> For the complete documentation index, see [llms.txt](https://docs.kira.trading/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kira.trading/trust/delta-neutral-and-arbitrages/spread-arbitrage.md).

# Spread Arbitrage

<figure><img src="https://content.gitbook.com/content/QeSpZBCwpY2VvQTkE9hI/blobs/yqlNQYvLJJ4As0h3TQDo/image.png" alt=""><figcaption></figcaption></figure>

Stable yield ranged between 8% \~ 25% APY passive income.

Delivery Futures contracts always converge with Spot prices at expiration dates.