A major exchange recently launched gold and silver trading pairs, and some people have started to consider cashing out gold through hedging positions. But after doing the math, the trading fees and spread costs are quite significant—this operation may seem to offer arbitrage opportunities, but in reality, a large portion of the profit is eaten up by fees. Whether it's worth doing or not depends on your scale and leverage. For small and medium retail investors, the cost of this multi-layer hedging can be quite painful.