I too am an arbitrage trader and routinely use leverage of 50:1 for weeks at a time. All extremely low risk, which is why the leverage works. My question is about the cost to carry such highly leveraged positions. What kind of haircut are you arb guys paying and how negotiable is this with various firms? Many strategies aren't viable if your cost of carry is too high. If you can put up $100,000 and have a solid track record, what kind of deal can you strike?