Difference: IPS refers to buying a futures contract and selling another futures contract with the same amount. Spc combination order is to buy or sell two different futures contracts or options contracts at the same time, involving two products.

Data expansion:

Stock index futures arbitrage can be simply divided into:

1. Arbitrage between stock index futures and stock index spot: The trading behavior of arbitrage by using the unreasonable relationship between futures index and spot index is called risk-free arbitrage.

2. Arbitrage between different contracts of stock index futures: arbitrage trading by using the unreasonable relationship between futures contract prices is called spread arbitrage principle: futures index and spot index (CSI 300) maintain a certain dynamic relationship.

However, sometimes the futures index deviates from the spot index. When this deviation exceeds a certain range (the upper and lower limits of the arbitrage-free pricing range), there will be arbitrage opportunities (in order to make profits from the price difference of the same group of stocks in the futures and spot markets).

① positive set: when the actual futures price is greater than the theoretical price, sell the stock index futures contract and buy the constituent stocks in the index to obtain risk-free arbitrage income.

② Reverse hedging: When the actual futures price is lower than the theoretical price, buy the stock index futures contract and sell the constituent stocks in the index to obtain risk-free arbitrage income. The pricing of futures is more complicated. You can learn the no-arbitrage pricing theory and the holding cost pricing theory of futures investment analysis.

Take a simple arbitrage process (futures arbitrage of non-dividend stocks) as an example: f = se r (t-t) Let a stock be quoted as 30 yuan, and the stock will not pay dividends for two years. If the 2-year futures price is 35 yuan (for convenience of example, there is basically no 2-year futures contract in reality), you can carry out the following arbitrage: buy stocks, sell futures, borrow 3000 yuan at an annual interest rate of 5%, buy 100 shares, and sell 1 00 shares of1year futures at the same time. Two years later, the cash of futures trading contract is 3,500 yuan, the loan principal and interest are repaid by 3,000 * (1.05) 2 = 3,307.5 yuan, and the profit is 3,500-3,307.5 =192.5 yuan.