Hedgers have a real exposure to foreign currency risk on account of their underlying business and their objective is to remove the FX risk using currency futures. The objective of hedgers is to reduce the volatility in future cash flows by locking in the future currency rates
Speculators does not have a real exposure to foreign currency risk. These participants assume FX risk by taking a view on the market direction and hope to make returns by taking the price risk
Arbitrageurs identify mispricing in the market and use it for making profit. They have neither exposure to risk and nor do they take the risk. Arbitrageurs lock in a profit by simultaneously entering opposite side transactions in two or more markets.
Triangular Arbitrage involves identifying and exploiting the arbitrage opportunity resulting from price differences among three different currencies in the forex market. It involves three trades: exchanging the first currency for a second currency, exchanging the second currency for a third currency and exchanging the third currency for the first currency.
Spread refers to difference in prices of two futures contracts. Spread movement is based on following factors - Interest Rate Differentials, Liquidity in Banking System, Monetary Policy Decisions (Repo, Reverse Repo and CRR)
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