Intertemporal arbitrage is the purpose of using the price difference between contracts of the same variety in different months to make profits. Generally speaking, butterfly arbitrage has nothing to say. There are only two arbitrage methods that can be applied in reality: bear market arbitrage and bull market spread arbitrage. Specifically: bear market arbitrage-the recent contract price is higher than the forward contract, the forward contract is short, the recent contract is long, and the forward contract is used to make profits in the bear market; Bull spread-the price of the recent contract is higher than that of the forward contract, and the recent contract is short of the forward contract to make more profits by taking advantage of the expectation that the forward contract is higher than the recent contract.

It is difficult to grasp the specific rhythm of arbitrage in reality. The varieties with the most intertemporal arbitrage in China are the main contract and the second main contract of liandou. For example, at the beginning of this year, when the spread between 905 contract and 909 contract reached the highest level in 240 yuan, 905 contract opened 1 lot and 909 contract opened 1 lot. When the spread narrows to the expected value, the arbitrage is lifted and the profit is taken.

However, due to the relationship between strength and weakness, arbitrage often cannot obtain considerable profits in the short term. Therefore, although many varieties have the possibility of arbitrage, the only thing that can be done in China is soybean.