each $$1,000$ contract. The current spot rate is $P_0=32\mathrm{.}28\frac{E}{\text{\$}}$ and the futures price is $x_{\frac{29}{06}}=35\mathrm{.}75.$ On the other hand, in the London swap market, the swap rates for $29/06$ are quoted as $r_s=38\mathrm{.}10\%$ and $r_{\text{\$}}=4\mathrm{.}30\%.$

a$.$ To hedge against a USDTRY exposure, which market would you prefer, VIOP futures or London forwards?

b$.$ Based on the figures given, is there an arbitrage profit in the current futures versus forward prices? If so$,$ how?