First of all, we need to understand what positive arbitrage is. There is a capital premium in a perpetuation contract. When the capital premium is greater than zero, the long side has to pay the short side a certain fee on time. The principle of arbitrage is very simple, such as buying 1BTC spot in Binance and shorting 1BTC in FTX. I use BTC for currency, and BINance and FTX for exchange. A process: Now we use 2W USDT for the experiment. We put 1W USDT in Binance and FTX respectively, so that...