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)