Synthetic VXX prior to 2010
VXX hit a low in early 2007 at a synthetic price of 25k. During the 2009 low it went to a synthetic high of 162.5k. This was nearly 550% above the all time low and took nearly 4 years to recover.
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| https://flare9xblog.com/2017/12/02/vix-term-structure/ |
Assuming a short VXX position held through that bear market the following would not have led to a margin call.
