There are three main forms, namely, cross-delivery month arbitrage, cross-market arbitrage and cross-commodity arbitrage. Arbitrators must understand the history and characteristics of commodity price difference relationship in order to successfully complete arbitrage.

The so-called cross-commodity arbitrage refers to arbitrage by using the futures price difference between two different but interrelated commodities, that is, buying (selling) a futures contract of one commodity in a certain delivery month and selling (buying) another futures contract and another related commodity in the same delivery month at the same time.

Cross-commodity arbitrage must meet the following conditions:

First, there should be correlation and mutual substitution between these two commodities.

Second, transactions are restricted by the same factor.

Third, futures contracts bought or sold should usually be in the same delivery month.