There are many opportunities for spot arbitrage trading (only in the early stage), which is intuitive. You can judge whether arbitrage can be carried out by looking at the price difference between the Shanghai and Shenzhen 300 Index and the main contract. Transaction costs mainly lie in commission, stamp duty, transfer fees and impact costs. If you don't add Alpha, it is basically risk-free arbitrage.

Intertemporal arbitrage involves some statistical arbitrage, and it is necessary to count the price difference changes of two different contracts over a period of time to find out when is the most suitable time for arbitrage. The transaction cost mainly lies in the impact cost and has certain market risks. Because intertemporal arbitrage gains less each time, many intertemporal arbitrages are high-frequency transactions.