I was looking at dividend arbitrage
It seems all I need to do is find stocks with a nice dividend(e.g KO). Then find an in the money put where the time premium is less than the dividend to be paid. So this needs to be a put with few days to expiry. Also time premium will be low in low volatile stocks and dividends will be usually high in low volatile stocks.
Then collect the dividend, and exercise the put. Profit is the dividend- the time premium on the put.
Sounds pretty risk free to me. Obviously, there is a catch, what is it?