Why cant we arbitrage opportunity using put parity formula when we replace spot with

futures

Answer: The difference in the price is only due to the mathematical expression, the
difference arises due to the extrinsic value, when we add bid ask spread., interest etc., the
opportunity is being lost.

The formula adjusts to the all current values and considers the intrinsic value of all as well.
Hence there is no arbitrage opportunity which is been found.