When the futures price is lower than the current price, there is no arbitrage opportunity. Because arbitrage usually refers to when a physical asset or financial asset (in the same market or different markets) has two prices, it is bought at a lower price and sold at a higher price, thus obtaining risk-free income.

Arbitrage: In finance, it is defined as the act of buying or selling the same or basically the same securities at favorable prices in two different markets. The financial instruments in the portfolio can be the same or different. In market practice, the word "arbitrage" has a different meaning from the definition. In practice, arbitrage means high-risk positions, which may bring losses, but are more likely to bring benefits.