The movement of the T-Notes and T-bonds seems to be quite similar. How do the traders determine which one to trade? Is there any guy doing arbitrage between them? Which broker let clients trade spreads? Is IB OK?
There is quite a bit of arbitrage between CBOT tens and bonds, as well as CBOT fives, twos, the cash markets, the swap markets and the European interest-rate markets. Pick your poison. You'd just better know what the hell you are doing, because the yield curve can make some serious moves on an intraday basis. It's not exactly free money. Very few stones left unturned.