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1. Report Industry Investment Rating - No relevant information provided 2. Core View - The report presents cross - market, cross - period, spot - futures and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 29, 2025, including domestic and LME prices, price ratios, spreads and theoretical spreads, as well as import/export profitability [1][3][4] 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 79080, LME price is 9746, ratio is 8.13; March domestic price is 79010, LME price is 9801, ratio is 8.07; equilibrium ratio for spot import is 8.17, profit is - 615.05; spot export profit is 161.91 [1] - **Zinc**: Spot domestic price is 22650, LME price is 2819, ratio is 8.03; March domestic price is 22650, LME price is 2821, ratio is 6.00; equilibrium ratio for spot import is 8.65, profit is - 1744.32 [1] - **Aluminum**: Spot domestic price is 20660, LME price is 2627, ratio is 7.87; March domestic price is 20590, LME price is 2628, ratio is 7.85; equilibrium ratio for spot import is 8.51, profit is - 1702.22 [1] - **Nickel**: Spot domestic price is 121200, LME price is 15012, ratio is 8.07; equilibrium ratio for spot import is 8.25, profit is - 1995.62 [1] - **Lead**: Spot domestic price is 16750, LME price is 1992, ratio is 8.42; March domestic price is 16925, LME price is 2019, ratio is 11.24; equilibrium ratio for spot import is 8.85, profit is - 843.94 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is - 170, March - spot month spread is - 160, April - spot month spread is - 210, May - spot month spread is - 230; theoretical spreads are 498, 894, 1299, 1703 respectively [4] - **Zinc**: Sub - month - spot month spread is - 200, March - spot month spread is - 195, April - spot month spread is - 205, May - spot month spread is - 250; theoretical spreads are 217, 340, 464, 587 respectively [4] - **Aluminum**: Sub - month - spot month spread is - 160, March - spot month spread is - 185, April - spot month spread is - 240, May - spot month spread is - 295; theoretical spreads are 215, 331, 447, 563 respectively [4] - **Lead**: Sub - month - spot month spread is - 10, March - spot month spread is 0, April - spot month spread is 25, May - spot month spread is 50; theoretical spreads are 210, 315, 421, 527 respectively [4] - **Nickel**: Sub - month - spot month spread is - 2590, March - spot month spread is - 2430, April - spot month spread is - 2310, May - spot month spread is - 1980 [4] - **Tin**: 5 - 1 spread is 1030, theoretical spread is 5547 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current month contract - spot spread is 125, sub - month contract - spot spread is - 45; theoretical spreads are 328 and 741 respectively [4] - **Zinc**: Current month contract - spot spread is 195, sub - month contract - spot spread is - 5; theoretical spreads are 139 and 271 respectively [4] - **Lead**: Current month contract - spot spread is 175, sub - month contract - spot spread is 165; theoretical spreads are 161 and 273 respectively [5] Cross - Variety Arbitrage Tracking - **Cross - variety ratios**: Copper/zinc (Shanghai, three - continuous) is 3.49, copper/aluminum is 3.84, copper/lead is 4.67, aluminum/zinc is 0.91, aluminum/lead is 1.22, lead/zinc is 0.75; Copper/zinc (LME, three - continuous) is 3.48, copper/aluminum is 3.72, copper/lead is 4.86, aluminum/zinc is 0.93, aluminum/lead is 1.30, lead/zinc is 0.72 [5]

Any incentive system is a time, value, effort, or risk arbitrage.At steady state, the user will always seek maximum incentive at lowest cost, but most projects/protocols/etc design these systems assuming users will not engage in exploitative behavior.Understand base human behavior and you will design better incentive systems. Mismatch the rewards to the underlying arbitrage cost and your system fails quickly.Not all users value the arbitrage in the same way - it largely depends on what they have an abundanc ...

Ok - so here's what I want to do. DeFi big (or maybe stupid) brain play.I want to arb LP BTC and MSTR...and I think the way to do that onchain is by LPing WBTC against MSTRx (or any other xStock that has tethering to a BTC treasury co). I would expect it to play out very similarly to the SOL/fartcoin LP pairings that were extremely profitable and highly correlated during meme bull. I think there's probably a lot of interesting exotic LPs to be made between tradfi vehicles or wrappers around stocks.The issue ...

