The recent shape of the VIX curve offers two simultaneous opportunities that can exploit the slope and shape of the curve at different maturities.
The first opportunity lies in the decreasing slope as one moves from left to right in the maturity spectrum. A pairs-trade of certain ETNs could seek to take advantage of this curve dynamic.
The second has to do with the "kink" in the curve at the longer-term maturity spectrum. Here, a butterfly-spread could seek to take advantage of this curve dynamic.
The success of any given trade(s) will depend on timing of entry and exit. The strategies are not immune to volatility themselves but time ought to be on one's side.