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The difference between arbitrage and speculation.
Arbitrage trading and speculative trading are both aimed at obtaining investment income, but there are differences in operation modes, which are mainly reflected in: (1) Different trading modes: futures speculative trading is to establish a single futures contract within a period of time.

Long or short, that is, long when the expected price rises, short when the expected price falls, and it is also a one-way transaction. Arbitrage trading is the simultaneous establishment of multiple futures contracts, or futures and spot.

Head and short are two-way transactions at the same time. (2) Different sources of profit: Futures speculation uses the fluctuation of the price of a single futures contract to make profits, while arbitrage uses related futures contracts or futures and cash.

The relative price difference between commodities generates profits. (3) The degree of risk assumed is different: futures speculative trading bears the risk of price change of a single futures contract, while arbitrage trading bears the risk of price difference change. More exciting content is in the micro-network.