Arbitrage between futures contracts refers to a trading strategy that uses the price difference between different futures contracts to operate. Specifically, arbitrage between futures contracts generally refers to the following operations:

1. Intertemporal arbitrage: trading by using the price difference between different futures contracts. For example, buy futures contracts with lower current prices and then sell futures contracts with higher prices.

2. Cross-variety arbitrage: trading by using the price difference between futures contracts of different varieties. For example, buy futures contracts with lower prices and sell futures contracts with higher prices.

The arbitrage between futures contracts mentioned here does not include the following operations:

Trading by using the price difference between financial instruments such as stocks and bonds.

Use the price difference of foreign exchange, precious metals and other non-financial instruments for trading.

Trading by using the price difference between futures contracts and other financial instruments.

It is suggested that you should be familiar with relevant laws and regulations, operate carefully and evaluate risks carefully when arbitrage between futures contracts is carried out.