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The link exists because BTC on cash markets like GDAX can trade in very small increments of 1 penny. The futures have a bigger step size. This creates an instant risk free profit for HFT traders in theory.
In theory, an HFT wanting to arb the contract will offer on the futures contract. They will then hedge their risk in the cash market by buying the underlying. This will transfer the demand from the futures to the cash. There are also interest rate plays. The idea is that the futures product will trade at a premium to the cash. So, you buy the cash and short the future and capture the interest rate by holding until expiry. However, you may need to sell some of your BTC because you won't be able to use it as margin for your short position if the market rallies and/or you may need to produce margin.
Can you help answer these questions from other members on NexusFi?