The arbitrage strategy of #套利交易策略 is a strategy that gains profits by exploiting temporary inconsistencies between the prices and yields of certain financial products in the financial market. When such price fluctuations generate risk-free returns, it is referred to as a risk-free arbitrage strategy. These arbitrage opportunities are rare and disappear as soon as they arise. Some inconsistencies between the prices and yields of financial products are not very short-lived; in such cases, the risk of obtaining profits through these opportunities lies in the possibility that prices or yields may not move in the expected direction. For hedge fund managers, this profit-generating strategy may not be a low-risk trading strategy, but rather a risk arbitrage strategy, which may cause the deviation of prices or yields to return to or converge towards historical equilibrium levels.