i'm assuming there are tables out there that show value of a point (and of course, the value of a point is much greater for -3 than -35), so if i really squeeze my brain i can figure this out..

i guess it's called middling.............. and i think if you don't hit the middle, you take a small loss so the "arb" is more like a long-term "risk arb" (i'm using loose definition of "risk arb", not necessarily the Goldman Sachs definition)