You own $12,000. The dollar rate in Tokyo is 216.9813/$. The yen rate in New York is given in the following table: Selling Quotes for Foreign Currencies in New York Country-Currency Japan-yen Contract Spot 30-day 90-day S/Foreign Currency 0.004661 0.004959 0.004776 (Click on the icon in order to copy its contents into a spreadsheet.) Are arbitrage profits possible? Set up an arbitrage scheme with your capital. What is the gain in dollars? "Assuming no transaction costs, the rates in Tokyo and New York are out of line. Therefore, arbitrage profits are possible."