month). However during extreme demand the front month can exceed the back months, as mentioned, called backwardation (very good for HVU). Backwardation is rare but was occurring in VIX during the Jan/Feb spikes, which is partly why HVU held value so well.
Best of luck guys. I'm feeling the heat. S&P has got to be running out of steam here, but I also thought that at 2000!