1. The risk is small. The futures market is full of variables. For investors with low risk tolerance, arbitrage is an ideal investment tool. Taking intertemporal arbitrage as an example, since two futures contracts in different delivery months are affected by the same factors and have roughly the same price trends, arbitrage transactions based on this can lead to unpredictable unexpected risks (such as policy risks). Provide corresponding protection mechanisms. 2. The income is relatively stable. Arbitrage trading gives full play to the leverage characteristics and enables traders to obtain relatively stable expected returns with a smaller margin level. It can be said that the magic of arbitrage lies in providing traders with more market choices, reducing transaction risks and increasing profit opportunities. 3. In addition, the basis for arbitrage is the price relationship, and the basis for speculation is the price level, and the price relationship can reflect the reasonableness of the price level. Therefore, studying arbitrage is of great benefit to judging the speculative status of the market and whether the price level is reasonable.

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