Recently, many people have been discussing crude oil arbitrage.

Whether it's oil or not isn't really the main point.
Just treat it as contract spread arbitrage.
Focus on price convergence. To prevent the spread from widening.
It needs to be structured in a grid format.
Expand positions when the spread widens. Reduce positions when it narrows.
Don't build a position all at once. Wait for it to revert; that's very passive.
You can use the perp script I previously open-sourced.
It might need some slight modifications.
I don't quite remember the specific details of that open-source version anymore.