You are correct. I was thinking the kind of arbitrage where people are offering a futures contract at a different price than the current price of the good (modulo the risk-free rate, storage costs and consumption of the good). Then they will be arbitraged and lose money for no good reason.
You are correct. I was thinking the kind of arbitrage where people are offering a futures contract at a different price than the current price of the good (modulo the risk-free rate, storage costs and consumption of the good). Then they will be arbitraged and lose money for no good reason.