No, just the the Italian MIB makes huge moves in the day - the futures is €5 multiplier with a spread of usually 5 points, while the options are €2.5 multiplier with a spread of around 10 to 25 points for atm options. Futures are not for the faint hearted - options can have good payoff for the risk taken on. Some years ago when trading the options, I left a call expire worthless - only to find out next day it made over €1K when settle price was calculated! Can of course be pairs traded, same as any other market, but would need a bit of work to see what the best index to pair with would be? J_S
I think it depends on the market. I know some are very efficient - difficult. Can't speak for all tho. I haven't done the work to price them.
The great thing about CTS is that you can lease it on a transaction basis and it caps out. Not an advert but this is true for Advantage Futures. We take stock index set-ups from time-to-time for swing trades but its not common for us. Probably because all my guys are so enamored with exchange supported intra-commodity spreads. I do have a client who is a CTA and he trades ES vs NQ for one of his funds. The Dow versus the ICE Russell is another common inter market equity index spread.