'The trade, dubbed a “box spread,” carried a kind of mystique. By combining two opposing options positions — one bullish, one bearish — Yang built a strategy that mimics a fixed-rate loan: upfront cash now, repayment at a set date, and a locked-in cost in between.'
Not entirely; it's doesn't necessarily involve taking advantage of price discrepancies in different "markets" of the same asset, or contract so to speak in this case, and so it doesn't necessarily lead to "guaranteed" profit in the way that arbitrage does.
Probably meant this: https://www.bloomberg.com/news/articles/2025-10-29/wall-stre...
'The trade, dubbed a “box spread,” carried a kind of mystique. By combining two opposing options positions — one bullish, one bearish — Yang built a strategy that mimics a fixed-rate loan: upfront cash now, repayment at a set date, and a locked-in cost in between.'