I'm shorting BULL at $27 and buying their derivatives at $13.00. With warrants exercisable on May 10, I'm anticipating a profit of approximately $9.34 per share after costs. This arbitrage opportunity looks solid with minimal directional risk, making it a great trade to consider.

I'm starting a long position on BULL because I see a strong potential for it to rebound into the 30s. The low float and high borrow rates could lead to significant upward movement, especially with the redemption date approaching in May.

I believe that shorting BULL shares at approximately $27 while simultaneously buying BULLZ warrants for $3 creates a strong arbitrage play, leading to an estimated net profit of around $9.34 per share in a 20-day hold period. The setup is hedged and has zero directional risk, making it an attractive opportunity.