This topic examines the difference between arbitrage and futures speculation: first, futures speculation only uses the fluctuation of the price of a single futures contract to earn profits, while arbitrage benefits from the relative price difference of related markets or related contracts. Futures speculators care about and study the rise and fall of a single contract, while arbitrageurs care about and study the change of price difference. So option a is wrong. Second, futures speculation only buys or sells for a period of time; Arbitrage, on the other hand, is to trade in the opposite direction in the relevant market at the same time, or to buy and sell relevant futures contracts at the same time, and play multiple roles at the same time.

The dual role of head and bear. Third, the profit brought by the change of spread earned by arbitrage trading, because the pricing direction of related markets or related contracts is basically the same, the change of spread is small, so the risk is small. On the other hand, ordinary speculation benefits from the favorable changes in the price of a single futures contract. Compared with the change of price difference, a single price changes more, so it bears greater risks. Fourth, the cost of arbitrage trading is lower than that of speculative futures trading. Generally speaking, the arbitrage of related futures contracts involves at least two contracts at the same time. In foreign countries, in order to encourage arbitrage trading, the commission fee of arbitrage trading is generally higher than that of a single transaction, but less than twice that of a single transaction round. At the same time, because the risk of arbitrage is small, the margin is less than that of ordinary speculation, which greatly saves the capital occupation. So the arbitrage transaction cost is low.