The BNB derivatives market has recently presented a promising structural arbitrage opportunity. A newly launched trading pair on a certain platform, involving BN and HL in the BNB market, exhibits a spread due to differences in expiration dates—such mismatches become especially apparent during periods of high trading volume.

The core strategy is straightforward: go long on one market while shorting the other, hedging away directional risk to capture pure spread profits. Maintaining delta neutrality, even with a relatively conservative leverage of 5x, can yield a stable annualized return of around 9%—which is already quite good for conservative traders.

What if you have a higher risk appetite? Using more aggressive leverage multiples or having other positions as a safety cushion can further boost this return. Achieving an annualized return approaching 20% or even near 30% is possible. The key is to have a clear understanding of your risk management—spread arbitrage may seem stable, but once leverage issues arise, the drawdown can also be amplified.

Opportunities like this in the market are always fleeting. Once participation increases and liquidity becomes sufficient, the spread will quickly be squeezed flat. If you're interested in trying your hand, now is indeed a window worth paying attention to.