How Can Arbitrageurs Profit from a Large Deviation between the Perpetual Swap and Spot Price?

If the perpetual swap price is significantly higher than the spot price (a large positive funding rate), an arbitrageur can simultaneously buy the underlying asset on the spot market and short the perpetual swap. They profit from the price convergence back to the spot price, plus they collect the positive funding rate until the positions are closed, making it a low-risk trade.