> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/mutual-funds/xft-bitcoin-tokenized-trust/arbitrage.md).

# Arbitrage

**NYSE Premium:** Buy 10 Arbitrum tokens ($10) → convert to 1 NYSE share → sell NYSE ($10.50) = $0.50 profit​

**NYSE Discount:** Buy 1 NYSE share ($9.50) → convert to 10 Arbitrum tokens → sell tokens ($10) = $0.50 profit​