I never thought of such an arbitrage mode. Indeed, my thinking was limited by the trading mode. I never imagined that arbitrage could be achieved through contracts and spot trading on different exchanges. Opened the ceiling of imagination. There are many pictures and small words, so I can't see them clearly. So I asked AI to help organize and post them for easy reading by my friends. The author claimed to have earned over $600000 in just over a month by utilizing the price difference, funding rate difference, and trading rule difference between Hynix's Korean spot, Binance, OKX, Hyperliquid, and Hong Kong stock leveraged ETFs. I mainly made five transactions: The price difference between Binance and Hyperliquid's Hynix contract is about $30 I bought cheap platforms and empty expensive platforms, first took a trial position with 1000 shares, and after the price difference narrowed, I earned about $15000. Buy Korean Hynix spot, short Binance contract Because Binance users cannot directly buy Korean stocks, a large amount of funds chase after contracts, resulting in Binance contracts being more than $40 more expensive than Korean spot goods. The author bought Korean stocks through IB and shorted Binance, earning about $120000. Transfer empty orders from Binance to OKX The author studied the tagging prices and funding fee rules of Binance, OKX, and Hyperliquid, and believed that OKX's short funding fee income was higher, so they moved their positions to OKX. This stage earned a total of approximately $170000, of which approximately $70000 was reportedly due to differences in platform rules. When the market crashes, short on Binance and long on Hyperliquid After the sharp decline of Hynix, Binance contracts were smashed much lower by retail investors compared to other platforms. The author heavily bet that prices on different platforms will eventually converge, with a position size of nearly $1 million. A few hours later, the price difference returned and he earned about $150000. Buy Hong Kong stock Hynix 2x ETF, while short selling Binance contract When South Korea closed and Hong Kong opened, there was a significant mispricing in the Hong Kong stock market's 2x Hynix ETF. The author bought ETFs and shorted Binance, but the hedging ratio was not fully calculated, leaving a naked long position of about 20%. Later on, the market rebounded and the naked multiple parts also made money, totaling over 200000 US dollars. At the end of the article, the biggest mistake was borrowing Korean won through IB to buy Korean stocks without hedging against the exchange rate. Later, the Korean won appreciated, and after closing the position, he overpaid by about $60000 when repaying the Korean won loan.