Arbitrage exists to some extent, not a lie. The premise is that there are arbitrage opportunities and the operators themselves have the technology and ability. The basic principle of arbitrage is that there is a price difference, which is called buying low and selling high.

types of arbitrage:

1. Inter-period arbitrage is the most common arbitrage transaction, which is to hedge the same commodity when the normal price gap between different delivery months becomes abnormal, and can be divided into two forms: bull spread arbitrage and bear market arbitrage.

2. Cross-market arbitrage is an arbitrage transaction between different exchanges. When the same futures commodity contract is traded in two or more exchanges, there is a certain price difference relationship between commodity contracts due to geographical differences between regions.

3. Cross-commodity arbitrage refers to trading by using the price difference between two different but related commodities.

4. The investment operation of the fund can be divided into three levels: asset allocation by category, asset allocation by industry and individual stock selection. This is one of the foundations to understand the fund investment operation and predict its future performance trend.