To imagine that you can implement any "cash-and-carry"-style strategies when your broker's market for financing is 300bps wide is rather, how to say, misguided?
I do mean Futures Arbitrage. I think EP Chan has it as one of his first strategies in his book if I remember correctly. Agree, dispersion might be following in its footsteps.. ivolatility is actually selling a turn-key platform to do dispersion trading.