The third question: the index point is 10000, and the theoretical point of calculation is 10049. The bilateral handling fee and market impact cost of stock trading are 0.5% of the transaction amount respectively, which is 1% of the transaction amount. The bilateral handling fee and market impact cost of stock trading are 10000× 1. Both sides of the futures contract have two index points, and the market impact cost is also two index points. Futures contract transaction fee and market impact cost are four index points, and the loan interest rate difference is 10000× 0.5 %× 3/12.5 points, namely100. The upper bound of no arbitrage is10049+16.5 =10165.5, and the lower bound is10049-1.