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Actually, you should be able to select any security with option coverage and buy Calls in one account and Puts in the other - this is a common options strategy sometimes referred to as a long straddle strangle, sans the multiple accounts. The Put and Call positions should be almost exactly offsetting; but however you construct it, you stand to loose everything on both positions.

this is one of the first things i thought of, and it's pretty good, but violates the "riskless" condition needed to qualify as arbitrage.

you can refine this by selling the same straddle outside the roths, in a regular taxable account... that way, if you lose on the long straddle, you've just effectively made a tax-free distribution (minus the commissions/fees/bid-ask spreads)... and if you still have excess capacity to make tax-deferred contributions, you can just recycle the profits on the short straddle right back into your traditional IRA, making the whole thing a wash...

...but this is getting back into the "too rickety/too many moving parts" territory.

Finally, you have the problem of finding a broker that will let you buy any option contract in a cash account - as all IRAs are required to be.

interactive brokers is of course the premier broker for letting you do any stupid, imprudent, fantastically risky speculation that is actually legal, so they are the go-to name for this kind of scheme.

optionsXpress also lets you trade options inside IRAs.

long options are no problem in IRAs custodied at either of those brokerage houses, i believe... although i should disclaim that i've never actually tried to do this.

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