Without giving away any secrets, can you expound on the current state of pairs trading? I was under the impression that the easy ones (GM vs Ford) had been arbi

Without giving away any secrets, can you expound on the current state of pairs trading? I was under the impression that the easy ones (GM vs Ford) had been arbitraged away long ago. I'm sure there are small-cap opportunities but I haven't been able to identify them in my research.