Hedging arbitrage generally refers to the trading behavior that futures market participants use the price difference between different months, different markets and different commodities to buy and sell two different types of futures contracts at the same time to obtain risk profits from them.

It is a special way of futures speculation, which enriches and develops the content of futures speculation, making futures speculation not only limited to the horizontal change of the absolute price of futures contracts, but also turned to the horizontal change of the relative price of futures contracts.

Because the state has not stipulated it, it is not illegal.