Hedging is the basic function of futures; Arbitrage, as a speculative way, or the role of arbitrage as an independent trading way in futures;

1 The main function of the futures market is to provide spot traders with price risks caused by price fluctuations, and to provide the function of avoiding risks-hedging!

Arbitrage is a speculative way in which speculators buy (sell) a certain variety at the same time and trade the difference. It plays a certain role in the price discovery function of the futures market!