If our arbitrage trade is "buy gold futures, and sell short gold and invest the proceed to a year" at time 0. How does the positions close themselves at time 1 , which is the expiration day? buy gold future indicates paying to take delivery of gold. The proceeds from selling gold accumulated for a year, which can be used for payment to take delivery of gold. buy gold future indicates delivering gold to get paid. Selling short gold indicated there will be gold in possession to take delivery of gold. buy gold future indicates paying to take delivery of gold. Selling short gold indicated there will be gold in possession to take delivery of gold. buy gold future indicates delivering gold to get paid. The proceeds from selling gold accumulated for a year, which can be used for payment to take delivery of gold