| intraday effect period | arbitrage direction | buying time | closing time | arbitrage success rate in the sample |
| 9:30 - 9:35 | positive | 9:31 | 9:35 | 60% |
| 9:35 - 9:40 | positive | 9:35 | 9:40 | 70% |
| 9:55 - 10:00 | positive | 9:55 | 10:00 | 70% |
| 10:25 - 10:30 | negative | 10:25 | 10:30 | 70% |
| 10:45 - 10:50 | negative | 10:45 | 10:50 | 60% |
| 10:55 - 11:00 | negative | 10:55 | 11:00 | 60% |
| 13:20 - 13:25 | positive | 13:20 | 13:25 | 70% |
| 13:25 - 13:30 | positive | 13:25 | 13:30 | 60% |
| 13:30 - 13:35 | positive | 13:30 | 13:35 | 40% |
| 13:35 - 13:40 | positive | 13:35 | 13:40 | 50% |
| 13:40 - 13:45 | positive | 13:40 | 13:45 | 70% |
| 13:50 - 13:55 | positive | 13:50 | 13:55 | 50% |
| 14:00 - 14:05 | negative | 14:00 | 14:05 | 80% |
| 14:15 - 14:20 | positive | 14:15 | 14:20 | 60% |
| 14:20 - 14:25 | positive | 14:20 | 14:25 | 50% |
| 14:30 - 14:35 | positive | 14:30 | 14:35 | 80% |
| 14:35 - 14:40 | positive | 14:35 | 14:40 | 40% |
| 14:40 - 14:45 | positive | 14:40 | 14:45 | 60% |
| 14:50 - 14:55 | positive | 14:50 | 14:55 | 70% |
| 14:55 - 15:00 | negative | 14:55 | 15:00 | 80% |