Intertemporal arbitrage is one of the most common arbitrage transactions. When the normal price difference of the same commodity changes abnormally between different delivery months, intertemporal arbitrage benefits from hedging. Fen can also be a cow powder) he and Xiong powder. During the metal bull market in Li Ru, the exchange bought the metal near-moon contract and sold the forward delivery monthly gold contract at the same time, hoping that the recent contract price increase would exceed the forward contract price; On the other hand, bear market arbitrage is the opposite. I hope to sell the near-delivery monthly contract and buy the forward-delivery monthly contract, and expect the price decline of the forward contract to be less than that of the remaining near contracts.