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Market Trends - Bitcoin's record-breaking rally is prompting hedge funds to revisit Ether arbitrage strategies [1]

Group 1: Report Core Information - The report is a non - industry - investment - rated colored metals arbitrage morning report, covering copper, zinc, aluminum, nickel, lead, and tin on July 15, 2025 [1] Group 2: Cross - Market Arbitrage Copper - Spot price: domestic 78,460, LME 9,613, ratio 8.17; March price: domestic 78,290, LME 9,676, ratio 8.10; equilibrium ratio for spot import 8.16, spot export profit - 254.93 [1] Zinc - Spot price: domestic 22,200, LME 2,733, ratio 8.12; March price: domestic 22,235, LME 2,739, ratio 6.22; equilibrium ratio for spot import 8.66, spot import profit - 1469.86 [1] Aluminum - Spot price: domestic 20,470, LME 2,586, ratio 7.91; March price: domestic 20,375, LME 2,589, ratio 7.87; equilibrium ratio for spot import 8.50, spot import profit - 1521.63 [1] Nickel - Spot price: domestic 120,000, LME 15,010, ratio 7.99; equilibrium ratio for spot import 8.24, spot import profit - 2894.10 [1] Lead - Spot price: domestic 16,800, LME 1,983, ratio 8.51; March price: domestic 17,115, LME 2,016, ratio 10.99; equilibrium ratio for spot import 8.84, spot import profit - 652.22 [3] Group 3: Cross - Period Arbitrage Copper - Spreads (next - spot, March - spot, April - spot, May - spot): - 170, - 280, - 360, - 400; theoretical spreads: 495, 888, 1290, 1691 [4] Zinc - Spreads (next - spot, March - spot, April - spot, May - spot): - 85, - 100, - 125, - 145; theoretical spreads: 215, 335, 456, 577 [4] Aluminum - Spreads (next - spot, March - spot, April - spot, May - spot): - 420, - 460, - 520, - 575; theoretical spreads: 215, 331, 448, 564 [4] Lead - Spreads (next - spot, March - spot, April - spot, May - spot): 40, 70, 95, 55; theoretical spreads: 210, 316, 423, 529 [4] Nickel - Spreads (next - spot, March - spot, April - spot, May - spot): - 200, - 80, 60, 280 [4] Tin - 5 - 1 spread: 460, theoretical spread: 5505 [4] Group 4: Spot - Futures Arbitrage Copper - Spreads (current - spot, next - spot): 145, - 25; theoretical spreads: 97, 507 [4] Zinc - Spreads (current - spot, next - spot): 135, 50; theoretical spreads: 77, 206; also, another set of spreads (current - spot, next - spot): 135, 50; theoretical spreads: 127, 189 [4][5] Lead - Spreads (current - spot, next - spot): 245, 285; theoretical spreads: 112, 224 [5] Group 5: Cross - Variety Arbitrage - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (triple - continuous) 3.52, 3.84, 4.57, 0.92, 1.19, 0.77; London (triple - continuous) 3.52, 3.71, 4.80, 0.95, 1.29, 0.73 [5]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 9, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to provide information for potential arbitrage opportunities [1][3][4]. 3. Summary by Category Cross - market Arbitrage Tracking - **Copper**: On July 9, 2025, the domestic spot price was 79,800, the LME spot price was 9,903, with a ratio of 8.04; the three - month domestic price was 79,450, the LME price was 9,852, with a ratio of 8.07. The equilibrium ratio for spot import was 8.15, with a loss of 844.96, and a profit of 665.89 for spot export [1]. - **Zinc**: The domestic spot price was 22,020, the LME spot price was 2,679, with a ratio of 8.22; the three - month domestic price was 21,960, the LME price was 2,689, with a ratio of 6.35. The equilibrium ratio for spot import was 8.68, with a loss of 1,226.55 [1]. - **Aluminum**: The domestic spot price was 20,610, the LME spot price was 2,584, with a ratio of 7.97; the three - month domestic price was 20,470, the LME price was 2,585, with a ratio of 7.93. The equilibrium ratio for spot import was 8.51, with a loss of 1,397.68 [1]. - **Nickel**: The domestic spot price was 119,300, the LME spot price was 14,917, with a ratio of 8.00. The equilibrium ratio for spot import was 8.25, with a loss of 2,643.68 [1]. - **Lead**: The domestic spot price was 16,875, the LME spot price was 2,023, with a ratio of 8.35; the three - month domestic price was 17,190, the LME price was 2,047, with a ratio of 10.73. The equilibrium ratio for spot import was 8.84, with a loss of 983.40 [3]. Cross - period Arbitrage Tracking - **Copper**: On July 9, 2025, the spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 70, - 100, - 340, and - 550 respectively, while the theoretical spreads were 500, 898, 1304, and 1711 [4]. - **Zinc**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 85, - 175, - 245, and - 300 respectively, and the theoretical spreads were 214, 333, 453, and 573 [4]. - **Aluminum**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 90, - 145, - 225, and - 300 respectively, and the theoretical spreads were 214, 329, 444, and 559 [4]. - **Lead**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 5, 25, 10, and 5 respectively, and the theoretical spreads were 211, 318, 424, and 531 [4]. - **Nickel**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 130, 250, 370, and 600 respectively [4]. - **Tin**: The 5 - 1 spread was - 1030, and the theoretical spread was 5483 [4]. Cross - variety Arbitrage Tracking - On July 9, 2025, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.62, 3.88, 4.62, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) were 3.60, 3.79, 4.76, 0.95, 1.26, and 0.76 respectively [5].

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