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Benchmark trade when securities or currencies bought at a market are sold immediately at an other market to make profit from the difference of the prices. Exploiting the difference of the prices makes riskless profit. Riskless profit comes from benchmarking a sell position at a market against a buy position at another market. If there is the same security at different markets, it is profitable to buy it at the cheaper market and sell it at the more expensive one. The trader specialized in arbitrage is called arbitrageur. In options trading it is a situation when under/overvalued futures or options contracts and their synthetics are bought/sold with riskless profit.
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