Denote the prices for call and put options with strike price X and maturity T as Vc and Vp$.$

$$Denote the price for the future matured at T as Vf

$$Consider the following two strategies:

$1$: Long a call and short a put:

$$Initial payoff: Vp$-$Vc At maturity: ST$-$X

$2$: Short a future: At maturity: Vf$-$ST

$$Derive the relationship between Vp$,$ Vc and Vf to avoid arbitrage

Please complete the report writing of the following two questions based on the strategy description in the question.

$1.$ According to the strategy in the question, please deduce the relationship between Vp$,$ Vc and Vf to avoid arbitrage

$2.$ If it is an arbitrage situation, then the call&put needs to be bought or sold at the ask or bid price respectively for arbitrage to occur?