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If you buy, you sell a similar position to offset the risk. And if you sell, you buy at the same time. An arbitrageur spots a corn call that is substantially underpriced and buys it.

This is essentially a bullish move, but to avoid the risk of holding a net long position the arbitrageur would take a short position to balance the risk. The profit becomes the amount at which the corn call is mispriced. In time, the call moves from an underpriced position to fair market value.