Typically, Spread Trading takes the form of Spot versus Perpetual (e.g. BTC/USDT spot vs BTC/USDT perpetual), Spot versus Futures (e.g. ETH/USDT spot vs the ETH/USD quarterly future) , or two futures of different expiry dates (e.g. Quarterly versus Bi-Quarterly Futures on LTC/USDT). A proficient trader can profit by taking advantage of the price differences (spreads) between the instruments.