Arbitrage is when you can find a price difference in the market and get a risk-free profit from it. As you can see in the Futures Contract Spreads tool, there's many futures prices that differ from index, allowing lots of arbitrage opportunities.
We're going to focus content on this interesting area in response to the interest growing in the community. For now we have some links to share that have been showing on r/BitcoinMarkets:
One of our contributors has self-published an arbitrage guide which we link here:
Swapman's Cash and Carry Bitcoin Futures Arbitrage Walkthrough
And from BitMEX CEO Arthur Hayes a good series involving trading the spreads between different futures of different lengths:
Bitcoin Futures Basis Trading Lesson 1
Bitcoin Futures Basis Trading Lesson 2
Bitcoin Futures Basis Trading Lesson 3