DislikedAny Arbitrage or arbitrage like strategy is based on NON-Linear Price/Return- Relations, between the Basis Investment and its hedging Instrument. So if you look for Arbitrage opportunities, you have to look for non-linear Relations. Deterministic (better) or stochastic (not so good) Relations. for spread bets non-linearity lies in r/(1+r), and it is deterministic. Comparable to the convexity in Bond Prices, Gamma in Options or the pricing of the Dollar Index. Not so explicit and probably not deterministic is the relation between VIX and S&P and...Ignored
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