Generally speaking, stock index futures arbitrage and commodity arbitrage are both a type of futures arbitrage trading, and their principle is to conduct bilateral transactions under abnormal market price relations in order to obtain low-risk spreads. The main difference between stock index futures arbitrage and commodity futures arbitrage lies in the different attributes of futures contract targets. The object of commodity futures contract is tangible goods, which involves the specifications, performance, grade, durability, storage, transportation and delivery of goods, and will have an important impact on arbitrage. The target of stock index futures is the stock index, which is just an intangible concept and has no relevant restrictions on tangible goods. At the same time, the delivery of stock index futures adopts cash delivery, so it is very convenient in delivery and arbitrage. In addition, due to the irregular dividend distribution of constituent stocks, different financing costs and spot index design, the theoretical price of stock index futures is more difficult to accurately price than commodity futures. These differences are the main reasons for the differences between stock index futures arbitrage and commodity futures arbitrage in specific categories.