(1) Intertemporal arbitrage: Intertemporal arbitrage means that the same member or investor establishes the quantity in different contract months of the same futures product for the purpose of earning the price difference.

An operation mode of closing trading positions with the same amount but opposite direction through hedging or delivery.

Intertemporal arbitrage is one of the most commonly used hedging profit transactions, which is divided into bull spread, bear market arbitrage and butterfly arbitrage in practice.

(2) Cross-market arbitrage: including arbitrage of the same commodity in different markets at home and abroad, spot market arbitrage, etc. ;

(3) Cross-commodity arbitrage: Arbitrage activities are mainly carried out by using the strength contrast differences between commodities with high correlation (such as substitutes, raw materials and downstream products).