Bone, An interesting thought. People do pairs trades with one stock against another all the time. But as perhaps you mentioned, you really need a lot of capital to make it worthwhile, and do be able to spread your risk across dozens of pairs. You mention spreading one or more stocks against e-mini contracts. Can you give some examples? Are you just doing stuff like QQQ against NQ, SPY against ES, etc.? Or are you picking other stocks which have high correlation to the index, such as CSCO against NQ, etc.? I'm curious, as I've seen full-blown index arb operations, running full baskets (the entire index) against NDX or SPX futures. I personally don't have the capital for that size of operation, and was curious how it would work out with a small group of them. How do you go about it? Thanks.