That GM reversal trade and ensuing discussion got the brain juices flowing and I've been watching for a few different setups to see if the whole options arb strategy is worth pursuing for me. I put on a box in MO today and I think I got it right, but would like some feedback in case I'm missing something. short a june 60 call at 6.10 long a june 60 put at .75 long a june 70 call at .75 short a june 70 put at 5.70 This position will be worth $10 at expiry in 5 weeks and I'm short it at 10.30. I did 10 lots on all the legs, so I take in $10,300 which I will collect interest on (positive cost of carry). Aside from pin risk and the possibility of early exercise, is this not a riskless trade?