$CLO Consumption fees. Some exchanges now settle fees every 1 hour, while Gate still settles every 4 hours. The first three times, I went long on other exchanges and shorted on Gate; in the last hour, I reversed positions—short on other exchanges and long on Gate.

The cost is the transaction fee.
Risks include, to a small extent, the possibility of margin calls in extreme market conditions leading to liquidation, or even both sides being liquidated simultaneously. More often, it’s due to price discrepancies across different exchanges, which are disconnected from the spot price, but to varying degrees.
You can choose to settle all trades every 1 hour for lower risk. The exchanges with the best liquidity usually have less exaggerated fees, so I prefer to short on those and go long on others.