Arbitrator is the third important participant in the derivative securities market. Arbitrage involves entering two or more markets in an instant to lock in risk-free returns. Speculators refer to investors who want to make profits with smaller funds through "short selling" and "short selling" in the futures market. Speculators are willing to bear the risk of changes in speculative targets (stocks, bonds, futures, warrants, foreign exchange, gold, stamps, works of art, real estate, etc.). ), and once the price rise is predicted, speculators will buy it; Once the price is predicted to fall, speculators will sell, and when the price changes in the same direction as they expected, they will seize the opportunity to hedge and make a profit.